Today, HL Eco and HRC are incredibly excited to launch the new "Hyperliquid Financials" dashboard. The core reason we built HRC is that Hyperliquid intentionally leaves an information gap. They don't spend time on this, they're just busy building. That information asymmetry clearly affects how the market understands and values Hyperliquid. We started this journey by aggregating the best Hyperliquid research in one place and publishing financial reporting (hyperliquid:native and Trade[XYZ] quarterly/annual reports). Today we're taking that mission a step further, moving to live reporting. It's no secret TradFi is paying close attention to @HyperliquidX and @tradexyz. But that attention needs clear, accessible data, the kind that lets investors, analysts, and every other stakeholder do more than just read the raw numbers. With this, you get the most meaningful information on Hyperliquid in one place, CSV downloads for the underlying data, and analytical and projection tools to help you interpret it. No more raw data and nothing else. This will be improved even further with your feedback. We want this to be the Hyperliquid financials dashboard you've always wanted, so if you have suggestions or want to collaborate, we're all ears. Community is what Hyperliquid has been about from the start. Collaborative work by people who genuinely want to see it succeed in housing all of finance. We're incredibly happy to now be close partners with @hl_eco; this dashboard is what happens when two teams that actually want to provide value build together. Hyperliquid. HRC. HL Eco.

For Hyperliquid, this is an obvious net positive. If the profit share is similar, the reserve yield base expands ~50x ($100m USDH vs ~$5b USDC). It also removes an obvious UX problem. Fragmentation between $USDH and $USDC was always awkward. Traders want one dominant collateral and quote asset. Builders want liquidity. Market makers want inventory simplicity. For HIP-3 deployers, the impact is...more mixed. It creates a harsher Darwinian environment. Once everyone has the same aligned $USDC economics, deployers that used $USDH as strategic differentiation can no longer lean on quote asset selection as their wedge. They now have to compete on markets, liquidity, frontend, distribution, incentives, and community. So for $USDH native HIP-3 deployers, this is a headwind to differentiation but a tailwind to addressable liquidity. $USDH gave them alignment, but it also came with friction. Traders had to bridge, convert, hold a less familiar stablecoin, and deal with thinner secondary liquidity. Traders do not care about ecosystem alignment if the book is thin, the quote asset is inconvenient, and the conversion path is annoying. In that environment, the benefit was abstract while the friction was immediate. So the question boils down to whether $USDH was helping them win traders, or mostly explaining why they had not won traders yet.