Db

HL, Extended

[Db @danielbkck]

Thank you @HyperliquidX @chameleon_jeff and everyone else

I’ll leave this unopened.. in 10 years it will be worth $10M

[Hunter Biden @HunterBiden]

@gmoneyNFT Hyperliquid

[rf.extended @rf_extended]

6 months of building. what's next?

TLDR: We focused on putting in place the product, partnership and governance foundations for the next phase of Extended. TradFi partnership, hundreds of new crypto and RWA markets, spot trading and further decentralisation are coming. Our approach to growth remains unchanged: no KOL round, no paid promotions, no paid PR, no podcast sponsorships and no paid market-making arrangements.

Over the past 6 months, the team at @extendedapp has been focused on a fairly simple objective: building the product, infrastructure and partnerships required to support the next stage of growth.

A lot of the work happened behind the scenes but we are now getting to the point where the pieces are starting to come together.

Product

Some of the key items are already live:

- Multi-asset collateral, allowing users to post wBTC, ETH and USDT alongside USDC. Besides expanding the collateral universe, it also unlocks simple cash-and-carry strategies directly on the platform.
- Full email onboarding, including gasless deposits and withdrawals. While not particularly exciting on its own, it unlocks fiat on/off-ramp integrations that are required to onboard non-native users.
- Significant improvements to UI stability, responsiveness and overall user experience, driven largely by user feedback collected over the past months.

Several important pieces are coming next:

- Spot trading, which we view as a table-stakes component of a complete exchange experience and an important UX improvement to multi-asset collateral.
- Opening up our lending infrastructure beyond the exchange itself, allowing users to deposit wBTC, ETH and USDT, borrow USDC and deploy capital elsewhere.
- New trading infrastructure that will unlock hundreds of additional crypto and RWA markets. Internally, this is the product initiative we are most excited about.

Growth

Over the same period, we have spent a lot of time thinking about how Extended should grow.

One principle remains unchanged: we do not pay for KOL promotions, PR, podcast sponsorships or market-making arrangements. This applies equally to cash, tokens and points.

Its a slower path and not the easiest one but over time we have become increasingly convinced that sustainable growth is built on product quality, distribution and community rather than financial incentives.

We have also completed a number of less visible but equally important initiatives:

- Finalised the legal and commercial framework for our first tradfi partnership, which unlocks some of the product initiatives mentioned above and establishes a foundation for future institutional integrations.
- Secured the majority of the long-term partners who will help operate, secure and govern Extended. We are proud of the quality of the organisations that chose to support the vision and will be sharing more details separately.
- Spent considerable time with our largest users and major ecosystem participants to gather feedback and ensure alignment around the long-term direction of the protocol.
- Remained committed to our original targets for early community rewards, despite certain things taking longer than anticipated.

This month is an important one for Extended. It will conclude the team's efforts over the past 6 months and mark the beginning of the next phase: further decentralisation, ecosystem expansion and the transition to a community-owned protocol.

[RedStone ♦️ @redstone_defi]

The end state for onchain trading is not fragmented apps and isolated balances.

It’s one margin account across perps, spot, lending, vault, commodities, indexes, and crypto.

That’s the direction @extendedapp is building toward. It only works with reliable pricing.

[RedStone ♦️ @redstone_defi]

Building one venue for two audiences: existing users and a new wave of TradFi users.

Both will be able to tap into deep liquidity from @extendedapp's major TradFi partners.

[Saram @Saram_ath]

9 figures in volume. 2 years. full KYC.
banned after depositing $10k

most traders i talk to have a story like this.
profitable account, sudden KYC issue, frozen funds.

every time. i don't think it's a coincidence.

CEXs dont freeze you because you broke rules. they freeze you because they can - your funds live on their servers, not yours.

thats exactly why @extendedapp exists.
your funds sit in smart contracts on-chain.
not on their servers.
no one has access.
not even us.

DEXs will win.

