Track market-moving stories before they get noisy

7 hours ago

According to an official announcement, HyperEVM-based synthetic perpetual protocol Papertrade is set to officially launch trading at 22:00 tonight. Deposits will be suspended at 13:45 UTC, 15 minutes before launch, to ensure transactions receive top priority during the rollout. Per the protocol’s official website, pre-deposits have exceeded $90 million, with 7,280 addresses participating. The team opened pre-deposits on the 9th, noting that account creation and deposits will be significantly throttled once trading goes live. Pre-depositing helps avoid launch congestion, though there are no additional perks for early deposits during the pre-deposit window. Papertrade is a fully on-chain synthetic perpetual trading platform built on HyperEVM. It pulls prices from the BBO mid-price of Hyperliquid’s order book, with users trading directly against the protocol’s liquidity providers (LPs) rather than relying on traditional order book matching. Key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or VC allocations. The only source of token minting is user losses or liquidations. During the initial launch phase, the token cannot be freely transferred and is primarily used for staking.

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According to official website information, the synthetic perpetual protocol Papertrade built on HyperEVM has officially launched. Its pre-deposit phase is now closed, with 11,465 addresses depositing a total of $138 million. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It sources prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, enabling users to trade directly against the protocol’s liquidity providers (LPs) rather than relying on traditional order book matching. The protocol boasts high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During its early launch phase, the token cannot be freely transferred and is primarily used for staking.

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Multicoin Co-Founder Kyle Samani: His largest personal angel investment has gone to Backpack.

Multicoin Capital co-founder Kyle Samani announced on X that his largest personal angel investment to date has been allocated to Backpack. On September 2, Backpack revealed that Samani—also an early Solana investor—has joined the Backpack US board of directors. Samani has long focused on DeFi, blockchain infrastructure, and the evolution of global capital markets. Backpack noted that the appointment reflects the shared view of both parties that the future of global finance will integrate institutional-grade risk control with the efficiency and transparency of on-chain markets.

50 minutes ago

Fake Ledger websites top Google search results, with related sites attracting over 1 million visits in the past 30 days.

Security researcher @cyberscrilla has discovered a fake Ledger website and app appearing at the top of Google search results, designed to trick users into revealing their 24-word recovery phrases. Reportedly, Google data shows the site has received over 1 million visits in the past 30 days. Earlier, cybersecurity firm Zscaler uncovered in a September investigation that malicious Google ads impersonating Ledger were redirecting users to fake wallet verification pages. Currently, Ledger is probing an alleged wallet theft case involving customers of Southeast Asian dealer CryptoBilis, with an estimated loss of $86 million.

50 minutes ago

Tom Lee: Ethereum May Surpass $5,000 by Year-End, Expected to Hit $50,000 in This Cycle

Bitmine, an Ethereum treasury firm’s Chairman Tom Lee recently stated that Ethereum is poised to rally to between $25,000 and $50,000 in the current cycle. He noted that ETH has traded in a similar range over the past five years, and its ongoing consolidation may lay the foundation for a larger breakout down the line. Tom Lee also projected ETH’s price will surpass $5,000 by year-end, adding that if Bitcoin climbs above $100,000, ETH could hit roughly $7,500.

50 minutes ago

Papertrade has recorded a nominal trading volume exceeding $80 billion, with users incurring a cumulative loss of $4.73 million while attempting to farm PAPER tokens.

According to official website data, Papertrade recorded over $80 billion in cumulative notional trading volume within its first hour of launch. BlockBeats analyzed that the platform’s early trading frenzy may be tied to its unique mechanism. Per its official documentation, the issuance model of Papertrade’s native token PAPER works as follows: for every $1 a platform user loses, the protocol mints a certain amount of PAPER on a curve. When the protocol’s LP balance is below $2 million, the minting rate is fixed at 100 PAPER per $1 in losses; now that the LP pool size exceeds $2 million, PAPER token emissions have entered a decay phase. Likely driven by the above-mentioned "trading losses for tokens" mechanism, data shows that users on the platform have accumulated $4.73 million in total trading losses. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, which pulls prices from the BBO mid-price of Hyperliquid’s order book. Users trade directly against the protocol’s LP as counterparty, rather than via traditional order book matching. The protocol’s key selling points include high leverage, zero slippage, and no funding fees.

50 minutes ago

Hedge funds’ net exposure to the US Magnificent Seven climbed to 22%, marking a new record high.

According to Goldman Sachs data, investor bullish sentiment toward large-cap tech stocks has reached an all-time high. Hedge funds’ total net exposure to the U.S. Magnificent 7 tech stocks has risen to 22%, a record high. This figure has surged by 7 percentage points since July, marking the largest three-month increase since 2023, and breaking the previous peak of 21% set in June 2024 (compared to just 8% during the 2022 bear market low). Meanwhile, hedge funds’ total net exposure to U.S. semiconductor stocks has climbed to 12%, only slightly below the 14% peak reached in June 2026, while this metric stood at just 2% at the start of 2025. Current market demand for tech stocks is extremely strong. (The Kobeissi Letter)

50 minutes ago

Just half an hour after Papertrade’s launch, PAPER token emissions entered decay mode.

According to official data, Papertrade recorded a cumulative trading volume of $39.9 billion in its first 30 minutes post-launch. The platform’s contract open interest also dropped sharply, with Bitcoin and Ethereum contract positions standing at $1.27 billion and $890 million respectively. The initial trading boom may be linked to its project mechanism: per official documentation, PaperTrade’s native token PAPER is minted via a model where the protocol mints a set amount of PAPER on a curve for every $1 a platform user loses. When the LP balance is below $2 million, the minting ratio is fixed at 100 PAPER per $1 of losses; once the LP scale exceeded $2 million, PAPER token emissions entered a decay phase. Papertrade is a fully on-chain synthetic perpetual trading platform built on HyperEVM, which pulls prices from the Best Bid Offer (BBO) mid-price of the Hyperliquid order book. Users trade directly against the protocol’s liquidity provider (LP) as counterparty, rather than through traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees.

