Track market-moving stories before they get noisy

TLDR Hyperliquid HIP-4 now lets testnet developers deploy standardized outcome markets after staking 100 HYPE, without auctions or gas charges. HYPE price slipped below $55 and tested the $52 to $54 support zone as lower highs, lower lows, and whale transfers increased selling concerns. Hyperliquid burned about 26,080 HYPE worth nearly $1.43 million in 24 hours while protocol fees reached approximately $1.47 million. The preliminary mainnet model still proposes a 500,000 HYPE stake, six-month lock, validator slashing, and approved templates for market creation. Hyperliquid HIP-4 has entered a new testnet phase, allowing developers to deploy outcome markets through approved templates. The rollout expands Hyperliquid’s prediction-market framework beyond validator-created contracts while keeping settlement rules standardized. Developers currently stake 100 HYPE to register as deployers and can launch markets without auctions or gas charges. 

The update arrives as HYPE price trades near $53.50 after losing the $55 level. Large token transfers to institutional trading platforms have also raised supply concerns. Meanwhile, Hyperliquid burned about 26,080 HYPE during the past day. Protocol fees reached roughly $1.47 million, supporting its continuing buyback-and-burn mechanism during the reported period.

Hyperliquid Price (HYPE/USD) Hyperliquid HIP-4 Expands Permissionless Testnet Markets Hyperliquid HIP-4 lets registered builders select validator-approved templates, then define an underlying asset, target level, and expiry. Each template fixes important wording, side names, and keywords. That structure reduces duplicate markets carrying slightly different language or settlement conditions.

The current testnet limits each deployer to 10 active outcomes and 50 deployments daily. Hyperliquid plans to add configurable fees and additional templates after developers test market creation and settlement. Its updated documentation now exposes outcome metadata through a testnet-only application programming interface.

Hyperliquid first introduced HIP-4 outcome contracts as fully collateralized products that settle within a fixed range. They do not use leverage or liquidations. Initial contracts focused on recurring binary outcomes tied to HyperCore mark prices.

The wider permissionless design follows a preliminary framework announced on July 20. Hyperliquid proposed a 500,000 HYPE stake for mainnet deployers, a six-month lock, and validator-controlled slashing. Validators could penalize poorly defined markets, incorrect settlements, or contracts left unsettled beyond one week. Those mainnet terms remain preliminary and differ from the lower testnet requirement.

HIP-4 activity remains small after sports-related contracts lost demand following the World Cup. Market data placed open interest near $182,000 and notional volume around $881,000. Permissionless creation could broaden listings toward economic data, elections, crypto prices, and other measurable events.

HYPE Price Holds $52 to $54 as Whale Transfers Increase Meanwhile, the HYPE price has formed lower highs and lower lows after retreating from the $60 region. The token traded near $53.50, placing the $52 to $54 support band under pressure. That area also matches a June swing low.

A four-hour close below $52 would weaken the current structure. A failed recovery above that level could expose $48 to $50. Further selling could return attention to the earlier $44 to $46 demand zone. However, a rebound above $58 to $60, followed by a higher low, would reduce immediate downside pressure.

Large transfers have complicated the short-term HYPE price setup. Lookonchain previously recorded institutional unstaking and exchange-related movements during July, including deposits to Coinbase Prime. The tracker also reported 1.96 million HYPE unstaked across three Multicoin Capital wallets. Multicoin later said wallet rotation, rather than selling, motivated at least part of its activity.

Separate wallet movements included HYPE deposits to FalconX and Coinbase Prime. Transfers to brokerage or custody platforms can support over-the-counter execution, asset rotation, or sales. Blockchain movements alone cannot confirm a disposal.

Hyperliquid’s fee system continues removing tokens from the circulating supply. A tracker read the protocol’s assistance-fund address on July 27. It showed about 46.05 million HYPE at the burn address. That balance represented roughly 4.6% of the original one-billion-token maximum supply.

The latest reported daily burn added about 26,080 HYPE, valued near $1.43 million at the recorded price. Protocol fees reached about $1.47 million during the same period. The burn reduces supply, while whale transfers increase the amount potentially available for institutional execution. Mainnet still lacks a confirmed launch date, leaving broader developer participation dependent on future testnet results and validator feedback.

On November 29, 2024, a perpetual futures exchange called Hyperliquid distributed 31% of its total token supply to users who had traded on the platform. There was no venture capital allocation to dilute the drop. There was no points program with opaque conversion ratios. The protocol simply looked at who had used the product, calculated their allocation based on trading activity, and sent the tokens. Some active traders received allocations worth six figures. A few exceeded a million dollars. The HYPE token launched at $2 and traded above $30 within weeks, making it the most valuable airdrop in crypto’s history and, briefly, a larger market-cap asset than some of the tokens it traded. The event was exceptional, but the mechanism behind it, distributing tokens to reward early users and bootstrap a decentralized community, has become one of the defining patterns of the crypto economy. This guide explains how airdrops work, the models that have evolved, the strategies that position wallets for eligibility, the scams that exploit the format, and the US tax obligations that most recipients discover too late.

Summary

A crypto airdrop distributes free tokens to wallet addresses, typically rewarding early protocol users, specific token holders, or participants who complete qualifying on-chain activities. Airdrops have evolved from simple holder distributions to sophisticated retroactive rewards, points-based programs, and sybil-filtered campaigns that attempt to distinguish genuine users from industrial farmers. In the United States, airdropped tokens are taxable as ordinary income at fair market value when received, creating immediate tax liability regardless of whether the tokens are sold, a trap that catches many recipients when token prices subsequently decline. The word “airdrop” entered the crypto vocabulary early, borrowed from military supply drops: tokens delivered to wallets from above, unsolicited and (initially) unexpected. The earliest airdrops were crude: protocols would distribute tokens to every Ethereum address that had ever transacted, or to holders of a specific token, as a marketing exercise to generate awareness. The tokens were often worthless and the strategy was indiscriminate, the crypto equivalent of dropping flyers from a plane. What transformed airdrops from a marketing gimmick into a serious economic mechanism was the retroactive model: rewarding people who had already used a product before they knew a reward was coming. This subtle shift changed everything. Instead of distributing tokens to build awareness, protocols began distributing tokens to reward genuine early adoption, aligning incentives between the protocol and its most committed users. The retroactive airdrop became, in effect, a delayed equity grant for early users, a mechanism without precedent in traditional technology. No web2 company has ever retroactively compensated its earliest users with ownership stakes. Crypto protocols do it routinely, and the practice has distributed billions of dollars to millions of wallets since Uniswap established the template in September 2020.

How airdrops work: the mechanics from snapshot to claim The mechanics of a modern airdrop follow a consistent pattern, though the details vary between protocols.

The process begins with a snapshot: at a specific block number, the protocol records the state of every wallet that interacted with it. The snapshot captures a moment in time, a frozen record of who used the product, how much they used it, and what they did. Snapshot dates are typically announced only after they have passed, preventing users from gaming the system by rushing to interact before the cutoff. Some protocols take multiple snapshots across different dates, weighting allocations toward sustained usage rather than one-time interactions.

After the snapshot, the protocol calculates allocations. The criteria vary but generally reward a combination of factors: total transaction volume, number of interactions, duration of usage (how many months was the wallet active), breadth of activity (how many different protocol features were used), and, increasingly, qualitative assessments of whether the usage appears organic or synthetic. The allocation formula is the airdrop’s most consequential design decision, because it determines who benefits and how much. Broad formulas that give every user a minimum allocation (Uniswap’s 400 UNI floor) maximize reach but dilute per-user value. Narrow formulas that heavily weight volume or duration concentrate value in power users but risk excluding the community members who would benefit most from governance participation.

Once allocations are calculated, the protocol publishes a claim page, typically a dedicated web application where users connect their wallet and claim their tokens. The claim process involves signing a transaction that triggers the distribution smart contract to release the allocated tokens to the connected wallet. Most airdrops impose a claim deadline, usually 30-90 days, after which unclaimed tokens revert to the protocol treasury or are redistributed. The deadline creates urgency and ensures that allocations reach active community members rather than sitting indefinitely in dormant wallets.