[Db @danielbkck]

@Route2FI Yeah, this works if you bet around $10

[Little Anna @lttlanna]

during yesterday's HYPE rally, @extendedapp was the best dex to trade it in terms of liquidity, while offering up to 50x leverage

[Db @danielbkck]

That’s what I was talking about

[Mustafa @mustafap0ly]

Introducing taker tier rebate program - https://t.co/4FZiXsX4UI

Get rebated up to 50% of all trading fees on polymarket, earn $ level up bonuses, and be eligible for large future rewards.

Will be live starting next week 🙂

[Db @danielbkck]

Poly farmers are the biggest idiots I’ve ever seen
Sorry, but lately my feed has been full of them

Someone who buys at 99c with 1000$ capital generates volume + “profit” basically zero risk and post about $poly every day to get liked by other low risk accounts

How much value do you think this kind of activity actually represents?

[Db @danielbkck]

@derteil00 Soft kitty, warm kitty
Little ball of fur
Happy kitty, sleepy kitty
Purr Purr Purr

[Gladen @lyubo_p]

Why multi-asset margin is the hardest problem in a perp DEX.

Most people think the complexity in a perp DEX lives in the order book or the liquidation engine. Those are solved problems at this point.

The hard problem is margin and more specifically what happens when the asset you're using as collateral isn't the same as the asset you're losing money in. The moment you accept non-USDC collateral, you've introduced a lending market into your trading system. Someone's USDC balance goes negative. Who covers it? At what rate? Against which asset? What happens when that collateral loses value while the position is open? What if the user holds five different collateral assets simultaneously?

Every answer creates a new problem.

The interest rate model has to be dynamic, not static. ETH and BTC carry different risk profiles - different volatility, different liquidity, different correlation to the positions being margined. Those profiles change in real time as market conditions shift. A static rate ignores all of that. You need rates that respond to actual system exposure, per asset, continuously.

The borrowing allocation has to be automatic because users shouldn't need to manage it manually. If a trader holds ETH and BTC as collateral and ETH borrowing is cheaper right now, the system should route against ETH first - without the user having to think about it.

The liquidation engine has to handle collateral assets and open positions simultaneously in a single unified flow, not sequentially. If you liquidate the position first and the collateral moves against you in the meantime, you have a gap. The whole account has to be managed as one.

And all of this has to run inside a system that also matches orders in milliseconds, manages funding rates, and settles on-chain.

12 days ago we shipped our version of multi-asset collateral. A native money market sitting inside the margin layer - not bolted on, but built as part of it. Interest rates that move on two dimensions at once: overall system utilisation and utilisation against each specific collateral asset, independently. When a user's USDC balance goes negative, borrowing kicks in automatically, allocated starting with the cheapest collateral asset and moving up, so the effective rate is always minimised without any manual input.

It took a while. Now you know why.

[Db @danielbkck]

@Faead15 I’ve been using it since 24 and have fairly large volume, but despite that, I still think there won’t be an airdropp or if there is, it’ll be huge disappointment for everyone

[Db @danielbkck]

Within 30–60 days, everyone will be talking about Extended

[Db @danielbkck]

I’m purrish on hyperliquid

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 SEC prepares to allow blockchain-based tokenized stock trading.

[Db @danielbkck]

@asxn_r @0xSisyphus @tradexyz Extended will catch up to .xyz soon..

[Hyperliquid @HyperliquidX]

RWA trading on Hyperliquid reached a new ATH of $2.6B in open interest, double the amount from two months ago. Demand for 24/7, onchain access to real world assets continues to grow.

[steven.hl @_stevenhl]

This year, @tradexyz has put a spotlight on Hyperliquid with TradFi 3 times:

1) Jan: SILVER pump
2) March: Weekend trading for OIL
3) May: CBRS pre-IPO pricing

With the SPCX IPO in June, HL likely makes headlines again, only this time the suits can also buy HYPE via ETFs.

[Db @danielbkck]

Instead of long blog posts, let the facts speak for themselves

[Extended @extendedapp]

Extended surpassed $25M in Total Cumulative Revenue

[Db @danielbkck]

@DidiTrading I don’t fully understand what they trying to achieve with these posts lol