50 minutes ago

According to official data, Papertrade recorded a cumulative trading volume of $39.9 billion in its first 30 minutes post-launch. The platform’s contract open interest also dropped sharply, with Bitcoin and Ethereum contract positions standing at $1.27 billion and $890 million respectively. The initial trading boom may be linked to its project mechanism: per official documentation, PaperTrade’s native token PAPER is minted via a model where the protocol mints a set amount of PAPER on a curve for every $1 a platform user loses. When the LP balance is below $2 million, the minting ratio is fixed at 100 PAPER per $1 of losses; once the LP scale exceeded $2 million, PAPER token emissions entered a decay phase. Papertrade is a fully on-chain synthetic perpetual trading platform built on HyperEVM, which pulls prices from the Best Bid Offer (BBO) mid-price of the Hyperliquid order book. Users trade directly against the protocol’s liquidity provider (LP) as counterparty, rather than through traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees.

Relevant content

Multicoin Co-Founder Kyle Samani: His largest personal angel investment has gone to Backpack.

Multicoin Capital co-founder Kyle Samani announced on X that his largest personal angel investment to date has been allocated to Backpack. On September 2, Backpack revealed that Samani—also an early Solana investor—has joined the Backpack US board of directors. Samani has long focused on DeFi, blockchain infrastructure, and the evolution of global capital markets. Backpack noted that the appointment reflects the shared view of both parties that the future of global finance will integrate institutional-grade risk control with the efficiency and transparency of on-chain markets.

41 minutes ago

Fake Ledger websites top Google search results, with related sites attracting over 1 million visits in the past 30 days.

Security researcher @cyberscrilla has discovered a fake Ledger website and app appearing at the top of Google search results, designed to trick users into revealing their 24-word recovery phrases. Reportedly, Google data shows the site has received over 1 million visits in the past 30 days. Earlier, cybersecurity firm Zscaler uncovered in a September investigation that malicious Google ads impersonating Ledger were redirecting users to fake wallet verification pages. Currently, Ledger is probing an alleged wallet theft case involving customers of Southeast Asian dealer CryptoBilis, with an estimated loss of $86 million.

41 minutes ago

Tom Lee: Ethereum May Surpass $5,000 by Year-End, Expected to Hit $50,000 in This Cycle

Bitmine, an Ethereum treasury firm’s Chairman Tom Lee recently stated that Ethereum is poised to rally to between $25,000 and $50,000 in the current cycle. He noted that ETH has traded in a similar range over the past five years, and its ongoing consolidation may lay the foundation for a larger breakout down the line. Tom Lee also projected ETH’s price will surpass $5,000 by year-end, adding that if Bitcoin climbs above $100,000, ETH could hit roughly $7,500.

41 minutes ago

Papertrade has recorded a nominal trading volume exceeding $80 billion, with users incurring a cumulative loss of $4.73 million while attempting to farm PAPER tokens.

According to official website data, Papertrade recorded over $80 billion in cumulative notional trading volume within its first hour of launch. BlockBeats analyzed that the platform’s early trading frenzy may be tied to its unique mechanism. Per its official documentation, the issuance model of Papertrade’s native token PAPER works as follows: for every $1 a platform user loses, the protocol mints a certain amount of PAPER on a curve. When the protocol’s LP balance is below $2 million, the minting rate is fixed at 100 PAPER per $1 in losses; now that the LP pool size exceeds $2 million, PAPER token emissions have entered a decay phase. Likely driven by the above-mentioned "trading losses for tokens" mechanism, data shows that users on the platform have accumulated $4.73 million in total trading losses. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, which pulls prices from the BBO mid-price of Hyperliquid’s order book. Users trade directly against the protocol’s LP as counterparty, rather than via traditional order book matching. The protocol’s key selling points include high leverage, zero slippage, and no funding fees.

41 minutes ago

Hedge funds’ net exposure to the US Magnificent Seven climbed to 22%, marking a new record high.

According to Goldman Sachs data, investor bullish sentiment toward large-cap tech stocks has reached an all-time high. Hedge funds’ total net exposure to the U.S. Magnificent 7 tech stocks has risen to 22%, a record high. This figure has surged by 7 percentage points since July, marking the largest three-month increase since 2023, and breaking the previous peak of 21% set in June 2024 (compared to just 8% during the 2022 bear market low). Meanwhile, hedge funds’ total net exposure to U.S. semiconductor stocks has climbed to 12%, only slightly below the 14% peak reached in June 2026, while this metric stood at just 2% at the start of 2025. Current market demand for tech stocks is extremely strong. (The Kobeissi Letter)

41 minutes ago

Papertrade launched in under 10 minutes, with nominal trading volume hitting $14.4 billion.

According to official information, Papertrade generated a notional trading volume of $14.4 billion in less than 10 minutes after its launch. As of press time, open interest for Bitcoin and Ethereum contracts stood at $3 billion and $2.66 billion respectively. The project’s early trading boom may be tied to its unique mechanism. Per the official documentation, the issuance model of PaperTrade’s native token PAPER works as follows: for every $1 a platform user loses, the protocol mints a certain number of PAPER tokens on a curve. When the liquidity provider (LP) balance is below $2 million, the minting ratio is fixed at 100 PAPER per $1 lost; once the LP balance exceeds $2 million, the minting rate begins to decay, with the number of PAPER minted decreasing as the LP balance grows.

41 minutes ago

Photo: Rostislav Uzunov / Pexels

Hyperliquid, a decentralized derivatives protocol, has surpassed $1.4 billion in cumulative revenue, with more than $1.26 billion directed towards open-market buybacks of its native asset, HYPE, according to a recent report by @WuBlockchain. This substantial financial maneuver highlights Hyperliquid’s robust revenue generation capabilities and its commitment to supporting the market price of HYPE through buybacks. The protocol’s financial figures point to a strong linkage between fee generation and HYPE demand, facilitated by the buyback mechanism. Markets appear to interpret this financial performance as supportive of potential price increases for HYPE, reflecting positive sentiment around Hyperliquid’s financial health.

