GLC
@GLC_Research
Crypto Research & Reporting | Contributing @maplefinance & @HyperliquidR | &
984 Following 10.2K Followers
Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them.
Final week of Q2, same rule on both books:
▫️Trade[XYZ] RWA markets: 3.57 bps median spread
▫️Hyperliquid crypto perps: 5.44 bps
In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts.
Most of these contracts are months old, and the book they went through is one of the tightest in the industry.
They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example.
Hyperliquid.
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We feel genuinely fortunate to be the ones covering Hyperliquid and Trade[XYZ] this closely right now.
Watching how fast things are moving has brought us real joy this quarter, and we don' t say that lightly.
Nothing here is settled. Real risks remain around Hyperliquid, and the regulatory landscape is still being written in real time, so we won' t claim victory too soon. But what we can say with confidence is that Hyperliquid and Trade[XYZ] have outpaced any expectation anyone reasonably had for them, and did it through some of the toughest market conditions this year has produced.
Seeing them consistently bring new growth drivers, new ways to create value for traders and investors everywhere, is not something we take for granted.
What they are building is unprecedented in financial history, and we get to witness it happen.
This is a story about rewriting the financial infrastructure the world has relied on for decades, and watching Hyperliquid and Trade[XYZ] change the playbook on what that infrastructure can even look like is genuinely amazing to be close to. We're grateful to be in this position, inside this ecosystem, watching it unfold right in front of us.
And we're confident this is only the beginning: there is more to witness quarter over quarter, year over year, because this story is just getting started.
Huge thanks to everyone involved within HRC for putting this together. Huge thanks to @guru__hl as well, @hl_eco clearly is the best partner we could have wished for.
Hyperliquid.
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"HYPE Regulatory Overhang Is Gone: Onwards and Upwards"
Bull case just got bigger. Read it below.
Hyperliquid.
Today we're releasing our Maple Finance Q2 2026 Report.
Q2 was one of the toughest quarter on record for DeFi lending. Bitcoin fell -14.2%, DeFi lending TVL contracted -25.2%, and 83 hacking incidents hit the ecosystem in a single quarter.
Here's how Maple came out the other side:
→ AUM closed at $4.61B (-0.94% QoQ) against a benchmark down -25.2%
→ Active loans reached a new ATH: $1.835B (+55.6% QoQ)
→ H1 2026 revenue: $10.89M, broadly in line with full-year 2025 output
→ Zero forced liquidations. Track record intact through a second consecutive stress quarter.
The report also covers the launch of syrupUSDG ($227M in 6 weeks), the Maple Institutional breakout ($753M TVL, +767% QoQ), and MIP-021, which passed with 99.97% of the vote.
Enjoy the read.
Some excerpts below, with the link to the full PDF.
@maplefinance $SYRUP
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We just shipped new charts on the HYPE Financials dashboard, built by HL Eco and HRC.
Powered by Qwantify's data (@qwantifyio), you can now track team unlock behavior against modeled vesting schedules and project forward based on how the team has actually behaved to date.
For those who've followed us: our convention is to assume the team's full allocation sits within the current outstanding market cap, the same basis we used on the OTS framework we worked on with @HypeStrat.
Worth flagging: the team is currently taking, on average, just 6.2% of what they're entitled to unlock.
More charts on team unlocks below.
Hyperliquid.
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Very proud to have launched the "Hyperliquid Financials" dashboard with HL Eco.
We've been vocal for a long time about closing the information gap in Hyperliquid, and this brings us a real step closer. In my opinion, this is the best dashboard out there from a financial analysis perspective.
No more raw data only, you have EMAs on every charts and can download CSVs if you want to build your own chart as well. If you have any chart suggestion, please feel free to reach out.
Some of the charts I love below.
Go check it out, Hyperliquid.
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Priority fees have been a huge success for Hyperliquid, generating more than $5M in cumulative revenue for $HYPE.
On a 14-day and 30-day average basis, they're already tracking at an annualized run rate of over $30M in buybacks, representing roughly 7% of $HYPE's total revenue. That's a big deal considering how early priority fees still are.
We're expecting that figure to continue growing and potentially reach $50–100M annually by EoY.
Market conditions have been challenging for exchanges across the board, with subdued volumes and low volatility. Despite that, Hyperliquid has remained incredibly resilient with priority fees, HIP-3 / Trade[XYZ] dominating the RWA perps market and $USDC AQAv2.
When volumes and volatility return, watch out.
