Crypto reports read by more than 12,000 investors
Joined July 2024
- Tweets87
- Following2
- Followers1.6K
- Likes66
Entropy is the first HIP-3 deployer besides TradeXYZ that looks sticky.
TradeXYZ listed its Anthropic pre-IPO perp on Oct 26. Since then Entropy has done 66% of HIP-3 Anthropic volume and holds 65% of the OI ($179M vs $98M).
Its total OI is a record $208M while every other deployer faded.
Every other non-TradeXYZ deployer peaked and faded.
Dreamcash $99M to $0. HyENA $64M to $0. Felix $24M to $0. Ventuals $22M to $0. Paragon is a third off its peak at $15M.
Entropy is at $208M, 83 days after its first market went live.
1
1
91
The Binance hack dislocated tron:native price.
Binance spot traded 5.4% below other exchanges, the perp's mark price followed, and at least $206K of longs were liquidated in 5 minutes, ~285x the normal hourly rate.
The RWA volume on @variational_io has climbed to nearly 40% of total exchange volume recently.
As spreads keep decreasing and Variational continues to incentivize RWA volume through trading competitions, RWA market share has kept climbing.
With hundreds of millions in daily RWA volume from markets like XAU, XAG, US500 and CL, Variational has established itself as one of the leading RWA perp platforms.
When looking at the onchain lending landscape the majority of tokens trade at a mcap/revenue ratio between 10-20x, with revenue measured on a 30-day annualized basis.
One protocol, @hyperlendx stands out as its governance token $HPL trades at a 3.6x multiple, significantly lower than the industry average.
In addition, Hyperlend has been one of the few lending protocols to experience TVL growth over the past month.
This growth is partly driven by the increase in the price of $HYPE as the lion’s share of TVL on Hyperlend is held in HYPE wrappers.
Regardless, this has caused the revenue to increase recently causing HPL to trade at a lower mcap/revenue multiple.
All data is from @DefiLlama
These days, most perp DEXs are focused on providing the best RWA trading experience to their users and are all competing for the large TAM of onboarding tradfi to perps.
While the competition is fierce, @tradexyz consistently manages to reach the majority of the marketshare in whichever new trading pair they launch.
Just one day after launching the SpaceX pre-IPO perp, Tradexyz had a 97% trading-volume market share.
The same goes for other popular trading pairs like $MU, $INTC, and $GOLD, despite other DEXs like Lighter and HIP-3 venues like Dreamcash and Kinetiq Markets offering the same pairs.
As the space matures, protocols at the intersection of TradFi and DeFi will benefit disproportionately.
Similar to how an increasing share of Hyperliquid’s trading volume and open interest now comes from RWA activity, @kamino has seen an increasing share of its TVL come from RWA markets since last year.
RWA markets, in collaboration with @Figure, @xStocksFi, and @onrefinance, are all examples of exposure to alternative yield sources and assets that are less correlated with crypto.
As demand for on chain access to real world yield, equities and credit grows, this trend is likely to continue accelerating.
