The destination is worth the journey
Joined April 2017
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droowgs | retweeted
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
droowgs | retweeted
The Amiko Legends Demo is part of Steam Next Fest!
Explore Okima and share your feedback with us, we’re all ears!
Play the demo & Wishlist on Steam: store.steampowered.com/app/4…
#SteamNextFest
Probably bullish Hypurr
Today, HPC filed a comment letter supporting the @SECGov’s proposed Regulation Crypto Assets and recommending five refinements before the Commission adopts it.
For years, builders could not tell when the securities laws applied to their tokens, and many launched abroad or excluded Americans. The proposal gives them a federal path: offerings of up to $75 million a year, a safe harbor for tokens that no longer depend on their developers, and relief from state-by-state registration.
Read it here:
Something about having to queue 10mn if notional is under $1M during period of volatility probably
Gold and DXY are basically the only assets trading the way you'd expect assets to trade when yields increase
I was planning to do it but this post made me look into $ENA
Battle-tested innovative product that recently gave some love to the token + stablecoins are a great narrative
It's early to fully deploy but could make sense to start building a position (bearish view below):
Since last cycle, Ethena has been one of those "great product, terrible token" projects for me. The industry is full of them.
$ENA ran up on looping (pendle) and narratives, and in my view it really was overvalued. USDe supply and demand were huge, but ENA itself was de facto just monopoly money.
Everyone bought it. Some jumped out in time and had a good ride, some didn't. That's all there was to it.
If I'm right and we're at the start of a new bullrun, I think Ethena has a much better shot at scaling its product sustainably.
Changing USDe's collateral structure (adding RWAs) removes part of the market risk (even if it replaces it with a different kind of risk) and expands the range of instruments and strategies.
+ I like that they've moved into b2b products and have already announced some partnerships (eg with @ether_fi )
+ the tokenomics changes
+ stablecoins in and of themselves are the most successful asset class in crypto. A retail product that actually works. And I’m a fan of retail products, which the industry has almost none of.
I'm also hoping (probably in vain) that they'll unfreeze @convergeonchain after all. I liked the project's architecture.
Back to your question: if buybacks get switched on, the protocol's success (and I believe it will succeed) will finally translate into ENA value. So at the current price, I don't think it's overvalued. If anything, fundamentally it looks a lot more interesting than it did a year ago.