Some airdrops skip the claim process entirely and send tokens directly to eligible wallets, though this approach has fallen out of favor for two reasons: it creates an immediate tax liability for US recipients who did not ask for the tokens (more on this below), and it can trigger phishing confusion, where users see unknown tokens in their wallets and interact with them, potentially connecting to malicious contracts.

The evolution: from holder drops to retroactive rewards The history of crypto airdrops is a story of increasing sophistication in answering a deceptively simple question: who deserves tokens?

The first generation of airdrops, roughly 2017-2019, answered “everyone.” Projects distributed tokens to all ETH holders, all users of a specific DeFi protocol, or anyone who filled out a form. The tokens were typically worthless or nearly so, and the primary purpose was awareness: getting the token name into wallets and onto portfolio trackers in the hope that some recipients would investigate further. The model was spray-and-pray, and its success rate matched that description.

The second generation, inaugurated by Uniswap’s September 2020 UNI airdrop, answered “people who used our product.” Uniswap distributed 400 UNI tokens (worth approximately $1,200 at launch) to every wallet that had ever made a swap on the platform, with larger allocations for liquidity providers. The airdrop was retroactive: users who had interacted with Uniswap months or years before the token existed received allocations based on their historical usage. The model was elegant in its incentive alignment: it rewarded genuine early adopters who had taken the risk of using an unproven protocol, and it distributed governance power to users who presumably understood the product they were governing. The UNI airdrop is the most important single event in airdrop history because it established the template that every subsequent major airdrop has followed.

The third generation, spanning 2022-2024, refined the retroactive model with tiered criteria and anti-sybil measures. Optimism’s OP airdrop weighted allocations across multiple criteria: Ethereum usage history, governance participation, multi-protocol interaction, and bridging activity. Arbitrum’s ARB airdrop used a point system that rewarded specific behaviors: bridging to Arbitrum, transacting regularly over time, using multiple protocols on the chain. These airdrops were more targeted than Uniswap’s flat-minimum approach, rewarding depth and duration of usage rather than mere existence.

The fourth generation, peaking in 2024-2025, introduced points programs as a pre-airdrop incentive layer. Instead of a retroactive surprise, protocols openly told users: “use our product, earn points, and points will convert to tokens at some future date.” EigenLayer’s restaking points, Blast’s ecosystem points, Ethena’s shards, and dozens of others used this model. Points programs solved one problem, they aligned user behavior in real time rather than retroactively, but created another: they transformed organic usage into calculated farming, attracted capital that would leave the moment points stopped accruing, and introduced a speculative dynamic where the uncertain conversion ratio spawned secondary markets for points trading. The fifth generation, represented by Hyperliquid’s direct distribution model, was in part a reaction against the fourth: no points, no VC allocation, just retroactive rewards to genuine users. Whether this approach becomes the new standard or an anomaly depends on whether protocols can sustain themselves without the VC funding that points programs are designed to complement.

The biggest airdrops in crypto history The financial significance of airdrops is best understood through the events that defined the category. Each case study illustrates different design choices and their consequences.

Uniswap’s UNI airdrop (September 2020) distributed 15% of the total supply to past users. The minimum allocation of 400 UNI was worth roughly $1,200 at launch and reached $16,800 at UNI’s all-time high. The airdrop reached approximately 250,000 addresses and distributed $1.1 billion in value at peak prices. It established the retroactive model and created a governance structure for the most important decentralized exchange.

ENS’s airdrop (November 2021) rewarded users who had registered Ethereum Name Service domains, with allocations weighted by the duration and number of registrations. Early domain registrants who had held names for years received allocations worth tens of thousands of dollars. The airdrop was notable for rewarding long-term commitment to a public good rather than financial activity.

Arbitrum’s ARB airdrop (March 2023) distributed 11.5% of the total supply to early users of the layer-2 network. Allocations were calculated on a points basis with criteria including bridging, transaction frequency, duration of usage, and interaction with multiple protocols. Maximum allocations exceeded $10,000, and the airdrop reached over 600,000 addresses. The concurrent creation of the Arbitrum DAO, with a $3.5 billion treasury, made ARB one of the most consequential governance token launches in crypto history.

Jupiter’s JUP airdrop (January 2024) rewarded users of Solana’s leading DEX aggregator. The airdrop was notable for its scale on Solana, reaching hundreds of thousands of wallets, and for the turbulence of its launch, where high demand overwhelmed the claim interface and created a chaotic first hour of trading. Jupiter subsequently conducted additional airdrop rounds, distributing tokens over multiple events rather than a single drop.

Hyperliquid’s HYPE airdrop (November 2024) distributed 31% of the total supply to platform users with no VC allocation. The airdrop was the most valuable in crypto history by per-user value, with some active traders receiving allocations worth hundreds of thousands of dollars. HYPE launched at approximately $2 and traded above $30 within weeks, reaching a fully diluted valuation that briefly exceeded $30 billion. The drop was widely celebrated for its fair distribution model and for demonstrating that a protocol could bootstrap a community without venture capital dilution.

EigenLayer’s EIGEN airdrop (May 2025) distributed tokens to users who had restaked ETH through the protocol’s restaking infrastructure. The airdrop was one of the most anticipated in crypto’s history, given the billions of dollars deposited in EigenLayer’s contracts, but also one of the most controversial: the points-to-token conversion ratio was lower than many depositors expected, and geographic restrictions excluded users in several jurisdictions. The episode crystallized the risks of points-based airdrop farming: uncertain conversion, geographic risk, and the mismatch between depositor expectations and protocol decisions.

How to position yourself: strategies that have worked While no airdrop is guaranteed, retroactive analysis of successful airdrops reveals consistent patterns that have historically qualified wallets for significant allocations.

Use protocols early and consistently. The most valuable airdrop allocations go to wallets that used a product during its earliest months, before it had significant traction. Early usage signals genuine interest rather than airdrop farming, and protocols consistently weight allocations toward users who took the risk of trusting unproven code with their capital. The corollary: a single interaction months before the snapshot is typically worth more than dozens of interactions in the week before, because early usage is harder to fake.

Be a genuine, multi-dimensional user. Protocols increasingly use breadth of activity as a quality signal. A wallet that bridged to a chain, swapped on its DEX, provided liquidity, participated in governance, and used multiple dApps across multiple months reads as an organic user. A wallet that made one swap of exactly $100 on the first of every month for six months reads as a bot. The more closely your on-chain behavior resembles how someone who actually uses and cares about the protocol would behave, the more likely you are to qualify for meaningful allocations.

Provide liquidity and stake. Protocols value capital commitment because it directly benefits the ecosystem. Depositing tokens into liquidity pools, lending markets, or staking contracts signals that you are contributing to the protocol’s function, not just passing through. Liquidity provision, lending deposits, and staking consistently trigger higher-tier airdrop allocations than transactional usage alone.

Participate in governance and community. Voting on proposals, delegating governance tokens, and participating in governance forums have qualified wallets for airdrops from Optimism, Gitcoin, and ENS. Community participation signals alignment with the protocol’s long-term goals rather than extractive, farm-and-dump behavior.

Use multiple chains. The cross-chain ecosystem rewards users who bridge and transact across Ethereum, Arbitrum, Optimism, Base, Solana, Cosmos, and emerging chains. Bridging activity is a common airdrop criterion because it demonstrates willingness to explore the broader ecosystem rather than staying on a single chain.

Track announcements but do not trust secondary sources. Airdrop eligibility criteria are published by the protocol team on their official website, blog, or X/Twitter account. Third-party aggregator sites (airdrops.io, earni.fi, DeFi Llama’s airdrop page) compile upcoming opportunities but should be verified against primary sources. Never connect your wallet to a site you discovered through a DM, an ad, or an unsolicited link.

The sybil problem: farming, filtering, and the arms race The most significant challenge facing the airdrop model is the tension between rewarding genuine users and resisting industrial-scale farming.

Sybil farming is the practice of operating dozens or hundreds of wallets, each executing a scripted set of interactions designed to qualify for airdrop allocations, effectively multiplying one person’s allocation by the number of wallets they control. At its peak, airdrop farming operations ran thousands of wallets, each with automated transaction flows that mimicked organic user behavior, and the operators treated farming as a business with calculable costs (gas fees, bridging costs, time) and expected returns (airdrop allocations across the wallet fleet).

