max fiege retweeted
Today we announced the commencement of HYPD share buybacks and the retirement of all legacy debt as we commit to further capital optimization.
"The month of September was very exciting for us, having raised guidance, commencing share buybacks, paid down legacy debt and announced multiple new businesses... With the debt fully repaid, we now have more operational flexibility to scale our onchain DeFi businesses, as well as more flexibility to improve our capital structure for the benefit of HYPD common stockholders." - Hyperion DeFi CEO @hyunsujung_
ir.hyperiondefi.com/news-eve…
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max fiege retweeted
September was our biggest month for payouts, volume and activity. Thank you to all our traders! It also put our instant payout system through its biggest test yet.
We built Hypernova’s business logic into smart contracts: account rules, state and payout eligibility. Traders interact directly with those contracts to get paid from our onchain reserve.
The harder part was building risk detection around this. Instant settlement means we need to catch abuse during trading, rather than relying on a withdrawal review queue. We built our in-flight checks from scratch for that reason.
Making sure this scales is a big reason we’ve stayed in closed alpha/beta. September’s payouts averaged 5.9 seconds from click to wallet. By far the fastest in the prop space. There’s still work to do, but we took the harder path, and I’m glad we did.
Massive shoutout to our amazing team. A lot of engineering behind a simple experience: click, get paid.
$617,631 paid to traders in September.
717 payouts. Settled in 5.9s on average.
2,746 assessments. 517 funded.
Top 5 traders below.
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max fiege retweeted
The final kPoints have now been distributed.
Your kPoints now allow you to claim KNTQ.
kinetiq.xyz/kntq
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max fiege retweeted
Yesterday on @jaymesrosenthal live stream I said I was EXTREMELY interested in backing up the truck to buy whatever memecoin launchpad token looked like it'd dominate @Enter_Elysium after seeing the initial success of robinhood:0x39dbed3a2bd333467115de45665cc57f813c4571 on RH Chain or even this solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn rally...
And you're telling me that token just ends up being kinetiq:native anyway???
We have an L2 that's accretive to the L1 and now a launchpad that's accretive to the L2?
Even after volumes largely collapsed, robinhood:0x39dbed3a2bd333467115de45665cc57f813c4571 is making ~$1.5m a day in fees. If @AscendLaunch does just 10% of those fees, it'd burn 15-20% of the current kinetiq:native market cap in a year.
Just the memecoin launchpad...not the sequencer fees...not @Markets_xyz...not $HYPE staking revenue...none of the other business lines that are all reinforced by the Elysium ecosystem.
The issue with the HyperEVM and the related tokens this whole time is that you needed to think they'd outperform $HYPE itself.
The bull case for kinetiq:native is that you don't even need to bet that beta chasers will buy it alongside you, you just need to bet that people will use @Enter_Elysium, and that will torch both $HYPE and kinetiq:native in the process.
kinetiq:native is a pure play that the largest DEX in the world will have the largest on chain ecosystem alongside it.
Ascend tokenomics update
Buybacks are moving from 90% HYPE / 10% KNTQ to 50% HYPE / 50% KNTQ.
@Kinetiq_xyz is core to how we're building on Hyperliquid. Our fee loop should reflect that. We're doubling down on the teams building Hyperliquid's foundation.
Of the KNTQ purchased, 60% will be burned, 20% will deepen kHYPE/KNTQ liquidity, and 20% will fund the Ascend points program.
The points program will run across multiple seasons to incentivize sustained activity on Ascend. Participation will be tracked through user profiles, with criteria including staking TVL, trading volume on Ascend, and ecosystem tokens held.
This AIP reflects the allocation we believe will create the most long term value for Ascend and the ecosystem growing on @Enter_Elysium.
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koolkrypto explains his $KNTQ bull thesis
“The HyperEVM, with its big blocks/small blocks infrastructure is just slow and the team doesn’t pay that much attention to it. This is why it will take Hyperliquid a long time to do onchain options. They are a small team of 12 people, probably the best team in the world but they don’t have the bandwidth to go build something else right now”
“Kinetiq is stepping in to build a more performant L2. It will probably be the first time an L2 is actually going to be useful to the main chain. It will burn hype as gas and it will burn a bunch of $KNTQ with it”
“Also their founder, Omni, is probably one of the best founders in the space. Just because he really understands vibes and users. If you want someone to go build you a perp dex, you want Jeff, if you want someone to build you a community, you want Omni”
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max fiege retweeted
Elysium could become Hyperliquid’s next growth engine.
Hyperliquid dominates perp trading, but high gas costs and limited throughput have held back token launches and spot activity on HyperEVM.
Kinetiq’s Elysium is designed for faster execution and direct connectivity to HyperCore.
A token can launch and build liquidity on Elysium before pursuing a HyperCore spot market and HIP-3 perp.
Lower execution costs could make it easier for prop AMMs to support early trading. Once a liquid perp exists, they can hedge their spot exposure on Hyperliquid.
