mod

[Spencer Applebaum @SpencerApplebau]

1/ Today, @multicoin publishes our HYPE analysis and valuation

HYPE is now one of our largest liquid fund positions and we've been accumulating aggressively since February

Full report and disclosures in link. Link here -

https://t.co/tA2kwWbG9Q

[trade.xyz @tradexyz]

ZHIPU is now live. 10x leverage, 24/7, 365.

[mod @wsbmod]

you are. you are missing approximately $200m in very durable (and growing) annual revenue (which is effectively net income) from the usdc yield share (what everyone is referring to as AQAv2) as well as priority fees and future revenue from hip-4. both of these are small today but you can probably underwrite a good amount of growth there. there are a few other revenue streams as well like hyperevm gas, ticker auctions, etc, but they are negligible and can reasonably be ignored for now.

[Hyperliquid Policy Center @HyperliquidPC]

For years, Americans were pushed offshore to trade perpetual futures while the rest of the world could trade them at home. This spring, U.S. regulators finally opened a compliant path to these markets here. Today, the largest U.S. exchange, CME, went to court to close it.

This is what happens when one company controls a market. By @BetterMarkets' count, CME runs about 92% of U.S. exchange-traded derivatives. When one venue holds that much volume, everyone else carries the cost. Less choice, higher prices.

Perpetual futures are the first genuinely new derivatives product to reach U.S.-regulated markets in over a decade. More competition among exchanges is best for the people who actually use these markets. These products deserve clear rules.

The real question is whether Americans get access to innovative new financial products, or whether one incumbent keeps them locked out. We think they deserve access. As CFTC @ChairmanSelig put it: "Incumbents will always fear the future." But none of us should fear the incumbents.

[s @sershokunin]

🇨🇳 🐅

[mod @wsbmod]

@FreddyLA7 @NASA @AstroAnnimal freddy for german ambassador to the us

[mod @wsbmod]

@_stevenhl i wouldn't say single-handedly. got to give @tradexyz some credit here!

[mod @wsbmod]

@greengeo only took four days lol

[mod @wsbmod]

@0xMerp

[mod @wsbmod]

@beaniemaxi update?

[mod @wsbmod]

@beaniemaxi i will take the other side of this at absolutely any size.

[mod @wsbmod]

strange framing. it's incredible that we have two extremely high quality teams that execute at an elite level. hopefully the example set by labs and unit attract more teams if that caliber so that even more can be accomplished, but i don't see how it's a problem that open competition is working as intended. it's producing amazing outlier outcomes while filtering out weaker teams. a small number of elite teams is better than a large ecosystem of mediocrity.

[mod @wsbmod]

using a vpn is none of those things. the rules that prevent offering these products to us users are in place to protect retail investors.

but feel free to be as dismissive and stubborn as you'd like. this is how inefficiencies and opportunities are able to exist in the market for so long, which i will gladly continue to capitalize on.

[mod @wsbmod]

@dampedspring @bluegwei so no innovative and disruptive new tech ever wins because in order to take market share incumbents have to just willingly surrender?

markets are also not able to grow?

[mod @wsbmod]

@dampedspring @w0lfey_ it is not illegal for you to try it. they are not legally able to market and offer it to you, but you using a vpn to access it is in no way illegal for you. there is no law you would be breaking by doing so.

[mod @wsbmod]

@dampedspring @choffstein not generally a good bet to bet against force of nature founders disrupting incumbents.

[mod @wsbmod]

also, your point about seeing "hype in the usa" conflates two separate points. the platform being available to us traders to trade on has nothing to do with the characterization of the hype token. hype the token is already available for us persons to trade on coinbase, robinhood, and many other regulated, centralized venues who's substantial legal and compliance teams have deemed it perfectly suitable to list.

[mod @wsbmod]

over 30% of the volume on hyperliquid at this point is on @tradexyz markets, a completely independent team from hyperliquid labs. the assistance fund wallet is also not controlled by the hyperliquid labs team, the decision to burn those tokens was made by the validators of which there are now 27 (only 4 of which are operated by hyperliquid labs), and the buys are automated and not at the discretion of any centralized party. at this point, a significant amount of economic value is created outside of hyperliquid labs' contributions to the network and this trend will continue as hip-4 and beyond create additional opportunities. governance is conducted via validator votes and the validator set will continue to grow as well. finally, it's quite clear current regulators have no intention of pursuing enforcement actions against tokens with obviously superior tokenomics for holders, where everything is transparent and verifiable, and where progressive decentralization is a real priority. hyperliquid will be substantially more decentralized well before this regulatory environment could ever possibly revert.

[mod @wsbmod]

@aaalexhl 🕯️🕯️🕯️

[s @sershokunin]

bro, it’s called price discovery

[MotusAK @MotusAk]

Hyperliquid