HRC has a new home Hyperliquid doesn't spend time explaining itself, it just builds. That's why, when we launched HRC in November 2025, the best research on it was scattered across a dozen timelines, and nobody trying to underwrite this thing had a place to start. We began by collecting that work in one place. Then came flagship reporting, the 2025 Annual Report, 2026 quarterly reports for Hyperliquid and @tradexyz.Last week, live financials with @hl_eco. -- Today the site catches up to what HRC has become: - Research: Over 70 pieces from contributors across the ecosystem, on HIP-3 microstructure, HIP-4 outcome markets, DAT mechanics, policy, valuation, and HyperEVM. - Reporting: Every quarterly and annual, in one place. - Data: Hyperliquid at a glance. Income statement, revenue by segment, peer comps, HIP-3 and HIP-4 activity, the vehicles. Live from - Contribute: HRC is an open platform. No paywalls, no gated reports, no allowlist. If you do serious work on Hyperliquid, there's a form and we read all of it. -- Hyperliquid became the most successful protocol in crypto faster than the market could catch up, and getting the rest of finance up to speed is why HRC exists. We're not affiliated with the core team, nobody pays us to be bullish, and nothing we publish is investment advice, which is less a disclaimer than the reason any of these numbers are worth reading at all. Hyperliquid. HRC.