Principia Research

daily early projects ◼️ @crshmarket – livestream prediction markets on Monad, 60-second settlement. just raised a $3.5M seed led by 6MV ($4.3M total), claims $10M+ volume @eqxlabs – 1:1-backed tokenized US stocks & ETFs trading 24/7 on the Hyperliquid orderbook, 11 markets live, mainnet at Oct 26 @VexiProtocol – calls & puts on Robinhood Chain stock tokens and memecoins. no liquidation price, buyers can only lose the premium ↳ testnet · Arbitrum Founder House #2 (Promising Products) @KurtosisLabs – layer-by-layer risk ratings for onchain yield, pitched as fixed-income infra for institutions ↳ Arbitrum Founder House #2 (General, $40K) @LaunchOnPangea – one launch puts a token on SOL, Robinhood Chain, BSC, Base and ETH at once, with one price via LayerZero, live at Oct 21 @RuneCurve – Bitcoin Runes launchpad that wraps reserve-backed Runes onto Robinhood Chain bonding curves. custody UTXOs published ↳ meme pad · testnet · acct 11d old @IntelTrade – real-time intel terminal for Hyperliquid: track any trader or entity and catch market-moving news ↳ public access Oct 21 @Olive_Exchange – options, perps and expiry futures on Solana ↳ backed by Superteam KZ · Season 0 live (points) verify before you ape.

We tracked X post volume on 11 crypto events over the last 24h (3,898 matching posts). Where the attention went: The Binance hack aftermath still holds the biggest share: 36% across three threads. Deposits vs withdrawals (664 posts), Tether's $1.5B freeze (593) and Korea's cold-wallet order (159). But the single loudest event was Mercado Bitcoin's ~$40M breach: 1,118 posts, 29% of the total on its own. In the last hour it ran 33 posts/h vs 2 at the same hour yesterday. Rising into tonight: ◼️ Tether 150K BTC claim: 40 posts/h, the loudest hour of any event ◼️ IBIT / BTC ETF outflows: 25/h, 2x yesterday ◼️ Coinbase AI-agent trading signup: 9/h, 9x yesterday Cooling: Korea cold-wallet order (-79%), tokenized equities at $3.8B ATH (-60%). The Binance story is splitting into side plots while a new hack takes the headlines. Which one is still trending tomorrow?

X Layer added more tokenized RWA value than any other chain this week: +$111.7m in 7 days, to $387.6m. Ethereum still holds $5.42b, the most of any chain. Its drop came from prices, not exits: net flow onto Ethereum was +$73.7m over the same week. Data: data.principialabs.io/rwa/ch…

daily early projects ◼️ @ImperialPerps – every market, one solana terminal. tur30 istanbul stock perps just went live (up to 3×); armada books merged in. still code-gated closed beta ↳ seed $1.5m foundation capital @ $15m (oct 6) · points + gacha packs on @ultramint_xyz – anyone mints a prediction market and earns a cut of every trade. mainnet beta on base since nov 2 (waitlist/invite) ↳ built by @fermah_xyz (a16z csx) · quest rewards on @hyperloop_fi_ – lending with no liquidations: every loan opens with a maturity-matched put, priced into a fixed rate ↳ arbitrum founder house sg, robinhood chain track founder-in-residence ($60k) · nov 2 @pivotrade_xyz – long/short usdc on hyperevm with no liquidation; returns move with the pool, not margin calls. testnet live since oct 27 @gloamtrade – private stablecoin payments on public chains (robinhood chain + tempo). mainnet since oct 21; just plugged private funding into @motiongift + agent spend guards with @withveya @opacra_org – fair-launch privac L1 (monero-style crypto, no premine). testnet 3 live since oct 26; mainnet sun nov 8. @tracced_xyz – paste a solana token, mark the pump, see who bought before it and what they did next (tracced.xyz) ↳ superteam ukr demo day 3rd · oct 29 @worqenofficial – freelance marketplace with solana on-chain escrow + verified work history (usdc/eurc/usdt/sol). mainnet escrow since jun; 1k+ users ↳ ukrainian track 4th · oct 29 verify before you ape.