The countermeasure is sybil detection: analyzing on-chain activity patterns to identify clusters of wallets controlled by the same entity. Common detection signals include: wallets funded from the same source, wallets that execute identical transaction sequences within the same time window, wallets that all bridge identical amounts on the same day, and wallets that interact with the same set of contracts in the same order. LayerZero’s 2024 airdrop was the most aggressive sybil filtering exercise to date: the protocol invited users to self-report sybil activity in exchange for a reduced (but nonzero) allocation, then used on-chain analysis to identify and disqualify wallets that did not self-report. The exercise disqualified thousands of addresses and demonstrated that the days of low-effort sybil farming producing outsized returns are likely over.

On-chain identity systems are the next frontier of sybil resistance. Gitcoin Passport aggregates identity signals, social media accounts, government ID verification, participation in specific communities, into a composite score that protocols can use as an eligibility criterion. Worldcoin’s proof of personhood, based on iris scanning, offers a more extreme version: cryptographic proof that a wallet belongs to a unique human. The tradeoff between sybil resistance and privacy is explicit: the more identity information you provide, the harder it is to farm, but the more you sacrifice the pseudonymity that attracted many users to crypto in the first place.

The arms race between farmers and protocols is permanent. Every new filtering technique inspires new evasion strategies: more realistic transaction patterns, more diversified funding paths, human-assisted farming operations that blend automated and manual behavior. The equilibrium is that farming remains profitable for sophisticated operators but increasingly unprofitable for casual copy-paste farming, and the majority of airdrop value flows to genuinely organic users, which is the outcome protocols want even if it is never perfectly achieved.

Airdrop scams: the taxonomy and how to survive For every legitimate airdrop, there are orders of magnitude more scam attempts, and the scam ecosystem is industrialized, creative, and dangerous.

Fake claim sites are the most common and most effective scam vector. Within minutes of a legitimate airdrop announcement, scammers launch dozens of websites that visually clone the official claim page. They distribute links through social media ads, phishing emails, fake project accounts, and paid promotions. When a user connects their wallet and signs a transaction on the fake site, the transaction does not claim tokens but instead approves a malicious contract to drain the wallet’s existing assets. The defense is verification: never use a claim link from a tweet, DM, email, or ad. Go directly to the protocol’s official website (bookmarked, not searched) and find the claim link from there. Verify the contract address on Etherscan before signing anything.

Phishing tokens are the second major vector. Scam tokens appear in your wallet unsolicited, showing a deceptive name (“AIRDROP,” “Claim at [malicious URL],” or the name of a legitimate protocol). The tokens are designed to bait you into interacting with them: swapping, transferring, or visiting the URL embedded in the token name. Any interaction can trigger a transaction that grants a malicious contract access to your real assets. The rule is absolute: never interact with tokens you did not expect to receive. Hide them in your wallet interface and ignore them entirely.

Social engineering exploits trust and urgency. Scammers impersonate project team members on Discord and Telegram, sending direct messages about “early access” to airdrops, “whitelisting” opportunities, or “unclaimed allocations” that will expire soon. Legitimate project teams never initiate direct messages about airdrops. Any DM claiming to offer an airdrop is a scam, without exception.

“Send to receive” scams are the simplest and oldest form. A scammer claims you can unlock or multiply your airdrop allocation by sending tokens to a specific address. No legitimate airdrop requires you to send crypto first. If someone asks you to send tokens to receive tokens, it is a scam, full stop.

Operational security for airdrop claims should be routine: use a dedicated claiming wallet that does not hold your main assets. Check contract addresses against verified sources before signing. Never sign unlimited token approvals. Revoke approvals after claiming (tools like revoke.cash make this straightforward). Treat every claim interaction as potentially hostile until verified through primary sources.

US taxes: the IRS position and the trap it creates The US tax treatment of airdrops is one of the least understood and most consequential aspects of the crypto tax landscape, and it creates a trap that catches thousands of recipients every airdrop season.

The IRS position is clear: airdropped tokens are taxable as ordinary income at fair market value on the date of receipt. For claimable airdrops, the receipt date is when you claim the tokens, not when the snapshot was taken and not when the tokens were announced. For direct-send airdrops where tokens appear in your wallet without any action on your part, the receipt date is when the tokens arrive. The income is taxed at your ordinary income tax rate, which can be as high as 37% federal plus state taxes.

The trap operates as follows. A user claims 10,000 tokens worth $5 each on claim day: $50,000 in ordinary income. They owe approximately $15,000-20,000 in taxes (depending on their bracket and state). They hold the tokens because they believe the price will rise. The token’s price drops 80% over the following months, as many airdropped tokens do when the initial distribution wave triggers selling pressure. The user’s tokens are now worth $10,000, but they still owe $15,000-20,000 in taxes on the original $50,000 income event. Selling the tokens at $10,000 creates a $40,000 capital loss ($50,000 cost basis minus $10,000 sale price), which can offset capital gains from other sources, but capital losses in excess of $3,000 per year can only be carried forward, not applied against ordinary income. The result: a net tax liability on tokens that produced an actual loss. The farmer who claimed and immediately sold at least locked in the proceeds to cover the tax bill. The farmer who held and watched the price decline is paying taxes on money they never received.

The compliance burden is entirely on the recipient. No DeFi protocol issues 1099 forms for airdrops. No centralized claim page reports your allocation to the IRS. You are responsible for tracking the date of receipt, the fair market value at that moment, and the subsequent cost basis for every airdropped token. For active airdrop farmers who claim tokens from multiple protocols across multiple chains, the record-keeping burden is substantial and the consequences of noncompliance are the same as for any other unreported income.

The practical advice is to make the tax decision at the moment of claiming. If you claim tokens worth $X, decide immediately whether you are holding or selling. If holding, set aside the estimated tax obligation in cash. If selling, sell enough to cover the tax bill and treat the remainder as risk capital. The worst outcome, and the most common one, is claiming tokens, doing nothing, watching the price decline, and discovering the tax bill at filing time.

Where airdrops go from here The airdrop model is at an inflection point. Several forces are reshaping how protocols think about token distribution.

Points fatigue is real. After two years of points-based programs with uncertain conversion ratios, the community has developed meaningful skepticism toward programs that ask for capital commitment without concrete token commitments. Hyperliquid’s success was partly a reaction to points fatigue: its clean, direct distribution was perceived as more honest than the opaque points systems that preceded it. Protocols launching in 2026 face higher expectations for transparency about token allocation and distribution timelines.

Sybil resistance is improving but imperfect. On-chain analysis, identity verification, and machine learning are making industrial farming less profitable, but they have not eliminated it. The arms race continues, and the equilibrium will likely stabilize at a point where farming remains viable for sophisticated operators but unprofitable for casual copy-paste approaches. The cost of being identified as a sybil, permanent exclusion from future airdrops and potential reputation damage, is increasing.

Regulatory pressure is building. As airdrops distribute larger amounts of value and more US residents participate, the IRS and SEC’s interest grows. Future airdrops to US recipients may require KYC verification, which would fundamentally change the permissionless character of the mechanism. Some protocols have already geo-blocked US users from claiming, either out of regulatory caution or because the legal analysis of whether their token constitutes a security has not produced a comfortable answer.

Revenue sharing is emerging as an alternative. Instead of one-time token airdrops, some protocols are shifting toward ongoing revenue sharing with active users, paying a portion of protocol fees to users who contribute liquidity, volume, or other measurable value. This model is more sustainable than one-time drops because it rewards continued engagement rather than past usage, and it avoids the sell-pressure dynamics that plague token launches. Whether revenue sharing replaces airdrops or complements them is an open question, but the trend toward more sustainable, less speculative distribution mechanisms is clear.

The underlying dynamic will not change: protocols need users, users respond to incentives, and the most effective incentive crypto has ever produced is the retroactive distribution of value to early adopters. The format will evolve, the filtering will improve, the regulatory environment will tighten, and the tax obligations will persist, but the fundamental mechanism, rewarding those who bet on a product before the crowd arrives, is too powerful to abandon. The airdrop is not going away. It is growing up.

