Hyperliquid announces HYPE token
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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.