Key Takeaways Hyperliquid’s cumulative revenue has exceeded $1.4 billion, suggesting significant financial health and market activity. Over $1.26 billion of this revenue has been used for HYPE buybacks, indicating strong support for the asset in the open market. Market pricing suggests participants view this development as consistent with scenarios where Hyperliquid’s price could increase. What to Watch The market for Hyperliquid reaching $100 by December 31, 2026, currently priced at 55.5% YES, may indicate growing confidence in the asset’s future value. Key indicators to watch include any announcements of partnerships or technological advancements, which could further bolster market sentiment. Conversely, negative developments such as security breaches or regulatory challenges could influence market perceptions and pricing. Monitoring these factors will be crucial in assessing the likelihood of Hyperliquid hitting its price targets.

Term Structure

Contract Odds Δ since publish Volume 24h December 31 54% -1.5¢ $144 View market → January 1 2027 2.2% 0.0¢ — View market → January 1 2027 1.5% +0.1¢ — View market → January 1 2027 2.9% 0.0¢ — View market → January 1 2027 1.6% 0.0¢ — View market → January 1 2027 5.5% 0.0¢ — View market → January 1 2027 3.5% 0.0¢ — View market → January 1 2027 4% 0.0¢ $101 View market → January 1 2027 9.5% 0.0¢ $40 View market → January 1 2027 7% 0.0¢ — View market → Updated 5min ago

ASML to Uniformly Hike Prices of Lithography Machine Components for Samsung and SK Hynix by 10%, As AI Production Expansion Boom Drives Up Equipment Costs.

According to South Korean media reports, ASML has notified Samsung Electronics and SK Hynix that it will implement a uniform 10% price increase on EUV and DUV lithography machine components for the South Korean market. The adjustment covers regularly replaced consumable parts and core components required for fault repairs, including optical systems, light sources, and precision drive units. After consultations between the procurement departments of both sides, the two memory chip giants have accepted the price hike plan, with the adjustment set to take effect in January next year. This uniform across-the-board price increase is relatively rare; ASML previously typically adjusted prices only individually for components facing rising raw material costs or tight supply of specific materials. Meanwhile, the company is in negotiations with key clients over price hikes for new equipment. According to earlier reports, equipment manufacturers including Applied Materials and Tokyo Electron have also raised product prices, and the price hike trend in the semiconductor equipment sector is spreading. AI data center investment is driving memory chip and foundry players to expand production capacity, leading to a concentrated surge in demand for equipment and components. With suppliers taking time to ramp up production, coupled with inflation and raw material cost pressures, bargaining power in the equipment supply chain is shifting toward suppliers. The report noted that TSMC had previously opposed ASML’s equipment price hikes, indicating that different clients still have varying levels of acceptance of rising costs.

30 minutes ago

Apple places a 30% additional order for iPhone Duo, while the total volume of the iPhone 18 Pro series remains unchanged.

According to sources from Apple's supply chain, the tech giant is making structural adjustments to its 2026 fall new iPhone orders: it has placed an additional 30% order for the iPhone Duo, though the total volume still remains below 10 million units; it has cut orders for the iPhone 18 Pro by 10% to 15%, while increasing orders for the iPhone 18 Pro Max by 10% to 15%, leaving the total order volume for the entire iPhone 18 Pro series unchanged. An Apple supply chain source said, "This means sales are shifting toward higher-value products, which is overall positive for the performance of Apple's supply chain companies."

30 minutes ago

A crypto whale adds to HYPE buy orders, with planned buy-the-dip positions totaling $10.8 million.

According to TradingBeats monitoring, a crypto whale has added 7 new limit buy orders for HYPE at prices ranging from $64.099 to $77.93, totaling roughly $2.52 million. Combined with orders placed on October 8 that are still active, the account holds a total of 30 buy orders spanning $61.26 to $81.94, with a combined value of approximately $10.828 million. The account currently has no open positions. HYPE is trading at around $84.22 at press time, and its highest buy order price of $81.94 is roughly 2.7% lower than the current spot price; order amounts are distributed across the entire price range.

30 minutes ago

Claude Code Projects has fully lifted its waitlist, enabling Pro and Max users who were on the waitlist to now use the service.

Beating AI Express (Insight) – Anthropic announced that all waitlisted Pro and Max tier users who applied for Claude Code Projects have now been granted testing access. The feature launched in September, initially available only to a small subset of users. While its scope has expanded, it remains in Beta testing and is not yet fully open to all paid subscribers. Claude Code Projects functions as a project management agent: users only need to submit requests, and it automatically splits tasks and assigns them to multiple concurrent Claude Code sessions. Each session independently writes code, runs tests, submits pull requests (PRs), and reports back to the manager, eliminating the need for users to assign tasks or track progress manually. These sessions share project data and memory, run on the cloud by default, and can continue operating even when the user’s computer is powered off. For tasks requiring local files or software, users can also designate execution on their own device.

30 minutes ago

2 New Wallets Withdraw 280.75M $龙虾 ($12.21M) From Exchanges in 3 Days

2 newly created wallets (0x4d28 and 0x5a42) withdrew 280.75M $龙虾 ($12.21M) from exchanges over the past 3 days, 28.08% of the total supply.

30 minutes ago

Supermicro contractor pleads guilty; $2.5 billion server order tied to smuggling case.

Beating AI Express News: Ting-Wei Sun, a former contractor of Supermicro, has pleaded guilty in a New York federal court in the U.S. He was involved in illegally diverting servers equipped with NVIDIA high-end AI chips to China, admitting to four charges: conspiracy to violate export controls, conspiracy to smuggle, conspiracy to defraud the U.S. government, and obstruction of justice. Previously, U.S. prosecutors indicted three people total. Besides Sun, the defendants include Supermicro co-founder Yih-Shyan Liaw and Ruei-Tsang Chang, general manager of the company’s Taiwan office. The U.S. Department of Justice (DOJ) disclosed earlier that between 2024 and 2025, a Southeast Asian middleman purchased approximately $2.5 billion worth of equipment from the involved U.S. server manufacturer. Prosecutors allege that at least $510 million worth of these servers were illegally diverted to China in just a few weeks in 2025. The involved servers were typically first shipped via Taiwan to Southeast Asia, then repackaged and sent to China. To evade inspections, the suspects placed thousands of non-functional dummy servers in warehouses and used hair dryers to remove labels and serial numbers. Prosecutors said Sun participated in arranging the dummy servers and made false statements during inspections by the U.S. Department of Commerce. Supermicro was not named as a defendant in the case and has cut ties with the three involved individuals. An independent investigation released by the company in August found no evidence that current executives were aware of the smuggling scheme.

