the ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 fee switch vote has officially passed on snapshot buybacks will begin when the first milestone of a 7.5bn USDe supply is reached, with buybacks scaling up alongside successive supply milestones see full details in their article

Hyperliquid Strategies appears to have had its second largest week in its history in terms of USD deployed to purchase hyperliquid:native onchain, with over $93m deployed to acquire 1.14m HYPE at an average price of $81.83 offchain purchases have been omitted from this analysis

Tokenization coupled with the proliferation of perpetual futures markets are a powerful trend that presents a massive opportunity for Ethena to capitalize on via the basis trade for equities We are excited to lead the effort in developing the framework to put this into motion alongside the Ethena team & our colleagues in the risk committee full preliminary framework is now live on the forum

We would like to share our support for the activation of the ENA fee switch under these new parameters, amongst other exciting changes for ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 - buyout of select early investors - alignment of token + equity - buybacks from revenue once thresholds are met

We are grateful to be elected for our third consecutive term on @ethena's risk committee massive thank you to everyone who supported us in the vote! We look forward to an exciting next 6 months of helping grow the protocol and ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 alongside our colleagues

With just over an hour remaining, if you're an ENA holder, we suggest including @Kairos_Res in your votes. They have been good, thoughtful and responsive risk stewards for the @ethena protocol. Snapshot:

The vote ends in roughly 2 hours one entity has just massively swung the vote out of our favor if you are an ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 holder we would greatly appreciate your last minute support here!

The Ethena Risk Committee’s mandate is to identify, evaluate, and manage risk across the Ethena ecosystem, and Kairos as an existing member has honored this commitment. To name a few ways they have been committed as a risk committee participant: - Kairos authored and advanced the proposal to allow USDtb-backed Ethena whitelabel stablecoins to be held directly in USDe’s backing. - They led a detailed analysis proposing the addition of PAXG and XAUT as eligible USDe backing assets under an expanded commodity/equity framework, enabling gold and commodity perpetual basis trades. - They prepared a comprehensive risk assessment supporting with conditions the deployment of isolated lending markets for Ethena assets on Kamino and Jupiter Lend on Solana. - Beyond proposals, Kairos has contributed ongoing monitoring and reporting during stress periods, including the spring 2026 supply contraction of $2b, with rapid absorption and no peg break or reserve draw, off-chain review of RWA drawdown frameworks, and technical due diligence such as the July 2026 L2 USDe PSM review on Base. They have also collaborated on broader items such as the dynamic sUSDe unstaking cooldown framework that was co-developed with fellow committee members. If you are considering voting on this proposal, I would highly encourage you to consider electing Kairos for another term as they have proven to be a highly capable member of the risk committee.

Ethena's Risk Committee elections are live and we're standing for a third consecutive term What we shipped over the last term for ENA holders: • Whitelabel stablecoin backing framework that helped supply peak above $620m • Solana lending assessment that unlocked markets on Kamino & Jupiter which grew past $ 1bn within days of launch • Tokenized gold and commodity backing framework, opening USDe to basis on gold and commodity perps If you hold ENA or sENA, be sure to vote for Kairos Research! Closes 9 Aug, 23:59 UTC

There have been some material ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 flows over the last few weeks An unknown entity sourced from CB Prime has staked ~95m ENA between these two wallets, 0.63% of the entire supply. This makes them the largest EOA staker of ENA - 0x2a6545f104a27C566fAb0F60b1308C6A29a1CAA5 - 0x4069F6467FEb3EE5b04a6d9194a6cdffCFD5cB8B Pantera Capital also appears to have accumulated 56.4m ENA via Nonco's OTC desk on 24 July: 0x7acf331c86ebb173f6280bae03aedeca77ad852c21c0b346a0e9420d5290abdd 0x3da081a22d0620602c67136b74e9a90ff7d2348dd3b0e6f01ccac92deb5e73f3 Maelstrom / Arthur Hayes have purchased 6m ENA today in two transactions: 0x1ca7a8d2f111e95cb352d1d9c83ec6b7748f4fb47c4aa6f3a9a74a6619529b21 0x595d8e489434a503a6ce29ece5443dc4e51c2ad4c15dc94852a4e062a0cdbcf4 A Wintermute controlled multi-sig has staked 3m ENA today: 0x6e938f77f56c3d2cf391ace04fbb0047b0b9e5533f00971b39208053e31c0e9a And lastly Multicoin appears to have exited 54.7m ENA via Galaxy's OTC desk on June 4th, within a day of the local high 0x86f0097d29ff655dba688f5a9cc8bfcefe6b3af73dbd6dd439355d861557078c

Looks like @multicoin just undelegated ~1.97m hyperliquid:native tokens from the @Bitwise x @FalconXGlobal validator worth roughly $120m if they do not redelegate, their unstaking will finalize at approximately 7/28 17:17 UTC 0x57c6d4bd52f592a265f59b595a905b04c848174b 1,074,916 HYPE 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10 683,201 HYPE 0xab319403e72c5e97c65ef70031bab8827efc5297 211,486 HYPE

It appears that @Strategy is continuing to sell additional BTC Today's 8-K disclosed 3,588 BTC sold Jun 29 - Jul 5 to fund preferred dividends. But the sale window closed Jul 5. and since the filing went live at 8:00 ET, the same cluster that matched those sales has moved another 513 BTC ($31M): 451.9 BTC → Galaxy Digital, 61.7 BTC → Coinbase Wallets are unattributed (no Arkham tag), but timing, route, and size all line up. Next Monday's 8-K should confirm

Looks like @multicoin is consolidating some of their holdings, perhaps preparing to stake 1.77m HYPE tokens (~$111mm worth) after sharing their hyperliquid:native analysis today

The USDH deployer just sent 138,252 USDC to the Hyperliquid Assistance Fund, its largest transfer to the AF to date, and its first ever in USDC For context, under the new AQAv2, the USDC deployers share ~90% of cost-adjusted reserve yield with the protocol, routed to the AF and auto-converted to HYPE. Hyperliquid said that revenue share begins accruing Aug 26, with the first payment Oct 3 So this one landed ~4 months early. Onchain it traces back through a new conduit to the Circle AQAv2 reserve. To us, this appears as an early test of the rails rather than a full activation hyperliquid:native

Plasma One's new Platinum card requires locking 100,000 plasma:native per cardholder At the current circulating supply of 2.51bn, every 2,500 upgrades absorb ~10% of the float, and 25,000 would consume all of it Only ~400 wallets hold 100k+ XPL today, so nearly every Platinum upgrade is a forced market buy That cohort has grown from 393 to 406 since the tiers went live, with the rise concentrated right at the 100k threshold, the accumulation has started