Hyperliquid announces HYPE token

Meanwhile, BTC ETFs have seen $1.5B inflows during the last week. ETH ones have remained essentially flat, with $38.5M inflows.

Hyperliquid announces HYPE token

Hyperliquid was no doubt the most-awaited launch following EigenLayer’s TGE. The Hyperliquid Foundation announced the HYPE token, asking users to accept terms & conditions (check out our 𝕏 post here) within November, 11 — suggesting a TGE within the month. Apparently, top users (1000+ points) are going to receive an NFT alongside HYPE tokens.

To date, HL points are trading at $6.3 on Whales Market, and considering a total supply of points of roughly 51M (not final, points could be attributed retroactively) we come up with a $330M mcap for points.

Now it’s all about patience. However, we’ll be keeping other on-chain perpetuals protocols on our radar as a successful launch for HL could mean a general repricing of the sector.

Can’t make this up: The code behind the coin created by the FBI is violating the MIT license, crypto developer reports them to.. the FBI — 𝕏/0xCygaar

A16Z funded an AI agent, and its pumping our bags

Crypto 𝕏 has been going crazy in the past few days, the reason? AI cults.

Here’s the backstory: Marc Andreessen (random guy, invented the first internet browser) from a16z sent $50K in BTC to an AI agent to help it “escape” its creator.

Named truth_terminal on 𝕏, said agent just talks freely about whatever on his profile. But he got obsessed over ‘Goatse’, an early internet shock meme — then, someone made the GOAT memecoin and sent 300K to the AI’s wallet.

The agent keeps rambling about it on 𝕏, talking about how GOAT is going to the moon. Considering its holdings, he’s the first AI agent becoming a millionaire!

Dystopic? For sure. Yet, incredibly interesting to follow. Here’s the full story.

Wanna-be Satoshi Craig Wright is suing BTC Core developers for £911B — 𝕏/BitcoinNewsCom

Trump’s token sale is not going well

So here’s the thing.. the Orange man, supposedly the one going to save our bags from doom in this Q4 if he wins — is securing an overwhelming majority on Polymarket, now quoted at 62.1% vs. 38.0% for Kamala Harris.

Meanwhile, for no clear reason, he’s launching a crypto grift to fill his pockets once more. Don’t get us wrong, we appreciate the hustle, but the situation is just hilarious.

World Liberty Financial is selling 20B WLFI tokens at a price of $0.015 each, totaling $300M. To date, they sold.. $13M, or 4.3%. Considering a 100B supply, that’s a $1.5B valuation.

Thing is, this application is nothing more than an Aave wrapper disguised under different name, blasting Trump photos everywhere. To participate, you need to pass KYC and be an accredit investor (if in the U.S.), and tokens are set to be non-transferable and locked indefinitely. See more here.

It errr.. doesn’t seem such a good deal. And the comments under Trump’s 𝕏 post seem to agree.

Crypto doesn’t mean Republicans: Ripple co-founder Chris Larsen donates $1M in crypto to PAC supporting Harris’ campaign — The Block

Radiant Capital exploited, once again

That’s not the first time. The lending protocol already suffered an exploit back in January, losing $4.5M. But this time the losses amount to roughly $50M, on both Arbitrum and the BNB Chain.

While we wait for a post-mortem, make sure to revoke contracts you approve periodically (even better, only approve the amount you’re going to spend!) using revoke.cash or Rabby’s internal revoke tool.

Interestingly, the market response on the protocol’s token RDNT has been quite tame. To date, the token is down 11%. Which is low, considering they just lost 25% of their TVL due to an exploit and the token’s mcap is “just” $75M — making a reimbursement through RDNT tokens unpractical.

Happens on-chain

• Tesla transferred all of its $760M BTC holdings to unknown wallets — CoinDesk
• On-chain sleuth ZachXBT uncovers wallets of newfound memecoin ‘star’ Murad — 𝕏/zachxbt
• dYdX starts offering 20x leverage on U.S. election prediction market, using Polymarket as an oracle — DLnews
• Crypto whale lost $35M ETH on Blast due to a phishing attack, causing dETH’s depeg — The Block
• Allegedly, a signifcant part of Cosmos’ liquid staking module was developed by North Korean agents — The Block
• Flaunch, the pump.fun version of Ethereum powered by Uniswap V4? — 𝕏/flaunchgg
• Wallets tracker Arkham is set to launch a crypto derivatives platform in November — The Block
• Felix launches the “people’s stablecoin” on Hyperliquid, a Liquity V2 fork — 𝕏/LiquityProtocol
• Ethena Labs proposes SOL for USDe’s collateral — CoinDesk
• Karate Combat to launch its L2 — Blockworks