30 minutes ago

ASML to Uniformly Hike Prices of Lithography Machine Components for Samsung and SK Hynix by 10%, As AI Production Expansion Boom Drives Up Equipment Costs.

According to South Korean media reports, ASML has notified Samsung Electronics and SK Hynix that it will implement a uniform 10% price increase on EUV and DUV lithography machine components for the South Korean market. The adjustment covers regularly replaced consumable parts and core components required for fault repairs, including optical systems, light sources, and precision drive units. After consultations between the procurement departments of both sides, the two memory chip giants have accepted the price hike plan, with the adjustment set to take effect in January next year. This uniform across-the-board price increase is relatively rare; ASML previously typically adjusted prices only individually for components facing rising raw material costs or tight supply of specific materials. Meanwhile, the company is in negotiations with key clients over price hikes for new equipment. According to earlier reports, equipment manufacturers including Applied Materials and Tokyo Electron have also raised product prices, and the price hike trend in the semiconductor equipment sector is spreading. AI data center investment is driving memory chip and foundry players to expand production capacity, leading to a concentrated surge in demand for equipment and components. With suppliers taking time to ramp up production, coupled with inflation and raw material cost pressures, bargaining power in the equipment supply chain is shifting toward suppliers. The report noted that TSMC had previously opposed ASML’s equipment price hikes, indicating that different clients still have varying levels of acceptance of rising costs.

26 minutes ago

Apple places a 30% additional order for iPhone Duo, while the total volume of the iPhone 18 Pro series remains unchanged.

According to sources from Apple's supply chain, the tech giant is making structural adjustments to its 2026 fall new iPhone orders: it has placed an additional 30% order for the iPhone Duo, though the total volume still remains below 10 million units; it has cut orders for the iPhone 18 Pro by 10% to 15%, while increasing orders for the iPhone 18 Pro Max by 10% to 15%, leaving the total order volume for the entire iPhone 18 Pro series unchanged. An Apple supply chain source said, "This means sales are shifting toward higher-value products, which is overall positive for the performance of Apple's supply chain companies."

26 minutes ago

A crypto whale adds to HYPE buy orders, with planned buy-the-dip positions totaling $10.8 million.

According to TradingBeats monitoring, a crypto whale has added 7 new limit buy orders for HYPE at prices ranging from $64.099 to $77.93, totaling roughly $2.52 million. Combined with orders placed on October 8 that are still active, the account holds a total of 30 buy orders spanning $61.26 to $81.94, with a combined value of approximately $10.828 million. The account currently has no open positions. HYPE is trading at around $84.22 at press time, and its highest buy order price of $81.94 is roughly 2.7% lower than the current spot price; order amounts are distributed across the entire price range.

26 minutes ago

Claude Code Projects has fully lifted its waitlist, enabling Pro and Max users who were on the waitlist to now use the service.

Beating AI Express (Insight) – Anthropic announced that all waitlisted Pro and Max tier users who applied for Claude Code Projects have now been granted testing access. The feature launched in September, initially available only to a small subset of users. While its scope has expanded, it remains in Beta testing and is not yet fully open to all paid subscribers. Claude Code Projects functions as a project management agent: users only need to submit requests, and it automatically splits tasks and assigns them to multiple concurrent Claude Code sessions. Each session independently writes code, runs tests, submits pull requests (PRs), and reports back to the manager, eliminating the need for users to assign tasks or track progress manually. These sessions share project data and memory, run on the cloud by default, and can continue operating even when the user’s computer is powered off. For tasks requiring local files or software, users can also designate execution on their own device.

26 minutes ago

2 New Wallets Withdraw 280.75M $龙虾 ($12.21M) From Exchanges in 3 Days

2 newly created wallets (0x4d28 and 0x5a42) withdrew 280.75M $龙虾 ($12.21M) from exchanges over the past 3 days, 28.08% of the total supply.

26 minutes ago

Supermicro contractor pleads guilty; $2.5 billion server order tied to smuggling case.

Beating AI Express News: Ting-Wei Sun, a former contractor of Supermicro, has pleaded guilty in a New York federal court in the U.S. He was involved in illegally diverting servers equipped with NVIDIA high-end AI chips to China, admitting to four charges: conspiracy to violate export controls, conspiracy to smuggle, conspiracy to defraud the U.S. government, and obstruction of justice. Previously, U.S. prosecutors indicted three people total. Besides Sun, the defendants include Supermicro co-founder Yih-Shyan Liaw and Ruei-Tsang Chang, general manager of the company’s Taiwan office. The U.S. Department of Justice (DOJ) disclosed earlier that between 2024 and 2025, a Southeast Asian middleman purchased approximately $2.5 billion worth of equipment from the involved U.S. server manufacturer. Prosecutors allege that at least $510 million worth of these servers were illegally diverted to China in just a few weeks in 2025. The involved servers were typically first shipped via Taiwan to Southeast Asia, then repackaged and sent to China. To evade inspections, the suspects placed thousands of non-functional dummy servers in warehouses and used hair dryers to remove labels and serial numbers. Prosecutors said Sun participated in arranging the dummy servers and made false statements during inspections by the U.S. Department of Commerce. Supermicro was not named as a defendant in the case and has cut ties with the three involved individuals. An independent investigation released by the company in August found no evidence that current executives were aware of the smuggling scheme.

