McKenna
@Crypto_McKenna
Managing Partner at @Arete_xyz
Restore Britain
2.4K Following 105.9K Followers
Hyperliquid has just flipped Solana in USDC total supply w/ 7.19Bn USDC outstanding across HyperCore and the HyperEVM.
Equally FED rate hikes of 25-50bps increases the implied reserve yield of the USDC supply as per AQAv2.
AQAv2 is approaching $200M/yr in revenue for Hyperliquid.
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Good to see the young lads winning on Robinhood chain but some friendly advice is to make sure to sell and rotate this capital into much safer less volatile assets.
Liquidity dries up on any down swings and there just isn't enough liquidity for those to realize multi 7 figure PnLs all at once. You want to be first in and first out and take the slippage for doing so.
Some of these assets will make for incredible shorts towards the end of the year.
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USDAI in our opinion is one of the few truly non-correlated assets in the space given the middle market for GPU financing and it's demand is not subject to any contractions due to asset class volatility.
Equally the moat of serving this middle market is quite strong given banks and private equity are reluctant to serve loans in this range and are purely focused on financing the hyperscalers.
Still believe the market size and growth potential remains slept on by the wider market. One of the few assets we are incredibly optimistic on.
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Term V2 intent based orderbook for fixed-term working as designed good to see some momentum here and validation of the V2 model.
Another exceptional dashboard for Hyperliquid
Quite excited for Maple post their warehouse facility with Kraken. I will write something more in depth on why this is a big deal for on-chain lending as a sector.
But fundamentals are now decoupling heavily from price with 4.6B in AUM and 1.835B in outstanding loans. NIM has compressed due to rates but I think Maple can out grow this.
Still remains one of the few DeFi assets I have high conviction in.
$SYRUP
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