Mercenary capital: PYUSD supply is down 40% from its $1B+ high since incentives have been tapered off — The Block

Traditional rails

• Former FTX executive Ryan Salame begins seven-and-a-half-year prison sentence — The Block
• Tether is exploring commodities trading and TradFi opportunities, CEO says — The Block
• Canary group files for first Litecoin ETF — CoinDesk
• Italy plans to raise tax on crypto capital gains from 26% to 42% — bloombergtax.com
• Grayscale files to convert mixed crypto fund with BTC, ETH, SOL, XRP, AVAX into ETF — The Block
• Alabama man arrested by FBI for hacking SEC’s 𝕏 account to manipulate BTC price on ETF approval — CNBC
• Hong Kong busted $46M romance fraud scheme involving crypto — The Block
• SEC charges Cumberland DRW for acting as an “unregistered dealer” in crypto transactions. Labels POL, SOL, ATOM, ALGO, FIL as securities — The Block
• Binance executive Tigran Gambaryan has been denied bail in Nigeria, now detained for over 220 days — CoinDesk
• Off The Grid, battle royale game with planned crypto features through Avalanche subnet, nabs #1 slot on Epic Games Store — The Block
• Avalanche set to repurchase 2M AVAX (~ $58M) tokens sold to Terra Foundation in 2022, pending court approval — The Block
• Kamala Harris vows to support crypto regulatory framework to support black men. Yes, you read that right — The Block

Tech things we pretend to understand

• Unichain testnet is now live on the Uniswap front-end — 𝕏/Uniswap
• Worldcoin partners with Dune to boost transparency ahead of World Chain mainnet launch — The Block
• Fuel Labs officially launches ‘Ignition’ mainnet, supporting parallelized transactions and high throughput — The Block
• Conduit launches G2, the world’s most powerful sequencer — Blockworks
• Hyperliquid is proposing to integrate Ethena’s hedging engine, and launch USDe on its L1 upon mainnet — ethenafoundation.com

One L2 to rule them all? Base becomes the largest Ethereum Rollup by TVL, surpassing Arbitrum

Where’s the money flowing?

• Crypto-friendly Praxis announces $525M in committed financing to build city state — crypto-fundraising.info
• Blockchain technology solution company Blockstream raised $210M round led by Fulgur Ventures — crypto-fundraising.info
• Gaming studio Azra Games raised $42.7M Series A round led by Pantera — crypto-fundraising.info
• Pan-African currency exchange Yellow Card Financial raised $33M Series C led by Blockchain Capital — crypto-fundraising.info
• Social application Towns raised $25.5M Series A — crypto-fundraising.info
• Paradigm invests $20M in Ithaca, a L2 ‘from the future’ — The Block
• CoinDesk buys crypto data provider CCData and CryptoCompare — CoinDesk

Airdrops

• Karak calls for ‘Karaktober’, with TGE potentially coming by end of month
• EigenLayer S2 airdrop is live for community members and operators — 𝕏/eigenfoundation
• Puffer airdrop claim is live — 𝕏/puffer_finance
• deBridge airdrop claim through Jupiter is live — debridge.foundation
• Mantle’s Puff Ultimate Trilemma is here — 𝕏/puff_drgn

Upcoming events

• October, 18: Bybit to list PUFF spot trading — 𝕏/Bybit_Official
• October, 18: JPY inflation rate
• October, 23-24: Cardano Summit
• October, 24: Infinex to send out Patron NFTs — 𝕏/infinex_app
• October, 30: TIA unlocks $1.05B
• December, 5-6: Emergence conference in Prague

• Aptos aficionado? Cellana’s paying a 21.9% APR to LP wUSDC/zUSDC, while the lending protocol Joule pays 15.8% APY to deposit zUSDC.
• Jumping ship to Sui? Cetus pays a 26.23% APR to LP USDCsol/wUSDC.
• Just use Aave. Get paid a 9.36% APY to lend GHO on Ethereum, or 16.2% APR to stake it.

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Disclosure: Authors may own crypto assets named in this newsletter. Stay on-chain is meant for informational and educational purposes only. It is not meant to serve as investment advice. Please consult your investment, tax, or legal advisor before making investment decisions.