Hyperliquid is extremely well positioned and has continued to consistently take market share from CEXs, even in one of the toughest trading environments we've seen in a while.
@HyperliquidR × @hl_eco — $HYPE Financials launching soon.
Hyperliquid.
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Everyone is asking where the next real DeFi yield will come from.
It is already being built on Hyperliquid by @liminalmoney.
With Portfolio Margin now fully deployed, you can earn 11%+ APY on your stablecoins.
Entirely organic and powered by Hyperliquid native yield sources.
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We think this is a step forward for @maplefinance and its various stakeholders. The team has been listening to investor and community feedback, and is operating within an environment that currently rewards buybacks as a way to build investor confidence — in an industry where the split between token holder rights and equity holder rights remains a major, unresolved topic of debate, as we've recently seen play out with $VVV.
With this proposal, Maple is trying to get the best of both worlds: giving investors what they've been asking for, a more programmatic buyback that supports valuation, while retaining the flexibility to redeploy that capital toward growth opportunities as they arise.
Our most important suggestion at this stage would be to give the team some runway before executing each buyback, a six-month window, for example, within which the team can buy SYRUP at the most favorable price available, building a long-term reserve that, if executed well, ultimately provides Maple with meaningfully more capital than an immediate, mechanical execution schedule would.
We think forcing immediate execution each month will simply push Maple to buy ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 at higher valuation multiples on average, whereas granting that flexibility shouldn't change market perception at all—buybacks are already priced in—while giving the team room to optimize execution and generate additional value from the same allocated capital.
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We think this is a step forward for @maplefinance and its various stakeholders. The team has been listening to investor and community feedback, and is operating within an environment that currently rewards buybacks as a way to build investor confidence — in an industry where the split between token holder rights and equity holder rights remains a major, unresolved topic of debate, as we've recently seen play out with $VVV.
With this proposal, Maple is trying to get the best of both worlds: giving investors what they've been asking for, a more programmatic buyback that supports valuation, while retaining the flexibility to redeploy that capital toward growth opportunities as they arise.
Our most important suggestion at this stage would be to give the team some runway before executing each buyback, a six-month window, for example, within which the team can buy SYRUP at the most favorable price available, building a long-term reserve that, if executed well, ultimately provides Maple with meaningfully more capital than an immediate, mechanical execution schedule would.
We think forcing immediate execution each month will simply push Maple to buy ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 at higher valuation multiples on average, whereas granting that flexibility shouldn't change market perception at all—buybacks are already priced in—while giving the team room to optimize execution and generate additional value from the same allocated capital.
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Hyperliquid x HPC x XYZ
We don’t deserve them.
Onwards.
HYPERLIQUID POLICY CENTER AND MET WITH SEC'S CRYPTO TASK FORCE TO ADDRESS CRYPTO REGULATION: WEBSITE
syrupUSDG has already surpassed $200M in AuM one week after the Robinhood integration.
Maple x Robinhood
Maple just launched syrupUSDG, its first new Syrup asset in two years, and its first integration with Robinhood.
Here is how it works.
USDG deposited into Robinhood's Crypto Earn flows into a Steakhouse-curated Morpho vault. To borrow from that vault, borrowers must post syrupUSDG as collateral, meaning they first deposit USDG into Maple to mint syrupUSDG, then use it to access liquidity. The yield traces back to Maple's institutional loan book: $22B+ originated since 2022, zero forced liquidations.
A few things make this deal structurally interesting.
The collateral mechanic creates direct borrower-side demand for Maple. Every borrower seeking liquidity from the vault needs to go through Maple first to mint syrupUSDG. That dynamic is further reinforced by Paxos, which will be actively involved in sourcing new loan originations for Maple.
The regulated dollar angle is also worth flagging (MAS in Singapore, MiCA in Europe). USDG opens Maple's credit strategies to institutional and regulated-entity allocators with restrictions on which stablecoins they can hold. For context, syrupUSDC averaged 4.81% APY and syrupUSDT 4.36% APY in Q1 2026, both sustaining a ~200 bps premium over AAVE v3 benchmarks throughout the period.
Robinhood users interact with none of this directly. From their perspective it is a simple yield product inside the app.
Gaëtan Thabot, Director of Partnerships at @RobinhoodCrypto, said:
"Maple's launch of syrupUSDG on Robinhood Chain is a strong example of the kind of financial infrastructure we want to support on the chain: transparent, onchain, and built with clear separation of roles. Robinhood is excited to see the number of tier-one partners supporting the growth of the chain."