Frequently asked questions Are crypto airdrops free money? Airdrops distribute tokens at no direct cost, but they are not truly free. You earn eligibility by using protocols, which involves transaction fees, gas costs, time, and the risk of interacting with unaudited smart contracts. In the United States, airdropped tokens are immediately taxable as ordinary income at fair market value, which can result in a significant tax bill. Some airdrops have been worth thousands or tens of thousands of dollars per recipient; many others are worth near zero. The expected value of any individual airdrop is uncertain until the token launches and trades.

How do I know if I am eligible for an airdrop? Check the protocol’s official announcement channels: their website, blog, X/Twitter account, or Discord announcements channel. Protocols publish eligibility criteria, including snapshot dates, qualifying actions, and allocation formulas, when they announce the airdrop. Aggregator sites like earni.fi, airdrops.io, and DeFi Llama’s airdrop tracker compile upcoming and active airdrop opportunities. Always verify eligibility through the protocol’s official website before connecting your wallet to any claim page. Never rely on DMs, ads, or unsolicited links for airdrop information.

Can airdrops be scams? Yes, and the majority of unsolicited airdrop offers are scams. Legitimate airdrops are announced through official project channels and use the project’s verified website for claims. Scam airdrops appear as unknown tokens in your wallet designed to bait interaction, as fake claim websites that drain your wallet when you connect, or as social media messages from impersonated team members. Never sign transactions for unexpected tokens, never send crypto to “unlock” an airdrop, and never use claim links from DMs or ads. If an airdrop claim requires you to do anything other than connect your wallet to a verified official site and sign a claim transaction, it is almost certainly a scam.

Do I have to pay taxes on airdrops in the US? Yes. The IRS classifies airdropped tokens as ordinary income, taxable at fair market value on the date received or claimed. This tax is owed regardless of whether you sell the tokens. If you later sell the tokens, you owe capital gains tax on any price change from the fair market value at receipt (your cost basis). No DeFi protocol or claim platform issues tax forms, so the entire burden of tracking and reporting falls on the recipient. The most common tax trap is claiming tokens, holding them while the price drops, and discovering at tax time that you owe income tax on value you never realized. Sell enough at claim time to cover estimated taxes, or set aside cash to cover the obligation.

What is the best wallet for receiving airdrops? Any non-custodial wallet that supports the relevant blockchain: MetaMask or Rabby for Ethereum and EVM chains, Phantom for Solana, Keplr for Cosmos. The key requirement is that you control the private keys, because airdrops are distributed to on-chain addresses that you interact with, and you need to be able to sign claim transactions from the same wallet. Exchange-hosted wallets (Coinbase, Binance) sometimes receive airdrops on behalf of users, but not always, and you have no guarantee of receiving or claiming through a custodial platform. For security, use a hardware wallet (Ledger, Trezor) for large holdings and consider maintaining a separate “hot” wallet specifically for airdrop claims and exploratory protocol usage, limiting your exposure if a claim interaction turns out to be malicious.

Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice.

COINTELEGRAPH: RWA perpetual futures volume nears Bitcoin on Hyperliquid, Binance

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According to market data from BIT (bit.com), Apple Inc.'s stock price once extended its decline to 10%, marking the largest intraday drop since April 2025, as its Q4 revenue guidance fell short of expectations. The company's current market capitalization stands at $4.39 trillion. NVIDIA's stock rose 1.55% today, with its market cap reaching $4.797 trillion, surpassing Apple to once again become the world's most valuable company by market capitalization.

18 minutes ago

Iran claims to have closed the Strait of Hormuz, U.S. Central Command denies.

Local time on July 31, the U.S. Central Command (CENTCOM) stated that "the Iranian government's renewed claim that it has closed the Strait of Hormuz is false." CENTCOM added that "the Strait of Hormuz remains open for merchant vessel traffic; Iran does not control the strait," noting that "thousands of ships have transited this international waterway over the past four months." Earlier on July 31, Iran's Persian Gulf Strait Administration issued a statement saying that due to the U.S. military's continued aggressive operations in the relevant waters, the Strait of Hormuz is currently not normally navigable. (Source: CCTV)

18 minutes ago

Jensen Huang: "Now is the best time in history to start a business—don’t overthink ‘how hard can it be’."

According to Fortune, NVIDIA CEO Jensen Huang told attendees at Y Combinator’s Startup School 2026 that the present is the best time in history to launch a company, advising young entrepreneurs not to overthink due to rapid technological shifts or fear of failure. When facing challenges, he suggested asking himself: “How hard can it be?” Huang emphasized that entrepreneurs don’t need all the answers from day one; the core is being willing to confront reality and continuously learn. In NVIDIA’s early days, the company bet on the wrong graphics technology. When the team lacked solutions, he purchased three technical textbooks and gave them to his engineers. He noted that as long as one retains a learning mindset, specific technologies themselves are not the most critical factor. That said, Huang doesn’t believe success comes easily. He revealed he still works seven days a week and has long worried about the company collapsing; this sense of vulnerability, uncertainty, and insecurity has never faded. His advice: don’t imagine all difficulties in advance, lest anxiety derail action, but let challenges arise gradually and solve them one by one. Data shows U.S. business applications hit a record 3.23 million in the first half of 2026, up 12.1% year-over-year. However, startup risks remain high: U.S. Bureau of Labor Statistics data indicates nearly half of businesses cease operations within five years of launch.

18 minutes ago

Trump’s approval rating has dropped to its lowest level since his second term.

Political analyst Nate Silver said that due to the ongoing unpopular Iran war and surging natural gas prices, President Trump’s approval rating has dropped to its lowest point since his second term this month. He noted, “The timing aligns closely with the rebound in natural gas prices and the resumption of hostilities in Iran.” As the war nears its sixth month, data from the American Automobile Association (AAA) shows that as of Friday morning, the average U.S. gasoline price stood at around $4.11 per gallon, up from roughly $3.15 a year ago. According to polling averages from Decision Desk HQ, Trump’s overall average approval rating was 40.6% as of Friday morning, while his average disapproval rating reached 57.5%. A Quinnipiac University poll found that 60% of U.S. voters oppose the war, the highest opposition rate recorded since the conflict began on February 28. Nearly three-quarters of Americans said they oppose deploying U.S. troops to Iran. An AP-NORC poll also showed that 64% of Americans consider the war “not worth it”; among them, 87% of Democratic voters, 37% of Republican voters, and 68% of independent voters hold this view. (Jin10)

18 minutes ago

Tom Lee: South Korean stock market may be in the final stage of bottoming out

Chairman Tom Lee of Bitmine, the largest Ethereum treasury company, posted a statement saying that given South Korean policymakers have begun showing "panic", South Korea's stock market may be in the final stage of bottoming out. He cited the view of David Tepper, founder of Appaloosa and a well-known fund manager, stating: "When policymakers start panicking, the market stops panicking."

18 minutes ago

Decentralized exchange (DEX) Hyperliquid has rolled out HIP-4 permissionless deployments on the testnet, marking the first step toward enabling developers to deploy their prediction markets. This comes as the HYPE token continues to face significant selling pressure, falling below the psychological $55 level.

Hyperliquid’s HIP-4 Permissionless Deployment Goes Live On Testnet In their latest announcement, the Hyperliquid team revealed that the initial implementation of HIP-4 permissionless deployments is live on testnet. They also mentioned plans to roll out additional features, including configurable fees and more testnet templates.

This follows the initial announcement of plans to launch permissionless deployment for HIP-4 prediction markets last week. The feature is expected to launch on mainnet soon following the rollout on testnet.

The feature notably enables developers to launch their prediction and outcome markets on Hyperliquid, similar to how these developers can launch perpetuals for any asset on the HIP-3 market. The DEX had initially rolled out HIP-4 earlier this year, in a move to rival platforms such as Polymarket and Kalshi.

Blockworks data shows that the sports prediction markets have accounted for most of the open interest on Hyperliquid’s HIP-4 market. Interestingly, the open interest has been on a decline since the end of the 2026 FIFA World Cup earlier this month.