Tether's CEO says it owns ~150,000 BTC. Its publicly tracked reserve wallet holds 96,932. Gap: 53,000 BTC ($4.1B). No 8,888-BTC quarter-end buy has landed there since Dec 2025. The rest may sit with custodians. Still: verify, then trust. Should Tether show every address?

6 hours ago, Shaw was reverse-engineering Hyperliquid's closed-source node on GitHub with 50 contributors. Now: "It was fun before the lawyers got involved." Whose lawyers? 👀

daily github project ◼️ elizaOS founder @shawmakesmagic is reverse-engineering Hyperliquid's closed node on GitHub. 46 contributors in 6 days. Progress: 0 of 96 gates. The public API already shows: 27 active validators 5 Foundation nodes = 47.4% of stake Top 3: 36%, over 1/3. Decentralized enough? Track more -> github.com/lalalune/hyperliq…

Binance says withdrawals are back. We checked its coin list. 14 of 908 assets are withdrawable (1.5%). Yet those 14 hold 87% of its $127B tracked wallets. ~$16.5B still locked (USD1, LINK, NEAR...). Next phase: Tue. "Withdrawals resumed": fair, or is 1.5% the real number?

daily early projects◾️ tokenized stocks: 8 hackathon winners stocks are moving onchain. in the past 2 weeks solana (stocklana, 604 submissions) and bnb chain + binance wallet (bnb hack) both paid builders to ship stock products. the winners: @roster_fi – options on tokenized stocks: leverage with a known max loss, no margin liquidations ↳ stocklana 1st, $35k @XorrFinance – ai trading agents with chain-enforced spend caps, revoke in one tap ↳ stocklana 3rd, $15k @Cresco0m – spending rules for money that isn't fully yours (teen allowance, agent budget) ↳ stocklana 3rd, $15k moi (@ram_krish2000) – send a friend a real share as a link, they claim it with google ↳ bnb hack 1st @4lpha_agent – non-custodial marketplace for trading, lp and lending agents ↳ bnb hack 2nd + best agentic wallet redeye (@jennyoliver57) – an agent that trades your stocks while wall street is closed ↳ bnb hack 3rd, live on mainnet tare (@0xkiddok) – standing orders that check shares-per-token before every fill ↳ bnb hack 4th firstshare (@404nam3) – your first us stock from $1, warns you when the 24/7 price drifts from the ny close ↳ bnb hack 5th + best agent studio prizes, not raises. which one ships first?

We traced every swap on-chain. The dump is tiny so far. Swapped to BTC: 11,136 SOL (1.1%) Still unsold: 956,454 SOL (98.6%) 4 more attempts show "BLOCKED_WALLET" in Relay's API. When does the rest move?

Binance froze withdrawals for 3 days after the $6.3B hack. Traders didn't wait. They went to Tron and Ethereum. Not Solana. DEX volume on Oct 29 vs a normal day: Tron 10.1x Ethereum 5.4x ($6.24B) Hyperliquid 4.1x Solana 1.3x The "fastest chain" barely caught the flow. Why?

Someone just used Hyperliquid's own vault as exit liquidity on XPL. What happened today: ◼️ 11 linked wallets, funded from one source, built a huge XPL long ◼️ Right before the crash they requested $1.62M margin withdrawals ◼️ Positions got liquidated → HLP (Hyperliquid's community vault) absorbed 160M XPL (~$12.1M) ◼️ Binance XPL perps dumped 17% the same minute HLP's liquidator vault: $1.00M → $0.32M in ~7 seconds (−$676k). Only $0.25M of that $1.62M settled before the liquidation. $1.37M cleared after HLP already held the bag. Looks coordinated. Same shape as the Mar 2025 ETH hit on HLP (~$4M).