We've been quite vocal about Maple's renewed momentum these last couple of weeks, and this announcement just confirms the current growth mode Maple is in.
@syrupsid, CEO of @maplefinance: "Stablecoins have solved how dollars move onchain, but there is growing demand for transparent, onchain strategies that can help those dollars work harder. With syrupUSDG, Maple is bringing its institutional credit engine to USDG and making it available on Robinhood Chain."
Full diagram and press release below.
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HPC and Phantom Ask the CFTC to Make Room for Onchain Market Infrastructure
Written by @HyperliquidPC
"We can modernize our financial infrastructure without giving up the protections that intermediaries have historically been tasked to provide.
Self-custody and transparent onchain systems let us build those protections into the technology itself while regulated intermediaries keep responsibility for the things technology cannot solve on its own."
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For context it took syrupUSDT over a year to cross $100m
The demand from fintech and neobank users for stablecoin yield is hitting an inflection point
syrupUSDG has already surpassed $200M in AuM one week after the Robinhood integration.
Maple x Robinhood
Maple just launched syrupUSDG, its first new Syrup asset in two years, and its first integration with Robinhood.
Here is how it works.
USDG deposited into Robinhood's Crypto Earn flows into a Steakhouse-curated Morpho vault. To borrow from that vault, borrowers must post syrupUSDG as collateral, meaning they first deposit USDG into Maple to mint syrupUSDG, then use it to access liquidity. The yield traces back to Maple's institutional loan book: $22B+ originated since 2022, zero forced liquidations.
A few things make this deal structurally interesting.
The collateral mechanic creates direct borrower-side demand for Maple. Every borrower seeking liquidity from the vault needs to go through Maple first to mint syrupUSDG. That dynamic is further reinforced by Paxos, which will be actively involved in sourcing new loan originations for Maple.
The regulated dollar angle is also worth flagging (MAS in Singapore, MiCA in Europe). USDG opens Maple's credit strategies to institutional and regulated-entity allocators with restrictions on which stablecoins they can hold. For context, syrupUSDC averaged 4.81% APY and syrupUSDT 4.36% APY in Q1 2026, both sustaining a ~200 bps premium over AAVE v3 benchmarks throughout the period.
Robinhood users interact with none of this directly. From their perspective it is a simple yield product inside the app.
Gaëtan Thabot, Director of Partnerships at @RobinhoodCrypto, said:
"Maple's launch of syrupUSDG on Robinhood Chain is a strong example of the kind of financial infrastructure we want to support on the chain: transparent, onchain, and built with clear separation of roles. Robinhood is excited to see the number of tier-one partners supporting the growth of the chain."
We've been quite vocal about Maple's renewed momentum these last couple of weeks, and this announcement just confirms the current growth mode Maple is in.
@syrupsid, CEO of @maplefinance: "Stablecoins have solved how dollars move onchain, but there is growing demand for transparent, onchain strategies that can help those dollars work harder. With syrupUSDG, Maple is bringing its institutional credit engine to USDG and making it available on Robinhood Chain."
Full diagram and press release below.
Show more
By @GLC_Research and @guru__hl on
More coming soon.
Comprehensive revenue tracking is live at
Revenue by Source: perps, spot, HIP-3, priority fees, auctions, and HyperEVM, every stream as a share of protocol revenue.
Income Statement: every fee line down to operating net income and margin, after the HLP cut and the builder and deployer distributions, with HYPE removed vs emitted below the line.
Daily Revenue: total protocol income every day since December 2024, stacked by source.
Revenue Mix Over Time: how each source's share of monthly revenue has shifted, with HIP-3, spot, and HyperEVM gaining on native perps.
Revenue by Market: the individual coins that generate the fees, ranked, counted separately across their perp, spot, and HIP-3 markets.
Revenue by Asset Class: the fee mix month by month across majors, HYPE, alts, memes, HIP-3 real-world assets, and spot.
Fee Concentration: the share of fees paid by the top 1%, 0.1%, and 10% of wallets, with a Lorenz curve and Gini across every fee-paying wallet.
Revenue by Hour & Weekday: when fees land across the day and the week, and the busiest hour and day.
Effective Take-Rate: the fee earned per dollar of volume in bps, gross and net, the difference being the builder and deployer take.
Builder & Deployer Revenue: the fees routed out to front-ends and HIP-3 deployers, sized against the protocol revenue itself.