Source: Blockworks The HIP-4 market’s open interest currently stands at $182,000, according to Blockworks data. Meanwhile, the notional trading volume is $881,000.

HYPE Price Falls Below $55 The Hyperliquid price has fallen below the psychological $55 level amid the rollout of the HIP-4 permissionless deployment on testnet. The DEX token is currently trading at around $54.700, down almost 2% in the last 24 hours.

Source: TradingView The Hyperliquid price has fallen along with Bitcoin, which dropped below $64,000 as the U.S. and Israel discuss a land blockade on Iran, which could escalate the U.S.-Iran war. HYPE also faces significant selling pressure as whales continue to unstake and offload their coins.

Onchain analytics platform Lookonchain drew attention to a whale that bought HYPE at an average price of $18 months back and unstaked the tokens today and deposited them to FalconX and Coinbase Prime, likely in a move to sell them.

Whales keep selling $HYPE!

A whale that bought 1.02M $HYPE at an average price of $18 17 months ago unstaked the tokens today and deposited them into #FalconX and #CoinbasePrime 2 hours ago, likely to sell.https://t.co/sokAtSnie9 pic.twitter.com/fqgN3G5788

— Lookonchain (@lookonchain) July 31, 2026

For more on prediction markets, please check out our page on Best Crypto Prediction Markets In 2026

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HYPE fell below $55 after Hyperliquid activated permissionless HIP-4 deployments on testnet, with whale transfers and broader crypto market weakness weighing on the token.

Summary

HIP-4 permissionless deployments are now live on testnet, allowing developers to create prediction markets. HYPE declined almost 2% to around $54.70, losing the psychological $55 support level. HIP-4 markets hold roughly $182,000 in open interest and $881,000 in notional trading volume. A whale moved previously unstaked HYPE to FalconX and Coinbase Prime, according to Lookonchain. Hyperliquid opens HIP-4 deployments on testnet Hyperliquid has released the first implementation of permissionless deployments for its HIP-4 prediction-market framework on testnet.

The update allows developers to begin testing their own prediction and outcome markets on the decentralized exchange. Hyperliquid said it plans to introduce more features, including configurable fees and additional testnet templates.

HIP-4 extends the permissionless listing model used by HIP-3, which allows developers to deploy perpetual futures markets for different assets. The newer framework applies a similar approach to event contracts, placing Hyperliquid in closer competition with prediction-market platforms such as Polymarket and Kalshi.

A mainnet launch is expected to follow the testing phase, although Hyperliquid has not provided a confirmed date. Developers will likely use the testnet period to assess market settlement, liquidity, and contract configuration before deploying products involving real capital.

HIP-4 activity declines after the World Cup Current activity on HIP-4 remains limited compared with established prediction-market platforms. Blockworks data shows that HIP-4 markets have about $182,000 in open interest and $881,000 in notional trading volume.

Source: Blockworks Sports contracts have accounted for most of the open positions. However, open interest has declined since the end of the 2026 FIFA World Cup earlier in July, reducing activity across Hyperliquid’s early event markets.

Permissionless deployment could broaden the available contract range beyond sports. Developers may eventually create markets tied to economic releases, elections and other measurable events, subject to the platform’s rules and applicable regulations.

The rollout also carries operational risks. Crypto.news reported on July 28 that Hyperliquid’s SK Hynix perpetual contract briefly dropped about 17.9% after an unusually low pre-market trade in South Korea affected its oracle price.

The market, listed as xyz:SKHX and displayed as SKHYNIX-USDC, tracks the U.S. dollar value of SK Hynix shares and offers leverage of up to 10 times. A Hyperliquid representative said Trade.xyz deployed and operated the market under HIP-3. Trade.xyz is investigating the incident and plans to release an update after completing its review.

Although that incident involved HIP-3 rather than HIP-4, it shows the importance of reliable pricing and settlement systems as Hyperliquid opens market creation to more developers.

HYPE price loses the $55 level HYPE traded near $54.70 at the time of reporting, down almost 2% over the previous 24 hours. The decline pushed the token below $55 despite the HIP-4 testnet announcement.

Hyperliquid price chart | Source: TradingView The move followed weakness across the broader crypto market as Bitcoin fell below $64,000. Risk appetite declined amid reports that the United States and Israel were discussing a land blockade on Iran, raising concerns about a further escalation of the conflict.

On-chain transfers added to the pressure. Lookonchain identified a whale that acquired HYPE at an average price of about $18 several months ago before unstaking the tokens and depositing them with FalconX and Coinbase Prime.

Transfers to institutional trading platforms do not prove that a sale occurred. However, they can increase expectations of incoming supply, particularly when the holder sits on a large unrealized gain.

US prediction-market rules remain in focus HIP-4’s expansion comes as U.S. regulators consider clearer federal standards for event contracts.

The Hyperliquid Policy Center and Multicoin Capital filed a joint comment supporting the Commodity Futures Trading Commission’s proposed prediction-market framework on July 27. They argued that written standards would help operators structure event contracts while limiting policy changes between presidential administrations.

The CFTC proposal addresses how the agency reviews contracts involving gaming, war, terrorism, assassination and conduct prohibited under federal or state law. These rules could affect how prediction markets are offered to U.S. traders, even as Hyperliquid advances its permissionless infrastructure.

HIP-4’s mainnet timing, developer participation, and recovery in open interest will determine whether the framework can develop beyond its initial concentration in sports markets. HYPE, meanwhile, must reclaim $55 to ease the immediate pressure created by market weakness and potential whale selling.

Direct Funding Replaces Manual Bridging@MoonPay has deployed its MoonPay Trade execution layer to @MiracleTrade, automating capital flows across the @Hyperliquid ecosystem and removing a friction point that has long slowed traders entering the platform.

Until now, funding a Hyperliquid trading account required a manual, multi-step process: buying $USDC on an external exchange, bridging it through @Arbitrum, and then depositing it into the DEX. Previous workarounds required users to buy USDC on another chain, bridge it to Arbitrum (Hyperliquid's settlement layer), and then deposit it into the DEX, with each step taking time, costing gas fees, and introducing opportunities for mistakes. The MoonPay Trade integration collapses that workflow into a single action, allowing traders to fund their wallets directly using $BTC, $SOL, or $ETH.

How MoonPay Trade WorksThe system relies on deterministic routing to execute cross-chain swaps in the background, keeping the process non-custodial while consolidating fragmented liquidity. Unlike standard bridge or DEX aggregators, MoonPay Trade handles cross-chain routing and settlement automatically. Cross-chain trades are routed and settled automatically, meaning users do not need to manually manage bridges, wrapped assets, or gas on the destination chain.

MoonPay Trade is powered by the technology and team from Decent.xyz, the Y Combinator-backed cross-chain routing company MoonPay acquired. Decent developed proprietary bridge infrastructure, routing algorithms, and an aggregation layer that delivers optimized execution across 200-plus chains and millions of assets.

MoonPay Trade is designed to reduce that burden by combining transaction execution, settlement, conversion, and payment support for more than 120 fiat currencies on one platform. Where MoonPay once handled the entry and exit points, MoonPay Trade now powers everything in between: cross-chain execution, collateral movement, tokenized fund subscriptions, and onchain settlement, all backed by institutional-grade compliance infrastructure.

The Miracle integration extends those capabilities directly to Hyperliquid traders, giving the platform's users a faster path to capital deployment without leaving a non-custodial environment.

Sources:
MoonPay launches MoonPay Trade (PR Newswire)
MoonPay launches Trade and expands Hyperliquid access (CFO Tech)
MoonPay Gateway adds Hyperliquid (PR Newswire)

Iran claims to have closed the Strait of Hormuz, U.S. Central Command denies.

Local time on July 31, the U.S. Central Command (CENTCOM) stated that "the Iranian government's renewed claim that it has closed the Strait of Hormuz is false." CENTCOM added that "the Strait of Hormuz remains open for merchant vessel traffic; Iran does not control the strait," noting that "thousands of ships have transited this international waterway over the past four months." Earlier on July 31, Iran's Persian Gulf Strait Administration issued a statement saying that due to the U.S. military's continued aggressive operations in the relevant waters, the Strait of Hormuz is currently not normally navigable. (Source: CCTV)

3 minutes ago

Jensen Huang: "Now is the best time in history to start a business—don’t overthink ‘how hard can it be’."

