super excited to see the asset coupling thesis come alive with stock tokens on robinhood (especially when its built w/ @dopplerprotocol)
its even more exciting to see what we wrote about a year ago in theory come alive - we are just scratching the surface at what may evolve
Releasing a piece about the roadshow and how their importance has atrophied since their heyday in the 1980s
Roadshows used to be the most meaningful period of price discovery for companies, but now is a shell of itself - replaced by the venture raise
The SEC’s proposal to loosen reporting around IPOs is recognition of something we’ve been talking about for a long time:
US public markets are structurally broken
Today, Bloomberg reported on certain incumbent traditional exchanges raising concerns about the integrity and impact of markets for perpetual derivatives on Hyperliquid.
These concerns are unfounded.
Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation. Hyperliquid’s transparency serves as a strong deterrent for misconduct and facilitates surveillance, detection, and investigation by regulators and law enforcement.
Hyperliquid also offers 24/7 trading, an innovation that substantially increases market efficiency. Prices move whether traditional exchanges are open or not. Continuous trading eliminates gaps and discontinuities between legacy market hours, improving price discovery for all participants.
Bloomberg correctly reports that U.S. law is not currently tailored for derivatives markets on public blockchains like Hyperliquid. We look forward to continuing our work with policymakers in Washington to bring onchain markets inside the regulatory perimeter.
When Native Markets secured the right to deploy USDH eight months ago, we had a simple thesis: people care about stablecoins that deliver value to the networks and their users.
Today, we see a validation of that thesis with Coinbase deploying native USDC as an AQA that shares the vast majority of its reserve yield. This transition to Coinbase immediately activates yield on nearly $5B worth of stablecoins and aligns Hyperliquid with one of crypto’s strongest policy advocates.
I'm proud of what @fiege_max and our entire team have built to date — designing the Open Issuance product alongside the Bridge team, building an exceptional onramp with https://t.co/xbfLstK9PO, and beyond.
To those that supported USDH, thank you for your vote of confidence. There’s more to come, stay tuned.
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Another day, another precedent-setting ruling for DeFi.
Today, Judge Failla dismissed with prejudice the Risley class action against @Uniswap Labs and @haydenzadams. The Federal charges had previously been dismissed, and today the various state claims are dismissed. Again, the premise is simple:
“Plaintiffs’ theories of liability are still predicated on Defendants having ‘facilitated’ the scam trades ‘by providing a marketplace and facilities for bringing together buyers and sellers of Tokens[.]’
Though the claims have changed, the result is the same: Plaintiffs cannot hold Defendants liable for the misconduct of the unidentified third-party issuers.”
To take my favorite quote from the last dismissal:
It “‘defies logic’ that a drafter of a smart contract, a computer code, could be held liable … for a third party user’s misuse of the platform.”
Read the opinion here: https://t.co/oso9vascA1
A new prediction market startup with a team of ex-Polymarket, ex-Kalshi people and the nondescript name “The Clearing Company” has applied for a CFTC license and aims to launch next year; “We want to be Switzerland” https://t.co/YuPELaBVWp
Asked who in the Senate he would work with, Graham Platner mentions Bernie Sanders, Martin Heinrich, Ed Markey (so far, so expected) but says perhaps most of all — this is what 👀 me — Chris Van Hollen, because he understands how to use power to sway public opinion and do stuff.
Excited to share a paper along with @fiberedskies focusing on the markets underlying protocols like @zora and @fx_hash_, which use @dopplerprotocol to create millions of assets.
We focus on asset couplings where comovement of asset prices arises from their joint use in AMMs.