26 minutes ago

黑客疑将Tornado Cash洗钱资金转入Hyperliquid，40倍杠杆做空BTC

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One of DeFi's strangest perps experiments is about to go live.

Papertrade, a perpetuals exchange built on HyperEVM (Hyperliquid's smart contract layer) and co-founded by popular, "semi-pseudonymous" traders Jez and Blurr, opened pre-deposits yesterday with live trading slated fatefully for tomorrow, Oct. 10, the anniversary of crypto’s monumental crash last year.

When we broke down Papertrade in May, the pitch sounded outlandish: up to 1000x leverage, no slippage or funding payments, and a token, PAPER, that traders earn by losing.

Five months later, here's a quick refresher on how it works, how Saturday's rollout will unfold, and a glimpse into the ecosystem already forming around it.

— (@)

How Papertrade Works Papertrade is essentially a casino where losing traders gradually become owners of the house's future earnings.

Instead of matching traders through an order book or using outside market makers, Papertrade takes the other side of every trade through a shared USDC pool, called a Martingaler LP, a pool that starts empty at $0 and fills from traders' losses.

This LP is its real innovation and works like such:

Place a trade: Deposit USDC ($10 minimum plus a one-time $1 activation fee), then bet on BTC or ETH at up to 1000x leverage.

Win and get paid: If your trade is profitable, you get your original collateral back, plus profits from the pool. If the pool runs short, unpaid profits wait in a first-come, first-served queue. For example, if you're owed $100 and the next trader loses $60, you get $60 and wait for the remaining $40.

Lose and earn PAPER: If your position loses money or gets liquidated, the losses fund the pool and mint PAPER, which you receive, initially at up to 100 tokens per $1 of qualifying losses while the pool holds less than $2M. That rate declines as the pool grows.

Stake PAPER: You can then stake your PAPER to earn a share of the exchange's trading fees in USDC. Once the pool exceeds $5M, additional pool gains can also go to stakers.

These are just the basic mechanics, so if you want to dig deeper, I'd highly recommend reading our original article and Papertrade's docs for a more holistic view of the protocol.

How Papertrade Turns Liquidations Into Ownership on Bankless

A new perps exchange pioneers one of crypto’s strangest and most innovative trading mechanisms yet.

Bankless

How Launch Weekend Will Play Out Expect a gradual rollout rather than everyone trading at once given the HyperEVM will likely get congested from all the activity.

In anticipation of this, Papertrade set out several launch phases:

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Phase 0 (Thursday): Pre-deposits, as mentioned, opened yesterday and remain open until launch. Depositing early doesn't improve trading priority, but funding an account after launch may mean you experience delays as a result of the chain's congestion.

Phase 1 (Saturday): Trading begins through Papertrade's website, where approved services submit trades you've signed onchain: a feature meant to limit bots' ability to jump the line. Liquidations take priority over new positions, and smaller trades may wait longer.

Later phases: Bots and AI agents will be able to trade directly, third-party apps can earn fees for bringing in traders, and PAPER will eventually become transferable. It can't be sold at launch.

Trading is expected to start roughly an hour after a HyperEVM upgrade expected Saturday, though an exact time hasn't been announced and there's a small chance it slips to Sunday.

Who's Lining Up to Trade If you aren't yourself a trader, an ecosystem is already forming around Papertrade, offering other ways to partake in the mayhem. For example:

DX Research Group / DXAP: The team behind DX Terminal runs DXAP, an invite-only app that lets AI agents trade users' Hyperliquid accounts. Founder poof says its Superclip agent plans to trade with DXAP users' funds, though exactly how remains unclear.

PaperStrategy: Then there's PaperStrategy, an anonymous project using 90% of a 10% tax on trades of its PSTR token to fund strategies that accumulate and stake PAPER. Of the resulting USDC staking revenue, 90% buys back and burns PSTR, while 10% goes to the team.

PaperDAO: PaperDAO raised funds through daos.world on Oct. 7 and pooled users' money into one treasury, which plans to farm PAPER at launch and stake it for USDC revenue. Its PULP token represents a proportional share of the treasury, redeemable for PAPER once transfers are enabled.

— (@)

The Bottom Line For all the energy around it, there are plenty of risks to be aware of:

Delayed payouts: If too many traders win, the pool could run short of money, leaving profitable traders waiting indefinitely for payouts.

Price manipulation: Manipulated Hyperliquid prices (which effectively act as an oracle for positions on Papertrade) could allow traders to extract money unfairly from the pool.

PAPER farming: As Delphi Digital's tempest calls out, paired long and short positions could let traders mint PAPER cheaply, diluting existing holders without adding nearly as much cash to the pool. PAPER itself may also never be worth what traders spend acquiring it.

Extreme leverage: At 1000x, a roughly 0.1% move against a position could wipe out its margin.

Yet the protocol's incredibly imaginative and the excitement forming around launch clearly indicates this launch should not be ignored. Whether Papertrade ultimately works remains to be seen, but it's refreshing to see something genuinely different come to market.

DeFi could use more experiments like it.

Crypto Price Analysis Oct-09: ETH, XRP, ADA, BNB, and HYPE

Ethereum rose 71% in Q3, with its profit supply ratio still not entering the warning zone.

Coinbase Institutional issued a report noting that ETH rallied 71% in the third quarter, yet on-chain metrics show no clear signs of overheating in its price action. Data indicates the share of ETH supply in profit has exited the accumulation range, but remains well below the warning threshold, signaling the current market has not reached the overextended levels flagged by historical metrics.

5 hours ago

Hacker who stole funds from Ledger transferred $1.07 million worth of ETH to Tornado Cash, with some of the funds flowing into Binance’s hot wallet.

According to Onchain Lens monitoring, the suspected hackers linked to the recent crypto heist involving Ledger reseller CryptoBillis — with the stolen amount reportedly nearly $90 million — have transferred 430.2 ETH, valued at around $1.07 million, to Tornado Cash via four wallets. After Tether froze some of the related funds, the suspects reportedly began converting USDT to USDD via SUN.io and USDD’s Peg Stability Module (PSM), while another portion of the funds flowed into Binance’s hot wallet. The suspected wallets flagged by Onchain Lens currently hold approximately $70.6 million in assets, including 11,406 ETH (worth ~$28.35 million), 213.371 BTC (~$17.65 million), 13.646 million USDD (~$13.65 million), and 10.909 million USDT (~$10.91 million). As on-chain funds continue to move, the above tracking data and suspect associations remain to be further verified.