According to Fortune, NVIDIA CEO Jensen Huang told attendees at Y Combinator’s Startup School 2026 that the present is the best time in history to launch a company, advising young entrepreneurs not to overthink due to rapid technological shifts or fear of failure. When facing challenges, he suggested asking himself: “How hard can it be?” Huang emphasized that entrepreneurs don’t need all the answers from day one; the core is being willing to confront reality and continuously learn. In NVIDIA’s early days, the company bet on the wrong graphics technology. When the team lacked solutions, he purchased three technical textbooks and gave them to his engineers. He noted that as long as one retains a learning mindset, specific technologies themselves are not the most critical factor. That said, Huang doesn’t believe success comes easily. He revealed he still works seven days a week and has long worried about the company collapsing; this sense of vulnerability, uncertainty, and insecurity has never faded. His advice: don’t imagine all difficulties in advance, lest anxiety derail action, but let challenges arise gradually and solve them one by one. Data shows U.S. business applications hit a record 3.23 million in the first half of 2026, up 12.1% year-over-year. However, startup risks remain high: U.S. Bureau of Labor Statistics data indicates nearly half of businesses cease operations within five years of launch.

3 minutes ago

Trump’s approval rating has dropped to its lowest level since his second term.

Political analyst Nate Silver said that due to the ongoing unpopular Iran war and surging natural gas prices, President Trump’s approval rating has dropped to its lowest point since his second term this month. He noted, “The timing aligns closely with the rebound in natural gas prices and the resumption of hostilities in Iran.” As the war nears its sixth month, data from the American Automobile Association (AAA) shows that as of Friday morning, the average U.S. gasoline price stood at around $4.11 per gallon, up from roughly $3.15 a year ago. According to polling averages from Decision Desk HQ, Trump’s overall average approval rating was 40.6% as of Friday morning, while his average disapproval rating reached 57.5%. A Quinnipiac University poll found that 60% of U.S. voters oppose the war, the highest opposition rate recorded since the conflict began on February 28. Nearly three-quarters of Americans said they oppose deploying U.S. troops to Iran. An AP-NORC poll also showed that 64% of Americans consider the war “not worth it”; among them, 87% of Democratic voters, 37% of Republican voters, and 68% of independent voters hold this view. (Jin10)

3 minutes ago

Tom Lee: South Korean stock market may be in the final stage of bottoming out

Chairman Tom Lee of Bitmine, the largest Ethereum treasury company, posted a statement saying that given South Korean policymakers have begun showing "panic", South Korea's stock market may be in the final stage of bottoming out. He cited the view of David Tepper, founder of Appaloosa and a well-known fund manager, stating: "When policymakers start panicking, the market stops panicking."

3 minutes ago

FTX’s fifth round of compensation payments has been deposited into creditors’ accounts.

FTX creditor representative Sunil announced in a post that FTX’s creditor distributions have been deposited into creditors’ accounts. Earlier reports noted FTX will launch its fifth round of creditor compensation on July 31, with plans to disburse roughly $900 million to creditors in the "Convenience" and "Non-Convenience" categories under the firm’s restructuring plan. With this round of distributions, the FTX Recovery Trust’s total compensation disbursements since FTX filed for bankruptcy in November 2022 will reach approximately $10 billion.

3 minutes ago

SK Hynix Trader Turns $2.26M Loss Into $6.44M Profit on Earnings Spike

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Hyperliquid, a decentralized trading platform, has seen its native token HYPE undergo a notable market correction as traders monitor a significant support level for potential accumulation. The platform has recently surpassed Uniswap V3 in daily protocol fees, indicating a rise in adoption and reinforcing its growing influence in the decentralized finance sector.

HYPE price correction draws trader interestAt present, HYPE trades near $53.77, with a 24-hour trading volume of $370.43 million and a total market capitalization of $13.58 billion. The token dropped by 2.01% in the past day, continuing a decline from its recent high around $77. Nevertheless, both its structural price trend and increasing network activity have led some analysts to suggest a bullish reversal may be forming.

Analyst Crypto Patel noted that HYPE entered a sharp correction after climbing above $70, a range he had previously identified as risky for new buyers. With the latest decline, market participants are now watching the $53 price level and considering whether it could provide a foundation for longer-term growth.

Technical analysis currently highlights the 0.5-0.618 Fibonacci zone, with support between $40 and $34, as a likely area for accumulation. If HYPE maintains its price above this zone, the upward trend could continue, with the potential to revisit its all-time high and possibly move toward the $100 to $150 range.

Technical analysts point to the $40–$34 range as a strategic support zone, suggesting that sustained buying pressure here could pave the way for HYPE to challenge previous highs and explore new price territories.

Protocol fees surge as adoption growsHyperliquid has expanded its presence within decentralized finance, supported by data from MSB Intel. Over the past 24 hours, Hyperliquid Perps generated approximately $2.6 million in protocol fees, outpacing Uniswap V3, which recorded $2.5 million in the same period.

This milestone highlights the shifting landscape in decentralized trading, with an increasing number of users opting for platforms that offer high liquidity and active trading features. The achievement is regarded by some industry observers as an indication of Hyperliquid’s strengthening market position compared to longstanding competitors.

Mini dictionary: Hyperliquid, founded as a decentralized derivatives exchange, specializes in perpetual futures contracts, enabling users to trade with leverage and high liquidity across various crypto assets while maintaining full custody of their funds.

Platform24h Protocol FeesHyperliquid Perps$2.6 millionUniswap V3$2.5 millionOutlook for HYPE price and network momentumAlthough HYPE’s price trajectory remains downward, the broader cryptocurrency market is showing signs of improvement. A recovery in HYPE may depend on its ability to maintain current support levels, combined with continued protocol income and heightened user adoption.

If positive market trends persist, HYPE could aim to regain its previous peak and possibly advance further. The pattern of rising protocol fees and growing interest from traders suggests the platform is well positioned to expand its footprint in the sector.

Momentum in protocol revenue and increased user activity are seen as key contributors to future price appreciation, should market conditions remain stable.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

CryptoBriefing

Trust Wallet has reportedly overtaken MetaMask and Phantom in a 24-hour span regarding HyperliquidX builder code revenue, according to a social media post by @DegenerateNews. Trust Wallet, known for its self-custody capabilities, has apparently captured a significant share of builder-fee revenue from the Hyperliquid platform, which enables third-party apps to earn fees from transactions. This development indicates a shift in the competitive landscape among major crypto wallets, though it doesn’t reflect changes in the underlying Hyperliquid protocol.

Market participants may view this as a potential driver for increased interest in Hyperliquid, which has seen its ecosystem generate substantial revenue from builder fees, particularly through wallets like Phantom and MetaMask. The reported shift in revenue rankings suggests a dynamic competitive environment in the crypto wallet space, potentially impacting market perceptions of Hyperliquid’s growth and its associated price predictions.

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Current market data shows a slight increase in the probability of Hyperliquid reaching specific price targets by the end of 2026. The market pricing implies a 21.5% probability of Hyperliquid hitting $100 by December 31, 2026, up from 20% previously. This suggests that recent developments in wallet revenue distribution could be influencing market sentiment regarding Hyperliquid’s future valuation.

Key Takeaways Trust Wallet’s reported revenue surpassing MetaMask and Phantom in a 24-hour period suggests a shift in wallet competitiveness. Market pricing indicates increased interest in Hyperliquid, with a slight rise in the likelihood of it reaching higher price targets by the end of 2026. The development could be interpreted as evidence of growing activity and interest in the crypto space surrounding Hyperliquid. What to Watch Markets will likely monitor any further shifts in revenue distribution among wallets using the Hyperliquid platform. Watch for official announcements from Trust Wallet, MetaMask, or Phantom that might provide additional context or confirm the reported revenue changes. Additionally, any significant partnerships or changes in the Hyperliquid protocol could further influence market perceptions and price predictions for Hyperliquid. Keep an eye on market metrics and sentiment indicators that could provide insights into potential future movements in Hyperliquid’s value.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 21.5% — — View market → January 1 2027 6.4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 41% — — View market → January 1 2027 8.8% — — View market → January 1 2027 3.1% — — View market →

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

As Hyperliquid and Cardano face market uncertainty, BlockDAG is expanding its ecosystem with upcoming claims and staking functionality for users.

