An autonomous agent shouldn’t have unchecked control over its wallet. ALP puts spend guardrails at the signing layer, so deterministic rules still govern money movement even if the model is manipulated. See how the full lifecycle works 👇

In Episode 91 of the Sceptic: Migration Watch UK's Alp Mehmet on the battle over Brexit's broken immigration promises and Chris Morrison on the mystery of why key climate data has disappeared from official reports.

AI agents are getting smarter. Their economic infrastructure needs to catch up. Agent Lifecycle Protocol (ALP) proposes a standard for agent identity, wallets, funding, commerce and retirement, with BNB Agent Studio as the reference implementation. Learn more 👇

IN AL JAZEERA'S DEFENSE DOCUMENTARY, AN ASELSAN ENGINEER SAYS TÜRKIYE'S DOMESTICALLY BUILT ALP-300G RADAR — PART OF THE SİPER LONG-RANGE AIR DEFENSE SYSTEM — OUTPERFORMS THE SEARCH RADAR OF RUSSIA'S S-400 AIR DEFENCE SYSTEM 'IN SEVERAL ASPECTS'.

What happens when an autonomous agent needs to pay for inference, enforce spend limits or move runtimes? ALP v0.4 defines the lifecycle and guardrails around those moments, while composing standards like ERC-8004, ERC-8183, x402 and MCP. Full breakdown 👇

A strong vision gets attention. A strong pitch gets funding. Cointelegraph Accelerator startups are gearing up for this week's Pitch Practice Session, where founders will receive feedback on market positioning, growth strategy, fundraising, and execution. Featuring: • Timothee Semelin, Skynet Trading • Irem Alp, Web3 GTM Advisor • Victor R., Bailsec • Alessia Baumgartner, DWF Labs

Perp DEX volume is becoming a weaker way to judge market depth. A venue can process billions of dollars in a day without keeping much risk open once those trades are done. That is why open interest matters. @HyperliquidX, for example, recorded roughly $5.67B in 24-hour volume against $8.30B in open interest. That works out to just 0.68x turnover. The number is interesting because it shows that Hyperliquid is not simply recycling the same capital at high speed. A large amount of leveraged inventory is actually remaining on the venue. This makes turnover a useful second lens for understanding perp markets. — ● Turnover shows how quickly open positions are being recycled The calculation is simple: 24-hour volume ÷ open interest = turnover Across major venues, the differences are significant. • @HyperliquidX: $5.67B / $8.30B = 0.68x • @Aster_DEX: $2.39B / $1.43B = 1.68x • @Lighter_xyz: $1.11B / $650M = 1.72x • @edgeX_exchange: $1.04B / $650M = 1.60x • @variational_io: $2.12B / $940M = 2.26x • @Polymarket: $80M / $60M = 1.31x • @Kalshi: $470M / $30M = 18.96x A lower ratio generally means more open risk is sitting on the venue relative to the amount being traded each day. A higher ratio means the same pool of open interest is turning over much more quickly. Neither is automatically better. The ratio simply tells you how aggressively a venue is recycling its inventory. — ● Volume share and positioning share can tell very different stories Hyperliquid makes this especially clear. It processed roughly $210–239B in 30-day volume and accounted for around 39% of tracked perp-DEX volume. At the same time, it held roughly 59% of tracked open interest and that gap matters. Volume measures the flow passing through the market. Open interest measures the leveraged positions that remain after the trading is done. So a venue can have a smaller share of total volume while holding a much larger share of the market’s outstanding risk. In simple terms: Volume shows what traded. Open interest shows where the risk stayed. — ● The same turnover ratio can still represent very different markets Turnover is useful, but it should not be read without understanding how each venue actually works. • @HyperliquidX uses an onchain CLOB with unified margin and HLP liquidity. • @Lighter_xyz uses offchain matching with ZK proofs and Ethereum settlement. • @edgeX_exchange combines an offchain CLOB with STARK-based settlement and expanding RWA markets. • @Aster_DEX uses a broader architecture across its Pro CLOB, ALP and Shield products. • @variational_io operates through an RFQ model where the OLP acts as a major source of liquidity. • @Polymarket and @Kalshi introduce another complication because event contracts behave very differently from perpetual futures. Their positions eventually resolve and disappear rather than remaining indefinitely as rolling leveraged exposure. So turnover is best used as a market-structure metric, not as a universal ranking of venue quality. — ● The metric also breaks down when the inputs are inconsistent There are several traps. • The first is product mix. Event markets, crypto perpetuals and RWA perps do not create the same type of open interest. • The second is data quality. Using volume from one dashboard and open interest from another can create misleading ratios if the methodology or cutoff time differs. • The third is timeframe. A single 24-hour period can be distorted by volatility, liquidations, market events or incentive campaigns. Seven-day and 30-day turnover are usually much more useful for understanding persistent behaviour. • The fourth is incentives. Zero-fee trading, points and token rewards can dramatically increase volume without producing the same increase in residual positioning. That is exactly why headline volume needs context. — ● RWA perps make this even more important Perpetual markets are now expanding beyond crypto. HIP-3, Aster, Variational and others are pushing perp infrastructure into stocks, commodities and long-tail financial assets. That introduces a different set of risks. • The perp may trade 24/7 even when the underlying equity does not. • Oracle pricing becomes more important. • Underlying liquidity can disappear outside traditional market hours. • Corporate actions and fragmented reference markets can create additional complexity. So as perp DEXs expand into RWAs, market quality cannot be reduced to the amount of volume printed on a dashboard. The structure supporting that volume matters more. — ● Token incentives can distort the picture too The same caution applies when looking at $HYPE, $ASTER, $EDGE, $LIT and other ecosystem tokens. Points, emissions and token incentives can attract traders and boost activity. But high token value or high incentivized volume does not automatically mean the venue has deep organic positioning. The stronger signal is whether incentives translate into: • Persistent open interest • Repeat traders • Sustainable fees • Deep liquidity • Durable market share Tokenomics should therefore be read alongside volume and open interest, not used as a substitute for them. — Perp DEXs are reaching a stage where headline volume alone is no longer enough. Two venues can both process billions of dollars and still have completely different underlying markets. • One may be recycling positions quickly. • Another may be holding much more persistent leveraged inventory. That is why open interest, turnover, fees and trade structure increasingly need to be read together. Volume tells you how busy the venue is while Open interest tells you how much risk remains. Turnover connects the two. And that combination gives a much clearer picture of whether activity is actually translating into durable positioning.

Epoch 23 to 24 thoughts for @nestexchange hyperliquid:native -9%. NEST -9%. Very choppy crypto price action week over week. Digging deeper into the data, I am extremely happy about the direction things are going. Per $1 of NEST emitted - volume +14% - fees+5% - voter revenue +29% The DeFi market participants are far more educated now and it's humbling to see NEST command a premium that makes every emitted token a big catalyst for the flywheel. We'll continue to focus on the parts we can impact and ignore the external macro noise. Weekly HYPE distributions will continue for every new $NEST locked and deposited in the HYPE Engine vault. Great time to get involved by getting some NEST by swapping or becoming a LP.