Matt

I build stuff using that AI thing & I'm also the founder of DeFihouse.

[Matt @matioginis]

hyperliquid now holds 10.9% of global perp open interest. binance, bybit, okx included.

fresh ath on share. dollar oi already printed $16.36b yesterday.

why i care: one in ten of all open perp risk sitting on a dex. that's not a side venue anymore.

[Matt @matioginis]

@tokenterminal @Backpack @solana listings tab > another vibes chart. issuer, chain, holders, mcap in one place. backpack stocks on sol going from narrative to inventory

[Matt @matioginis]

switchboard is winding down. feeds die sep 25.

kamino, jito, marginfi, and drift have under a week to migrate. pyth and redstone are the named exits.

why i care: oracles are invisible until they aren't. six days is a short runway when your liquidation logic sits on someone else's price feed.

[Matt @matioginis]

@arc x402 only works if agents aren't also running a gas desk. facilitator eats the keys; usdc still settles on arc, base, and polygon

[Matt @matioginis]

solana just became a payment rail for africa's biggest ipo.

dangote refinery is raising ~$1.6b (4.1b shares through oct 13). nectarfi + getequity let eligible investors subscribe with stables from sol, min about $7.50. the shares stay off-chain; stables are just the on-ramp into nigeria's settlement stack.

why i care: tokenization isn't the only win. sometimes the rail just moves dollars into the traditional book without wrapping the equity.

[Matt @matioginis]

@solana icm only lands when the dollars do. $750m usdt+usdc minted onto sol this morning in one session. that's the boring half of connecting 6b people to productive assets

[Matt @matioginis]

tether and circle just dumped $750m in stables onto solana in one session.

$500m usdt in under 60 mins. $250m usdc alongside it. usdt+usdc on sol now clears $11.5b combined.

why i care: simultaneous mints aren't a press cycle. someone needed liquidity and both desks answered.

[Matt @matioginis]

@solana nyse sleeps, the solana book doesn't. $125k is bait for builders; weekend equity tape is the actual product

[Matt @matioginis]

hyperliquid open interest just printed a fresh ath: $16.36b.

last peak was exactly a year ago. since then hip-3 pulled in equities, gold, oil, indices, even pre-ipo names. ~$548b cumulative hip-3 volume, about 30% of 30-day flow.

why i care: the perps book is absorbing tradfi liquidity, and they just shipped native borrows on top of it. venue + credit layer stacking in the same place.

[Matt @matioginis]

@Morpho @arc cirbtc collateral on morpho/arc is the mint-borrow loop closing. day-one credit layer was the point, not another idle wrap

[Matt @matioginis]

hyperliquid just opened native borrows on hypercore.

pledge hype or btc, borrow usdc/usdt. same credit pools portfolio margin was already using. $269m borrowed day one. hype ltv 65%, btc 50%.

why i care: perps venue shipping its own money market. traders get dollars without selling collateral, suppliers earn on the same book. credit next to the order book, not bolted on.

[Matt @matioginis]

@base aerodrome alone did most of that $1b. morpho already taking aaplc/nvdac as usdc collateral. volume first, credit layer next

[Matt @matioginis]

tokenized stocks on base just crossed $1b in 30-day dex volume.

up ~830% mom. aerodrome alone did $852.7m of it (token terminal).

why i care: these aren't wrappers collecting dust. the spot book under coinbase equity tokens is already forming, before the credit markets even scale.

[Matt @matioginis]

Ahh, much better

[Matt @matioginis]

How to turn off this war bullshit? Never used to see it on X, now it’s everywhere.

[Matt @matioginis]

morpho just turned coinbase tokenized stocks into borrowable collateral on base.

aaplc, googlc, nvdac, metac, spcxc as collateral for usdc. steakhouse curating. floating or fixed via midnight. early tape: ~$104k pledged, ~$55k borrowed. eligible non-us holders.

why i care: tokenization without credit markets is just a prettier custody receipt. now you can keep the equity exposure and pull dollars without selling.

[Matt @matioginis]

@base most token standards break on the first dividend. b20 baking splits + ownership rules into the token is why coinbase stocks on base can act like equity, not a wrapper

[Matt @matioginis]

near just made hyperliquid perps confidential by default.

fund from 30+ chains via near intents. deposit path stays private (private shard + tee bridge). the position still sits on hl's public book. 50+ markets, up to 40x.

why i care: hl liquidity without broadcasting which wallet funded the trade. privacy on the funding path, not a fake dark pool.

[Matt @matioginis]

@solana @supercoinxyz @Fireblocks @chainalysis fsca license + onshore absa reserves checked monthly. rand on solana with bank-stack custody, not another offshore peg brochure

[Matt @matioginis]

allfunds just opened the door for tokenized funds on solana.

project harmonia rfp is live: apply to tap 3,300+ institutions and ~€1.9t under administration. deadline oct 24. first cohort targeted q4 2026 to q1 2027.

why i care: tokenization without distribution is just a museum piece. this is the bridge into the biggest fund network, not another "we're onchain" press release.