🚨 A new regulatory development for the Hyperliquid ecosystem comes as $HYPE pulls back from its recent high. Nasdaq-listed Hyperliquid Strategies says its subsidiary has applied to register as a U.S. futures commission merchant (FCM). If both the application and the relevant permissioned market receive regulatory approval, the company plans to provide account services to U.S. customers participating in that market. The application remains pending, and its timing and outcome are uncertain. As of September 30, the company held approximately 38.52 million HYPE, valued at around $3.5 billion at the time. HYPE climbed to approximately $97.74 in late October before pulling back. On November 6, it traded roughly 20% below that high. #Hyperliquid# #HYPE# #Crypto# #DeFi#

First Principles Ep. 7 with Noam Nisan More than 30 years ago, Gödel Prize winner @noamnisan helped develop a proof technique he never expected anyone to use in the real world. Today, the sum-check protocol sits at the heart of some of the fastest modern SNARKs. Nisan traces its unlikely journey from early work on interactive proofs and IP = PSPACE to practical systems for verifiable computation. But Nisan’s career also tells a broader story about how research responds to technological change. When the web arrived in the 1990s, he deliberately left a field in which he was already a leading researcher to understand a new problem: How do you get independent actors on the internet to cooperate when they have different incentives? That question helped give rise to algorithmic game theory — and, decades later, brought Nisan back to questions around blockchain fees, token economics, and protocol design. Hosted by @Tim_Roughgarden with @SuccinctJT 0:00 Intro 1:28 Noam Nisan and the origins of verifiable computation 2:58 Why Noam Nisan left complexity theory 7:52 POPcorn, distributed computing, and early blockchain-like ideas 11:10 The birth of algorithmic game theory 16:14 Justin Thaler discovers the sum-check protocol 25:05 From arithmetization to LFKN 27:06 The story behind IP = PSPACE 30:40 Why sum-check matters for modern SNARKs 31:15 What is a SNARK? 38:52 The key idea behind sum-check: turning two into one 44:03 When SNARKs went from theory to practice 46:03 Why blockchains were the breakthrough use case 50:36 Noam Nisan’s move into blockchain economics 56:15 EIP-1559, transaction fees, and efficient blockspace 1:02:07 From theoretical computer science to real-world systems 1:08:49 Boiling down the sum-check protocol: Two become one 1:10:58 Is the sum-check protocol optimal?