HYPE Retired Daily: what the Assistance Fund bought back and removed from circulation each day, and the pace it is running.
Buyback Cadence: the same buys in finer detail, every bucket down to 5-minute resolution, with the average price paid.
Buyback Cost Basis: what the AF paid for its HYPE against where it trades now, and whether the buyback is in profit.
Liquidation Fees: the share of revenue that comes from forced liquidations.
Hyperliquid.
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This wasnt very easy to do so it took some time to release. Compared every data source to make it as accurate as possible.
Every Hyperliquid revenue source tracked since December 2024.
Special thanks to @GLC_Research for their contributions.
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Glad to have contributed to this beautiful revenue dashboard on more to come. Hyperliquid.
Comprehensive revenue tracking is live at
Revenue by Source: perps, spot, HIP-3, priority fees, auctions, and HyperEVM, every stream as a share of protocol revenue.
Income Statement: every fee line down to operating net income and margin, after the HLP cut and the builder and deployer distributions, with HYPE removed vs emitted below the line.
Daily Revenue: total protocol income every day since December 2024, stacked by source.
Revenue Mix Over Time: how each source's share of monthly revenue has shifted, with HIP-3, spot, and HyperEVM gaining on native perps.
Revenue by Market: the individual coins that generate the fees, ranked, counted separately across their perp, spot, and HIP-3 markets.
Revenue by Asset Class: the fee mix month by month across majors, HYPE, alts, memes, HIP-3 real-world assets, and spot.
Fee Concentration: the share of fees paid by the top 1%, 0.1%, and 10% of wallets, with a Lorenz curve and Gini across every fee-paying wallet.
Revenue by Hour & Weekday: when fees land across the day and the week, and the busiest hour and day.
Effective Take-Rate: the fee earned per dollar of volume in bps, gross and net, the difference being the builder and deployer take.
Builder & Deployer Revenue: the fees routed out to front-ends and HIP-3 deployers, sized against the protocol revenue itself.
HYPE Retired Daily: what the Assistance Fund bought back and removed from circulation each day, and the pace it is running.
Buyback Cadence: the same buys in finer detail, every bucket down to 5-minute resolution, with the average price paid.
Buyback Cost Basis: what the AF paid for its HYPE against where it trades now, and whether the buyback is in profit.
Liquidation Fees: the share of revenue that comes from forced liquidations.
Hyperliquid.
Show more
Maple x Robinhood
Maple just launched syrupUSDG, its first new Syrup asset in two years, and its first integration with Robinhood.
Here is how it works.
USDG deposited into Robinhood's Crypto Earn flows into a Steakhouse-curated Morpho vault. To borrow from that vault, borrowers must post syrupUSDG as collateral, meaning they first deposit USDG into Maple to mint syrupUSDG, then use it to access liquidity. The yield traces back to Maple's institutional loan book: $22B+ originated since 2022, zero forced liquidations.
A few things make this deal structurally interesting.
The collateral mechanic creates direct borrower-side demand for Maple. Every borrower seeking liquidity from the vault needs to go through Maple first to mint syrupUSDG. That dynamic is further reinforced by Paxos, which will be actively involved in sourcing new loan originations for Maple.
The regulated dollar angle is also worth flagging (MAS in Singapore, MiCA in Europe). USDG opens Maple's credit strategies to institutional and regulated-entity allocators with restrictions on which stablecoins they can hold. For context, syrupUSDC averaged 4.81% APY and syrupUSDT 4.36% APY in Q1 2026, both sustaining a ~200 bps premium over AAVE v3 benchmarks throughout the period.
Robinhood users interact with none of this directly. From their perspective it is a simple yield product inside the app.
Gaëtan Thabot, Director of Partnerships at @RobinhoodCrypto, said:
"Maple's launch of syrupUSDG on Robinhood Chain is a strong example of the kind of financial infrastructure we want to support on the chain: transparent, onchain, and built with clear separation of roles. Robinhood is excited to see the number of tier-one partners supporting the growth of the chain."
We've been quite vocal about Maple's renewed momentum these last couple of weeks, and this announcement just confirms the current growth mode Maple is in.
@syrupsid, CEO of @maplefinance: "Stablecoins have solved how dollars move onchain, but there is growing demand for transparent, onchain strategies that can help those dollars work harder. With syrupUSDG, Maple is bringing its institutional credit engine to USDG and making it available on Robinhood Chain."
Full diagram and press release below.
Show more