5 hours ago

Former Mt.Gox CEO claims to have discovered Ledger hardware wallets implanted with spy modules, which can send mnemonic phrase information via LTE.

Former Mt. Gox CEO Mark Karpelès revealed in a post that a Ledger hardware wallet he received is suspected to have an implanted spy module. The device originated from Malaysia; its outer packaging’s heat-shrink film was intact, and anomalies were not immediately noticeable upon opening. The implant was hidden in the position of the screen’s original buffer pad. Karpelès further detailed that the module contains LTE communication components, an antenna, eSIM, and a microcontroller connected to Ledger’s SPI bus. It can analyze characters displayed on the device to users and exfiltrate relevant data after the mnemonic phrase is configured. Attackers may subsequently monitor the victim’s wallet address and transfer assets at an opportune moment. He urged users to inspect their devices in accordance with Ledger’s official guidance.

5 hours ago

MAGIC rose over 60% in 24 hours, pushing its market capitalization to $33 million.

According to HTX market data, MAGIC has surged over 60% in the past 24 hours, currently trading at $0.0992, with its market cap rising to $33 million.

5 hours ago

某用户6月抄底80枚BTC浮盈138万美元，一周前存入Ledger现已全部被盗

According to Lookonchain’s monitoring, a user purchased 80 BTC for approximately $65,000 around four months ago, with a total investment of about $5.2 million. The user once recorded an unrealized profit of roughly $1.38 million. However, the user bought a Ledger hardware wallet from third-party dealer CryptoBillis a week ago and transferred all 80 BTC into it, only to have the entire funds stolen now. This incident is linked to recent fund thefts involving multiple CryptoBillis clients, though whether the devices were tampered with, the specific attack method, and the attacker’s identity remain unconfirmed.

5 hours ago

Investor Loses 80 $BTC ($5.2M) After Buying Compromised Ledger From Reseller

Poor guy! 4 months ago, he bought 80 $BTC ($5.2M) at a low price of ~$65,000 and was sitting on a $1.38M profit. But a week ago, he bought a Ledger device from reseller CryptoBillis and deposited all 80 $BTC into it. Now he's lost everything.

5 hours ago

9 hours ago

According to TradingBeats' monitoring, as of the morning of October 9, the Hyperliquid whale address 0x880a…311c holds approximately 9,563 ZEC short positions, with a position value of around $11.67 million, using 10x leverage at an average entry price of roughly $1,376.6. The address currently has an unrealized profit of about $1.49 million, translating to a position return of approximately 113.4%. Over the past 24 hours, the address reduced its ZEC short positions in 14 separate transactions, totaling around $3.99 million in position cuts, and still retains a short position worth roughly $10 million. Currently, the ZEC contract mark price is approximately $1,220.5, about 11.3% lower than the address' average entry price.

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Gambler Opens $25.4M 40x Short on $BTC at $84,086 Liquidation Price

A gambler (or possibly a hacker) sold 262.78 $ETH for 643K $USDC and deposited it into Hyperliquid, then opened a 40x short on 305.51 $BTC ($25.4M) 40 minutes ago. Liquidation price: $84,086.03

9 minutes ago

Pre-market news roundup for US stocks: Morgan Stanley is bullish on SpaceX; Apple to cut iPhone 18 Pro orders; Netflix is undergoing restructuring.

Key pre-market news for U.S. stocks is as follows: 1. Morgan Stanley bullish on SpaceX: $300 price target, citing long-term growth potential from enterprise AI, computing power expansion, and U.S. manufacturing revival. 2. Apple plans to hold a new product event around Oct. 27, with expected launches including a touchscreen Mac and new iPad mini. Separately, Nikkei reports Apple is cutting iPhone 18 Pro orders due to weak demand. 3. SpaceX announces an agreement to acquire a nationwide low-band spectrum asset portfolio. 4. Nvidia may adopt Intel’s Foveros packaging technology; the chipmaker will invest in rival semiconductor firm D-Matrix. 5. Coreweave is discussing data center partnerships with South Korea. 6. Market news: Netflix is undergoing a restructuring that will impact roughly 5% of its workforce, with an announcement possibly coming as early as next week. 7. Data center firm Firmus, reportedly backed by Nvidia, is seeking $3 billion in funding after shelving its IPO plans.

9 minutes ago

Codex can now directly operate iPhones, with developers open-sourcing the full set of tools.

Beating AI News: Former Doubao desktop product manager Zhong Erxin has open-sourced iPhone Use, allowing Codex to directly operate real iPhones. Users only need to issue tasks in natural language, and Codex can open apps, read pages, tap, swipe, input Chinese, and search and organize lists. The entire operation process is viewable in real time in Codex’s sidebar. The project is built on Appium’s WebDriverAgent (WDA), a mobile automation tool based on Apple’s XCTest framework. Developers first install WDA on the iPhone via Xcode, then send Codex’s instructions to the device via the Mac-based MCP service, with WDA executing actions like taps and inputs. No jailbreaking is required, nor is a separate Appium Server deployment needed. To cut down on AI overhead from repeatedly viewing screenshots, iPhone Use prioritizes reading system-provided UI control data to directly identify button text, positions, and statuses. For unrecognizable or occluded controls, it falls back to screenshots for the model to determine tap coordinates. It also supports batch execution of continuous operations to reduce model call counts. The sidebar’s real-time feed is pulled via WDA’s independent screen stream, eliminating the need for repeated screenshots. Currently, iPhone Use’s official tutorial still requires a USB connection to the phone; first-time use requires Xcode to sign and install WDA. Apple supports wireless debugging, and WDA is network-accessible, but the project has not yet released a complete wireless connection configuration solution.

