If you’re paying attention, you’ll note that Hypercore now supports: - Perps (Crypto, RWAs) - Spot - Predictions - Lend / Borrow - Vaults In other words, the core DeFi primitives of every L1, but it’s all enshrined and value accretive to HYPE. The “Chain to House All Finance” is not a meme. Nothing but air until HYPE is a top 5 coin.

The new generation of crypto streamers and podcasters may be biased, but they produce far more actionable content than prior generations. The biggest reason why is because they’re actually active in markets. While I get the sense that the content encourages more crowding into the same retail favorite coins (many hosts tend to reflect what is topical), I also think it provides newcomers with a really good pulse check on the market. This ultimately reduces the friction for retail to get involved. So over time I expect it will lead to more people trading. Especially on our 24/7 permissionless trading platforms.

Frontier labs execs are honestly the most unlikable generation of tech leaders in a long time. At best, they come off as a annoying zealots. At worst, manipulative profiteers. And they wonder why the public hates AI.

It’s natural for the industry to stray further and further from its cypherpunk roots each cycle. And I know it’s bizarre that the hottest thing right now is a single sequencer corporate chain publicly supporting memecoin gambling. I find it uninspiring too. But I’ve also learned over time to not fight the zeitgeist. Whether Robinhood Chain, Solana, or something else, this behavior is not going away anytime soon. When you give anyone in the world the ability to create and trade assets 24/7, it’s practically guaranteed that people end up playing the craziest money games. Blockchains are a gravity well for all the speculation that’s in the air. If you don’t like it, that’s fine. There’s many less speculative use cases that are secularly growing so that you don’t have to care if you don’t want to. But in the meantime degens will keep degening. Attention will follow the biggest spectacle. And there’s no bigger spectacle than the masses making and losing silly sums of money on preposterous internet coins.

Some predictions for social trading over the coming years. - A solo trader will run up 9+ figures publicly - PnL leaders will command followings like celebrities - Top groups will control more capital than institutional crypto funds - The top social finance creators will make money from rewards that rivals top social media influencers - Autonomous agents will begin competing for top spots on the leaderboards - Trading will resemble sports and become the world’s greatest MMORPG - The next Roaring Kitty/GameStop-esque movement will emerge on a social trading app

Think $SOL is about to make a big comeback and is the most asymmetric major over the next 6 – 18 months. Some notes. 1. After 10 months in a row of down only, most retail and funds have capitulated, leaving only committed holders 2. One of three index assets alongside BTC and ETH that both retail and institutions will reflexively bid once it’s clear we’re back 3. Highest concentration of revenue generating apps and some of the strongest network effects of any general purpose L1 4. Solana has the most credible path to scale of any L1 w/ slot times approaching 200ms by end of Sept 5. Upcoming SIMDs will strengthen SOL economics through increased fee burns and lower inflation. Estimate Solana REV could 2x – 4x in next year easy 6. Stablecoin volumes rivaling Ethereum, Tron, Base for top payments chain 7. Tokenized equity volumes are ramping with Solana as the leader across all L1s 8. Long tail markets like memecoins, TCG, and MetaDAO “ownership” (startups) coins are all accelerating 9. Social trading apps like Fomo and Pump are onboarding a big wave of new users with Solana as the largest beneficiary There were many reasons to be critical about Solana over the past year, but the past is becoming past. Fundamentals look great and the value capture story will only improve with each passing quarter. Targeting much much higher.

Starting to feel like the world is massively sidelined crypto. After many painful quarters of underperformance vs equities, even people who built their careers here capitulated or checked out despite all the pieces falling into place. The moves this week at the very least are a wake up call that it’s time to pay attention again. Remember this is one of the most reflexive asset classes in the world and sentiment can shift fast.

Sometimes I don’t know if we’ve all become nihilists, or if hyper-speculation is actually just the most effective way to get millions of consumers to ditch the beige world of TradFi for the crypto frontier. In any case the data suggests we’re going much higher over the coming quarters, with retail led activity across perps, memes, and other onchain speculative games inflecting. As a wise man once said, degens are pioneers.

Impressive string of days for HIP-3. - ATH $8.2B in daily volume - ATH $5.3B in single stock daily volume - ATH 69% share total Hyperliquid volume - ATH $3.8B in open interest - SKHYNIX becomes first single HIP-3 market to flip BTC in 24hr volume at $2.1B - 8% priority fee share of revenue + growing Volatility is good for business.

Bubbles can be good for new industries and the memecoin bubble from 2023 - 2025 was just that. Memecoins onboarded an enormous amount of new users, stress tested chains like Solana and Base, and funded a ton valuable trading infrastructure in the ecosystem. But now we’re in 2026 and memecoin bubble popped long ago. Insider trading, bundling, and bots ruined what was once a fair game. What’s left is a shrinking pool of fish chasing past highs they will never reach while sharps extract the remaining money. The same thing happened on Ethereum twice, first from 2017 - 2018 with ICOs, then 2020 - 2022 with yield farming. At a certain point the game gets figured out and edge gets competed away. The thesis becomes stale and people stop playing. Memecoins may ultimately have a place in the cryptoeconomy long-term. If someone can find a way to make them fair again, they could survive as an onchain native casino game, or better yet, evolve into something new like creator coins. In any case, speculation will continue on, and speculators will continue searching for an outlet. But the point is that any chain looking for a spark will need to look beyond. Growth is found on the frontier, not in the echoes of the last cycle.

In the best way possible, Hyperliquid is starting to feel like a radical online cult building a digital cathedral for global finance. It’s amusing seeing all these centralized crypto companies buy $HYPE to signal alignment to the community as if it’s tribute. I don’t recall this ever happening with any asset other than $BTC. Beyond the obvious flows benefit, the practical implication here is that an increasingly wide and powerful network of people and institutions in the crypto ecosystem are all highly incentivized to make Hyperliquid a massive success. I honestly believe this dynamic wouldn’t exist if Hyperliquid didn’t do a fair launch and rekindle crypto’s original spirit. My bet is this will remain a compounding advantage for Hyperliquid well into the future.

If CBRS was any indication of what’s to come, @tradexyz’s Pre-IPO market for Space X should bring a massive wave of attention to Hyperliquid over the coming weeks. Think it’s possible SPCX hits $1B+ in peak 24hr volumes in the days surrounding what will be the largest IPO ever.

The more I think about this Coinbase partnership, the more I believe it is Hyperliquid’s biggest announcement all year. Stablecoin yield is the largest revenue source in the industry next to trading fees and Hyperliquid is now the first blockchain to internalize both. This is a fundamental transformation of Hyperliquid as a business. Yield sharing enables Hyperliquid’s revenue to scale more directly with deposits, rather than just trading volume. And because deposits tend to be stickier than volumes in downturns, this could make Hyperliquid’s buybacks more resilient across cycles. For example Hyperliquid stablecoin deposits are currently only down 15% from ATHs compared to monthly volumes down 55%. Zooming out, there’s currently ~$80B in stablecoins deposits on Binance, Okx, and Bybit compared to ~$5B on Hyperliquid. It doesn’t take crazy share gains or sector wide growth for the revenue numbers from yield sharing to get crazy for $HYPE. Think $300M - $500M in incremental run-rate revenue from yield sharing is achievable within next 12 months, and billions in the years beyond as the cryptoeconomy reaccelerates. Hyperliquid.