daily early projects◾️ @Rates_Exchange_ – onchain rate swaps: fix aave/morpho borrow cost or lock boosted lending yield (coinbase ventures joins the cap table; amount undisclosed)
 @BloquoFinance – brazil stablecoin rails for banks & corporates: fx, liquidity, vasp-as-a-service (r$20m / ~$3.7m seed co-led by crescera + triaxis; lattice)
 @HoneyB_BTC – turn idle btc into institutional carry without leaving custody ($5m seed @ $30m, portal + peer + anchorage; launch aimed this quarter) @copygeekdotlive – non-custodial copy-trading that syncs fills, not just orders, across bitfinex / bybit / hyperliquid (a$2m pre-seed, sydney angels) @multiliquid_xyz – atomic swaps between blue-chip tokenized funds and stablecoins (polychain-led seed; circle ventures, cmt, strobe; total funding $8m)
 @SpoutFi – borrow usdc against tokenized us stocks at 0% apr; lenders earn covered-call premium instead ($2m strategic; draper dragon, anchorage, flow traders + solana labs strategic; beta on solana)
 @seeryx_com – solana prediction markets: instant fills, zero gas, usdc settlement (stocks up/down + sports/esports live; featured by @SuperteamUKR oct 29)
 @foundertim – SolanaMap: global bubble map of solana products by superteam country; pay in usdc/sol to grow the bubble (1st, solana track, @SuperteamUKR demo day oct 29; solanamap.fun)
 verify before you ape.

Binance's stolen funds look like they hit THORChain before the halt. Volume went 4.4x in two days: Oct 18–29 avg: $43M/day Oct 30: $157M Oct 31: $189M Swaps are still paused. The FBI wants nodes to block flagged txs on restart. Will they?

daily early projects ◾️ @BirchHill_io – regulated rails to bring u.s. credit (farm, apartment loans) onchain via morpho vaults ($4m seed, led by multicoin; parafi, castle island, nascent) @ibisfinancialHQ – private credit for frontier-market crypto firms, out of stealth with a $250m falconx credit facility (pre-seed led by falconx; anchorage, innovating capital) @cancore_io – liquidity os for tokenized finance: canton-native execution wired to public-chain liquidity ($7.2m seed via saft; paper ventures, dao5, arkstream) @Mochatradeapp – indian traders fund in rupees via upi and trade perps on u.s. stocks ($5.5m seed led by coinfund; coinbase ventures, yc) ↳ why watch: india's options crowd meets onchain perps @peso_latam – usdt account for latam: local qr payments in bolivia, brazil, argentina, plus a u.s. account and visa card (pre-seed led by tether) @FrostOptions – options on perp funding rates: keep the carry, hedge the tail (colosseum crypto world's fair, german track 2nd) ↳ why watch: funding-rate risk finally gets a hedge @R0boPay – payment layer for ai agents and machines on solana + peaq (1st, peaq track, superteam germany x colosseum hackathon) @YieldCircle – social yield farming: follow wallets that earn, prove your apy (colosseum crypto world's fair, german track 3rd) verify before you ape.

Binance’s buyback of the hacked tokens appears to have started. Since the hack, Binance trades at a premium to OKX on the tokens the attacker reportedly sold: PEPE +67 bps, ENA +24, UNI +17, WLD +17. Before, the gap was under 3 bps on all 13 tokens we track. The largest premiums sit on the tokens the attacker reportedly sold for ETH (per Lookonchain): PEPE, ENA, UNI, WLD, AAVE, LINK, ONDO. Binance says it is buying the last 20% of losses "through market and OTC". The gap fits that demand. Public data can't show who is buying TRX goes the other way: −218 bps median, −289 bps at 00:10 UTC today. And Binance's share of Binance+OKX volume fell on all 13 tokens. BTC 76% → 61%. XRP 80% → 64%. LINK 84% → 73%.