If projects launch there and their tokens keep trading, more of that activity could reach Hypercore. That’s the growth case Elysium has to prove.
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new doom loop just dropped
> rates rise
> valuations drop
> rep midterm (& ‘28) odds worsen
> dem (dsa) sweep more likely
> more fiscal, less ai gets priced in
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max fiege retweeted
HyperMeat x @hyunsujung_ of @HyperionDeFi🥩
00:28 Hyunsu’s Journey to Hyperliquid
04:23 Hyperion DeFi Explained: $HYPD vs. HYPE ETFs
08:03 Hyperion Earnings, Growth and the USDH
11:30 HYPD Share Buybacks vs. Buying HYPE
14:04 Kinetiq’s Elysium, HYPE Staking
17:01 HAUS and Hyperion’s Partnerships
22:00 Why Haven’t HIP-4 Markets Taken Off?
23:03 Sponsors: @silhouette_ex, @AwakenTax, @hlnames & @ripdotxyz
24:30 HIP-4 Liquidity, Prediction Markets
27:25 Partner Tokens, Airdrops and Accumulating $HYPE
30:01 Hyperliquid Portfolio Margin & HyperLend
32:14 Hyperliquid Policy Center and U.S. Crypto Regulation
35:08 Market Outlook and the Hyperliquid Bull Case
37:29 Hypurr NFTs and Memecoins
39:12 Hyperliquid Season 3
43:02 Hyperion’s Long-Term Value and HYPD Outlook
46:18 Hyunsu’s Favorite Cut of Meat
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max fiege retweeted
Introducing Nova Score.
Our scaling system, powered by your trader rating.
Unlock more funding, higher profit splits and accounts.
Trade, build your score, scale.
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max fiege retweeted
Kinetiq Q3 Investor Call x.lingyaoai.com/i/broadcasts/1AJEmvRwg…
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max fiege retweeted
my take: this CFTC no-action letter today is a step in the right direction, but is fairly limited in scope for defi.
it says: if you operate a frontend that is attached to a registered DCM or FCM, you will not be regulated as a broker or AP
unfortunately it doesn't cover decentralized protocols that provide onchain exchanges, non-custodial clearing, margining, settlement, liquidations, etc.
in fact, it says to rely on this relief, the frontend needs to be attached to a DCO that custodies user funds.
self-custody is the bedrock of defi, so requiring custody with regulated entities doesn't work for us
.@CFTC Staff Issues No-Action Position to Providers of Passive Software: cftc.gov/PressRoom/PressRele…
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max fiege retweeted
Testnet for @Enter_Elysium is imminent.
We invite all teams to join the Elysium Ecosystem Builders chat: t.me/+7VFU7EV2g3ZiMDBh
This the place for builders to connect, explore collaboration opportunities, and share what you're up to.
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max fiege retweeted
For ONyc holders & reinsurance yield investors, this year's historically quiet Atlantic Accumulated Cyclone Energy (ACE) is a welcomed tailwind🤞
ACE is a measure of a season's total cyclone activity, calculated by summing the squares of each named storm’s maximum sustained winds every six hours so that stronger, longer-lived storms count more than weak, short-lived ones.
Lower ACE in the Atlantic could translate to lower insurance losses, & higher loss-adjusted reinsurance yields.
ACE as of Sep 10 is *93% below normal*, and we are just about to pass the climatological peak for hurricane seasons. If the trend holds, it could be an exceptional calendar year for reinsurance investors
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the past week’s text revisions saw dev protections get neutered while a whole section about “non-decentralized DeFi” and the ways you could go to jail for it get added
but yay clarity
🚨NEWS: Senate Republicans have released new Clarity Act text featuring a revised ethics proposal agreed to by President Trump.
The text also contains changes to the sections on the Blockchain Regulatory Certainty Act (BRCA), stablecoin yield, and the so-called “Ag title.”
Republicans are calling it their “last, best and final” offer to Democrats ahead of Tuesday’s cloture vote.
Some high-level details.👇🏼
On BRCA: The provision has been narrowed to the Bank Secrecy Act and civil enforcement. Specific language extending its protections to criminal cases, including prosecutions under Section 1960, has been removed.
On ethics: Trump has agreed to what a GOP aide describes as “80%” of the Tillis-Gallego ethics proposal including to either divest “substantial” crypto-related financial interests or place them in a blind trust. It would also allow a role for state attorneys general to enforce ethics provisions, something which the White House had previously balked at.
On yield: Added “circuit breaker” language (floated by Tillis in July) that would effectively act as a backstop by allowing federal regulators to intervene if there was evidence of widespread deposit flight from community banks to stablecoins. The federal regulator that will be the arbiter of this: Treasury Secretary Scott Bessent.
On Ag: The updated text adds tighter guardrails around vertical integration, including affiliate trading and conflicts of interest involving digital commodity exchanges, brokers and dealers. It also clarifies that state consumer protection laws still apply and that developer protections do not create exemptions from derivatives laws or impact prediction markets.
More to come in the @CryptoAmerica_ newsletter tomorrow AM.
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