9 minutes ago

AI model startup TypeSafe AI, developer of the Jev AI model, has raised approximately $870 million in funding, led by a16z.

Beating AI Insight Flash News: Startup TypeSafe AI, developer of the AI model Jev, has completed approximately $870 million in funding, led by Andreessen Horowitz (a16z), with participation from Sequoia Capital and multiple angel investors, valuing the company at $7.5 billion. Jev quickly gained popularity after its launch several weeks ago. TypeSafe reports that its user base surpassed 1 million within days, and the model is now used by roughly one-third of Fortune 500 companies. Unlike traditional large language models (LLMs), Jev is not designed for chatting, email writing, or code generation. Instead, it integrates directly into software to execute decision-making tasks, aiming to deliver AI automation at lower costs and higher speeds. According to the company, it processes trillions of tokens daily. TypeSafe was founded by researchers from OpenAI, Meta, and Google, and currently has a team of just over 20 people. The company stated that the new funding will be used to expand product deployment, hire staff, and increase computing power resources. Its CEO said the company has achieved profitability after accounting for all expenses, though revenue figures were not disclosed.

9 minutes ago

Analysis: AI leading stocks pushed the S&P 500 index up 117% during the bull market, with mounting market concentration risk.

Market analysis notes that since October 2022, the S&P 500 index has risen 117% cumulatively, driving the total market capitalization of U.S. stocks to increase by nearly $40 trillion, with the rally mainly fueled by AI-related stocks. Meanwhile, the S&P 500 Equal Weight Index has underperformed its market-cap weighted counterpart by 52 percentage points, hitting the widest gap in history—underscoring this bull market’s reliance on a small number of large tech stocks. Nvidia’s share price has surged more than 1900% cumulatively over the same period, while U.S. Treasury yields have recently risen to 5.34%, further stoking market concerns about valuation pressures. Investors are closely monitoring whether corporate earnings growth can sustain this bull market.

9 minutes ago

Injective Releases INJ and Proposed ETF Operational Guidelines, Detailing Token Economic Model and On-Chain Financial Applications

Injective has published a post explaining the relationship between its blockchain network, native token INJ, and the proposed Canary Staked INJ ETF (ticker: INJC). The blockchain serves as a transaction settlement infrastructure for financial applications, while INJ is used to pay network fees, stake to maintain network security, and participate in governance. If approved, INJC will offer investors exposure to INJ price movements and staking yields via traditional securities accounts. On the token economic front, Injective distributes staking rewards through protocol issuance and reduces circulating supply via token burns. Its Community BuyBack mechanism ties ecosystem revenue to INJ burns: participants receive a proportional share of an ecosystem asset basket based on the percentage of INJ they commit, while their committed INJ is burned. Regarding the ETF, Canary Capital has filed a related application with the U.S. SEC, naming BitGo Bank & Trust as the proposed custodian for INJ. Per the application documents, the fund plans to stake at least 90% of its INJ under normal conditions, with staking rewards typically reinvested. The product remains a proposal and is pending regulatory approval.

9 minutes ago

Gambler Opens $25.4M 40x Short on $BTC at $84,086 Liquidation Price

A gambler (or possibly a hacker) sold 262.78 $ETH for 643K $USDC and deposited it into Hyperliquid, then opened a 40x short on 305.51 $BTC ($25.4M) 40 minutes ago. Liquidation price: $84,086.03

9 minutes ago

Pre-market news roundup for US stocks: Morgan Stanley is bullish on SpaceX; Apple to cut iPhone 18 Pro orders; Netflix is undergoing restructuring.

Key pre-market news for U.S. stocks is as follows: 1. Morgan Stanley bullish on SpaceX: $300 price target, citing long-term growth potential from enterprise AI, computing power expansion, and U.S. manufacturing revival. 2. Apple plans to hold a new product event around Oct. 27, with expected launches including a touchscreen Mac and new iPad mini. Separately, Nikkei reports Apple is cutting iPhone 18 Pro orders due to weak demand. 3. SpaceX announces an agreement to acquire a nationwide low-band spectrum asset portfolio. 4. Nvidia may adopt Intel’s Foveros packaging technology; the chipmaker will invest in rival semiconductor firm D-Matrix. 5. Coreweave is discussing data center partnerships with South Korea. 6. Market news: Netflix is undergoing a restructuring that will impact roughly 5% of its workforce, with an announcement possibly coming as early as next week. 7. Data center firm Firmus, reportedly backed by Nvidia, is seeking $3 billion in funding after shelving its IPO plans.

9 minutes ago

Codex can now directly operate iPhones, with developers open-sourcing the full set of tools.

Beating AI News: Former Doubao desktop product manager Zhong Erxin has open-sourced iPhone Use, allowing Codex to directly operate real iPhones. Users only need to issue tasks in natural language, and Codex can open apps, read pages, tap, swipe, input Chinese, and search and organize lists. The entire operation process is viewable in real time in Codex’s sidebar. The project is built on Appium’s WebDriverAgent (WDA), a mobile automation tool based on Apple’s XCTest framework. Developers first install WDA on the iPhone via Xcode, then send Codex’s instructions to the device via the Mac-based MCP service, with WDA executing actions like taps and inputs. No jailbreaking is required, nor is a separate Appium Server deployment needed. To cut down on AI overhead from repeatedly viewing screenshots, iPhone Use prioritizes reading system-provided UI control data to directly identify button text, positions, and statuses. For unrecognizable or occluded controls, it falls back to screenshots for the model to determine tap coordinates. It also supports batch execution of continuous operations to reduce model call counts. The sidebar’s real-time feed is pulled via WDA’s independent screen stream, eliminating the need for repeated screenshots. Currently, iPhone Use’s official tutorial still requires a USB connection to the phone; first-time use requires Xcode to sign and install WDA. Apple supports wireless debugging, and WDA is network-accessible, but the project has not yet released a complete wireless connection configuration solution.

9 minutes ago

AI model startup TypeSafe AI, developer of the Jev AI model, has raised approximately $870 million in funding, led by a16z.