Summary

BlockDAG launches claims and staking for early participants as Hyperliquid and Cardano face renewed market uncertainty. With claims and staking going live, BlockDAG expands its ecosystem while traders monitor Hyperliquid and Cardano. BlockDAG rolls out claims and staking features, drawing attention as Hyperliquid and Cardano struggle for momentum. The Hyperliquid price hovers near a critical make-or-break zone as trading interest cools down. Meanwhile, the Cardano price is facing pressure after reaching very low RSI levels, with traders watching for signs of a possible recovery.

Standing far above these uncertain charts, BlockDAG (BDAG) is introducing a new stage of ecosystem development with upcoming claims and staking features. Claims for Batches 1–6 and staking are scheduled to go live within hours, adding new utility for the growing network.

Alongside these updates, BDAG is available at a limited-time price of $0.00000019, while Live Swap remains active at 22% below the CoinMarketCap price. With continued progress across the Casino & Sportsbook, BlockDAG Exchange, Super App, and upcoming Tier 1 exchange listings, BlockDAG is building momentum around broader ecosystem growth and long-term blockchain adoption.

Hyperliquid price faces downward pressure The Hyperliquid price sits near $60 as buying interest slows down. Right now, the token stays below its 50-day average price of $62.70, showing that momentum has cooled. 

Big investors seem to be stepping back, with specialized crypto funds pulling out nearly $700,000 in a single day. On top of that, a major token holder recently moved over 395,000 HYPE to an exchange, which often signals a plan to sell.

While trading volume jumped slightly, most traders remain divided on where the market goes next. If the price falls below its $60.41 support level, it could easily drop further toward $54.19, keeping near-term risks quite high for buyers.

Cardano price holds firm above historic lows The Cardano price is holding around $0.16 after dipping almost 2% recently. The coin sits in a support range between $0.14 and $0.17, which has helped stop deeper drops in the past. 

Indicators show the market is heavily oversold, meaning selling has been intense for a long time. Some chart readers see a potential bottom pattern forming, but nothing is confirmed yet. For a real comeback, the token needs to climb past the $0.23 resistance level. 

However, actual buying demand remains weak across weekly charts. If support at $0.14 fails to hold, the price risks sliding down toward $0.10, leaving the token in a shaky position for now.

BlockDAG prepares staking and claim launch Timing can make the biggest difference when entering a high-growth opportunity, and BlockDAG is giving participants a chance to move before the crowd. BlockDAG is creating renewed attention. 

BlockDAG is currently available at $0.00000019, while the Live Swap remains active at 22% below the CoinMarketCap price, giving market participants a limited timeframe to explore the latest opportunity.

The next few hours mark the launch of claims for Batches 1–6 and staking, bringing new functionality to the network. As activity builds around these updates, BlockDAG continues advancing its wider ecosystem with the Casino & Sportsbook, BlockDAG Exchange, Super App, and upcoming Tier 1 exchange listings. These developments are placing increased focus on BDAG as the project moves toward its next stage of growth.

Community growth tells the story: more than 312,000 holders, increasing by over 1,000 each day, alongside 4 million+ users on the X1 mining app and 20,000 physical miners already shipping globally. 

From a technology perspective, the latest RPC upgrade processed 100,000 transactions within 24 hours, highlighting the network’s scalability. Combined with early-entry projections suggesting the potential for up to 5,000x ROI, it’s clear why many investors are viewing BDAG as one of the top crypto opportunities today.

To sum up The Hyperliquid price continues to struggle below $62.70 as large holders move tokens, while the Cardano price rests near $0.16 in heavily oversold territory. In contrast, BlockDAG is advancing rapidly with its Live Swap active at 22% below the CoinMarketCap price. 

The upcoming launch of claims for Batches 1–6 and staking adds massive utility alongside 20,000 physical miners shipped globally. Combined with its Casino, Super App, Tier 1 listings, and up to 5,000x ROI projections, BDAG stands out as the best crypto to buy. As chart conditions split between stalling tokens and expanding ecosystems, real utility continues to set the standard for long-term value.

For more information, visit the official website, presale, Telegram, and Discord.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

Hyperliquid Draws First Japanese Corporate Buyer as US Funds Shed $27 Million

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As persistent institutional selling continues to negatively impact market sentiment, Hyperliquid's native token HYPE has prolonged its correction, losing about 24% over the last month.

Institutional investors are readyRepeatedly large transfers from major investment firms to centralized exchanges have been another challenge for HYPE, while the larger cryptocurrency market has struggled to establish a clear trend. According to the most recent on-chain data, Multicoin Capital deposited an additional 137,100 HYPE, or roughly $7.51 million, into Coinbase Prime during the previous ten hours. 

Bitwise sent Coinbase an additional 22,463 HYPE, or about $1.23 million, at almost the same time. Moving assets onto exchange infrastructure usually indicates an intention to increase liquidity or prepare for distribution, even though deposits do not always imply that tokens have been sold. 

HOT Stories

HYPE/USDT Chart by TradingViewThroughout July, institutional holders have consistently decreased their exposure, and these transactions are part of a larger trend. Even in times of overall market strength, buyers find it challenging to sustain rallies due to the persistent overhead supply created by such selling. This pressure is reflected in the technical picture. After losing another significant support level around its 100-day moving average, HYPE is now trading close to $54.

The next significant long-term support is the 200-day moving average, which is located much lower near $50, while the price has also dropped below the 50-day moving average. Momentum indicators have declined significantly. For the first time in a few weeks, HYPE is approaching oversold territory as the RSI has fallen to about 34. 

Bottom is closer Oversold conditions do not always indicate the formation of a bottom, especially when large holders continue to add supply to the market, even though they can occasionally precede a relief bounce. Compared to the explosive activity observed in May and June, volume has also decreased. 

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In contrast to aggressive accumulation, lower trading activity and falling prices frequently signify waning buying conviction. The crucial technical zone to watch is now the range between $50 and $52. If selling pressure starts to ease, the rising 200-day moving average may attract longer-term buyers. 

On the other hand, a return to the 50-day moving average around $57 would be the first sign that bulls are taking back control. As of right now, HYPE's correction appears to be driven by both ongoing institutional distribution and a deteriorating technical structure. Upside attempts are likely to encounter strong resistance until the rate of exchange inflows slows or buyers absorb the extra supply.

TLDR ARK Invest analyst Lorenzo Valente says crypto is entering its biggest consolidation phase in history Hyperliquid and Pump.fun together account for about 67% of total crypto application revenue Adding Ethena brings the top three protocols’ combined share to nearly 80% BitMEX and BitMart both announced plans to shut down exchange operations Bybit expanded into Indonesia after acquiring a majority stake in digital asset firm NOBI An analyst at ARK Invest says the crypto industry is going through its biggest consolidation phase yet. Revenue is becoming concentrated among a small group of protocols, while weaker projects fall behind.

Lorenzo Valente, a research associate at ARK Invest, shared the view in a post on X on Wednesday. He said investors have grown more selective with their money.

I believe Crypto is going through the biggest consolidation phase in its history, far more profound than in previous bear markets.

The market structure has changed. Capital is much more selective, and teams and exchanges without real PMF are shutting down.

Revenue concentration… pic.twitter.com/oY6pGSPV32

— Lorenzo Valente (@LorenzoARK) July 28, 2026

This makes it harder for smaller crypto projects to raise capital. Valente said this is especially true for platforms that lack a strong product that people actually want to use.

As weaker projects shut down or struggle, revenue keeps shifting toward a small number of dominant platforms. Valente pointed to hard numbers to back up his claim.

According to Valente, perpetual futures exchange Hyperliquid and memecoin launchpad Pump.fun together make up roughly 67% of all crypto application revenue. That is more than two thirds of the entire market’s revenue coming from just two platforms.

When synthetic dollar protocol Ethena is added to the mix, the top three platforms’ combined share rises to nearly 80%. Valente called this a record level of revenue concentration for the sector.

He expects this trend to continue over the coming months. Valente said this will likely lead to more mergers, acquisitions, and Chapter 11 bankruptcies.

He also expects more project shutdowns and acqui-hires, where a company is bought mainly to bring its team on board. Despite the shakeout, Valente described the trend as “extremely bullish” for the crypto industry overall.

Exchanges Shut Down and Merge Valente’s comments come as several crypto exchanges have already announced plans to close. Last week, BitMEX said it will shut down its exchange in September.

The decision followed a strategic review by owner HDR Global Trading. BitMEX had already sped up the delisting of trading pairs and derivative contracts, pointing to weak trading interest.

Days later, BitMart made a similar announcement. The exchange said it will end trading services on August 26 before fully winding down operations by January 2027.

BitMart said the decision came after reviewing its operating conditions, the current market environment, and its future strategy. Both exchanges framed the closures as business decisions rather than emergency measures.

Consolidation has also shown up in the form of acquisitions rather than closures. Earlier this month, Bybit launched a locally run exchange in Indonesia.

This followed Bybit’s acquisition of a majority stake in NOBI, a local digital asset firm. The move expands Bybit’s footprint in one of Asia’s largest crypto markets.

Together, these moves point to a shifting landscape where fewer platforms hold more of the market. Some exchanges are closing their doors, while others are buying their way into new regions.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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SKHX's funding rate on Binance is now 2.1 times that on Hyperliquid.

According to Hyperinsight’s monitoring, the current funding rate for SKHX on Hyperliquid has risen to 0.0373% per hour, paid by long positions to short positions. On Binance, the SKHYNIXUSDT funding rate is approximately 0.3141% every four hours, about 2.1 times that of Hyperliquid over the same period. Calculated at current rates, holding a $10,000 long position would incur a 24-hour funding cost of roughly $89.6 on Hyperliquid and about $188.4 on Binance, a difference of approximately $98.8. Over the past 24 hours, the cumulative settled funding rate for SKHX on Hyperliquid stood at around 0.3925%, while the current hourly rate has risen to roughly 2.3 times the 24-hour average, accelerating cost increases for long positions.

6 minutes ago

Yesterday, U.S. spot Bitcoin ETFs posted a net inflow of $32.1 million, while U.S. spot Ethereum ETFs recorded a net outflow of $32.9 million.

According to data from FarsideUK, U.S. Bitcoin spot ETFs saw a total net inflow of $32.1 million yesterday. Among them, BlackRock’s IBIT recorded a net inflow of $89.8 million, Fidelity’s FBTC posted a net outflow of $43.1 million, ARK 21Shares’ ARKB had a net outflow of $14.6 million, while the remaining ETFs saw roughly flat capital flows. U.S. Ethereum spot ETFs, meanwhile, posted a total net outflow of $32.9 million. Breakdown: BlackRock’s ETHA saw a net inflow of $5.2 million, Fidelity’s FETH had a net outflow of $16.1 million, Grayscale’s ETHE recorded a net outflow of $9.7 million, Grayscale’s ETH posted a net outflow of $8.1 million, Bitwise’s ETHW saw a net outflow of $1.4 million, and TETH had a net outflow of $2.8 million; the rest of the ETFs had largely flat capital flows.

6 minutes ago

Leveraged ETFs tracking South Korea’s semiconductor storage sector plunged, with the Southern 2x Long SK Hynix ETF falling over 17%.

The South Korean storage sector continues to face pressure. As of press time, Hong Kong-listed leveraged ETFs are broadly lower. The Nanfang 2x Long Samsung Electronics (07747) declined 7.65% to HK$54.58; the Nanfang 2x Long SK Hynix (07709) dropped 17.13% to HK$27.10.

6 minutes ago

China's A-share ChiNext Index and STAR 50 Index both fell more than 6% before midday trading.

China's ChiNext Index and STAR 50 Index both fell more than 6% before midday trading, the Shenzhen Component Index dropped nearly 3.86%, and the Shanghai Composite Index declined 1.2%.

6 minutes ago

Address linked to Bitminter founder transfers 829 BTC, some assets move after lying dormant for 8 years

According to monitoring by Emmett Gallic, addresses linked to Geir Harald Hansen, founder of early Bitcoin mining pool Bitminter, recently transferred 829 BTC, with some of these coins moving on-chain for the first time in 8 years. Publicly available information shows that Bitminter, founded by Hansen, was one of the major early Bitcoin mining pools, at its peak accounting for nearly 10% of the network’s total hash rate and having mined approximately 208,232 BTC in total.

6 minutes ago

Meme token STONKBROKER on Robinhood Chain briefly hit a $30 million market cap, surging 54.52% in the past 24 hours.

According to GMGN market data, STONKBROKER’s market capitalization briefly touched $30 million, and currently stands at $29.33 million, with a 24-hour gain of 54.52%.

6 minutes ago

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Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Changxin Technology closed up 12.7% on its third day of listing, with its most steadfast early bulls maintaining their buying stance.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Hyperliquid’s HYPE slipped below $55 amid intense institutional selling pressure, but asset manager Grayscale thinks the altcoin is still grossly undervalued. 

Drawing from traditional valuation metrics, earnings per share (EPS), Grayscale’s Head of Research Zach Pandl said a similar model, earnings per token (EPT), can apply to HYPE.

According to him, Hyperliquid could make $1B in revenue by the end of 2027. With a projected total HYPE circulation of 270-310 million, that would translate to $3.25-$3.75 or a valuation multiple of 15x to 18x, Pandl added, 

At the current HYPE price of $54, a forward ‘earnings multiple’ for HYPE of roughly 15 to 18x, suggesting the token may be undervalued compared to fintech equities.

Source: Grayscale The aforementioned table showed that stocks tied to Circle, Coinbase, Robinhood, and others were trading at higher multiples relative to their generated revenue. 

Assuming HYPE can eventually trade at 35x or 40x valuation multiples like Coinbase’s COIN or Robinhood’s HOOD would imply a price target of $113 to $150. Grayscale’s Pandl concluded that,

Despite the gains in Hyperliquid’s HYPE token this year, it still looks cheap compared to fintech equities.

But he noted that the projection could be invalidated if revenue falls below their expectations or token supply exceeds their forecast. 

Hyperliquid: Will HYPE hold on to 2026 gains? HYPE nearly quadrupled in H1 2026, running from $20 to about $80 amid U.S Spot ETF demand and institutional FOMO. But it has given back some gains amid an institutional sell-off and FUD. 

Notably, crypto VC firms Multicoin Capital and Selini Capital are booking their HYPE profits.

In particular, Multicoin Capital unstaked over 1M HYPE valued at $59M and deposited $4.78M on Coinbase Prime. Last week, the firm unstaked another $120M, further spooking the market with pending selling pressure. 

Source: Arkham Selini Capital also deposited $26.8M HYPE on the OKX exchange on the 29th of July. 

The U.S. spot HYPE ETFs have also bled $4.5M in July, marking the first negative month since their debut in May. Interestingly, despite the outflows, the HYPE ETFs’ performance was relatively stronger compared to other spot crypto ETFs.

That said, if Hyperliquid [HYPE] loses $55, the next potential floor price could be $48 and $45 (the 200-day moving average).  

Source: HYPE/USDT, TradingView  Separately, TradeXYZ, one of Hyperliquid’s dominant HIP-3 deployers, said it will compensate affected SK Hynix (SKHYNIX) traders after a price anomaly liquidated $57.4M in long positions. 

The firm noted that the liquidations stemmed from an oracle price anomaly. For analysts, the move to compensate victims could reinforce trust in the deployer and Hyperliquid, too. 

Final Summary Grayscale said that HYPE is undervalued at a 15x-18x valuation multiple compared to Circle and Coinbase stocks that are valued at above 30x.  Institutional sell-off led by Multicoin Capital and U.S. spot ETFs continues to cut HYPE’s 2026 gains.

ARK Warns Crypto Bankruptcies and Shutdowns Will Rise, Cathie Wood’s Stock Buys Show Why