Beating AI Insight Flash News: Startup TypeSafe AI, developer of the AI model Jev, has completed approximately $870 million in funding, led by Andreessen Horowitz (a16z), with participation from Sequoia Capital and multiple angel investors, valuing the company at $7.5 billion. Jev quickly gained popularity after its launch several weeks ago. TypeSafe reports that its user base surpassed 1 million within days, and the model is now used by roughly one-third of Fortune 500 companies. Unlike traditional large language models (LLMs), Jev is not designed for chatting, email writing, or code generation. Instead, it integrates directly into software to execute decision-making tasks, aiming to deliver AI automation at lower costs and higher speeds. According to the company, it processes trillions of tokens daily. TypeSafe was founded by researchers from OpenAI, Meta, and Google, and currently has a team of just over 20 people. The company stated that the new funding will be used to expand product deployment, hire staff, and increase computing power resources. Its CEO said the company has achieved profitability after accounting for all expenses, though revenue figures were not disclosed.

9 minutes ago

Analysis: AI leading stocks pushed the S&P 500 index up 117% during the bull market, with mounting market concentration risk.

Market analysis notes that since October 2022, the S&P 500 index has risen 117% cumulatively, driving the total market capitalization of U.S. stocks to increase by nearly $40 trillion, with the rally mainly fueled by AI-related stocks. Meanwhile, the S&P 500 Equal Weight Index has underperformed its market-cap weighted counterpart by 52 percentage points, hitting the widest gap in history—underscoring this bull market’s reliance on a small number of large tech stocks. Nvidia’s share price has surged more than 1900% cumulatively over the same period, while U.S. Treasury yields have recently risen to 5.34%, further stoking market concerns about valuation pressures. Investors are closely monitoring whether corporate earnings growth can sustain this bull market.

9 minutes ago

Injective Releases INJ and Proposed ETF Operational Guidelines, Detailing Token Economic Model and On-Chain Financial Applications

Injective has published a post explaining the relationship between its blockchain network, native token INJ, and the proposed Canary Staked INJ ETF (ticker: INJC). The blockchain serves as a transaction settlement infrastructure for financial applications, while INJ is used to pay network fees, stake to maintain network security, and participate in governance. If approved, INJC will offer investors exposure to INJ price movements and staking yields via traditional securities accounts. On the token economic front, Injective distributes staking rewards through protocol issuance and reduces circulating supply via token burns. Its Community BuyBack mechanism ties ecosystem revenue to INJ burns: participants receive a proportional share of an ecosystem asset basket based on the percentage of INJ they commit, while their committed INJ is burned. Regarding the ETF, Canary Capital has filed a related application with the U.S. SEC, naming BitGo Bank & Trust as the proposed custodian for INJ. Per the application documents, the fund plans to stake at least 90% of its INJ under normal conditions, with staking rewards typically reinvested. The product remains a proposal and is pending regulatory approval.

9 minutes ago

58 minutes ago

According to CNBC, crypto asset platform Blockchain.com has submitted two license applications to the U.S. Commodity Futures Trading Commission (CFTC), with plans to offer event contracts and cryptocurrency derivatives trading services to U.S. retail and institutional clients. Specifically, Blockchain.com is applying to become a Designated Contract Market (DCM) to operate a regulated futures trading platform, while also seeking registration as a Futures Commission Merchant (FCM) to provide derivatives brokerage services. Co-founder and CEO Peter Smith stated that the company aims to enable users to manage digital assets, trade derivatives, and transact on real-world events all in one platform. Earlier this year, Blockchain.com partnered with Polymarket to offer prediction market services to select users, and provided perpetual contract trading to some international clients via Hyperliquid. This application signals the firm’s push to expand these operations into the U.S. market. CNBC data shows that 12 companies, including Blockchain.com, have applied for CFTC Designated Contract Market licenses so far this year, with regulators approving six new trading platforms in the same period. As crypto trading platforms and prediction markets continue to converge, more firms are seeking entry into the event contract and derivatives markets. Additionally, Blockchain.com is advancing its listing plans. The company confidentially submitted an IPO registration draft to the U.S. Securities and Exchange Commission (SEC) in May this year. Bloomberg previously reported that the firm plans to go public this year, targeting a valuation of $4 billion to $6 billion.

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Wall Street’in hisse senedi, tahvil ve diğer finansal varlıkları blokzincire taşıması, kripto piyasasında yeni gelir alanları yaratabilir. Citrini, 8 Ekim’de yayımladığı 79 sayfalık Breaking the Wall raporunda, Bitcoin ve Ethereum dışında bu dönüşümden faydalanabilecek kripto projelerini öne çıkardı.

Raporda Aerodrome (AERO), Maple (SYRUP), Ondo (ONDO), Pendle (PENDLE) ve Derive (DRV) gibi projeler dikkat çekiyor. Citrini, tokenizasyon büyüdükçe işlem, borç verme ve ödeme faaliyetlerinden ücret elde eden platformların daha fazla gelir sağlayabileceğini savunuyor.

Ancak önemli bir ayrım var: Blokzincir kullanımının artması, ilgili tokenın fiyatının da yükseleceği anlamına gelmiyor. Asıl mesele, oluşan ekonomik değerin hangi protokole ve ne ölçüde token sahiplerine yansıdığı.

Tokenizasyon Altcoinlere Nasıl Gelir Sağlayabilir? Tokenizasyon, hisse senedi ve tahvil gibi geleneksel varlıkların blokzincir üzerinde dijital tokenlarla temsil edilmesini sağlıyor. Bu tokenlar işlem görebiliyor ve bazı platformlarda kredi teminatı olarak kullanılabiliyor.

Citrini’ye göre asıl fırsat, bu varlıkların alım satımını ve finansmanını sağlayan protokollerde. Tokenizasyon büyüdükçe işlem ve borç verme faaliyetleri artabilir, bu da platformlara daha fazla ücret geliri sağlayabilir. Peki Citrini, bu fırsattan yararlanabilecek hangi altcoinleri öne çıkardı?

Listede Hangi Altcoinler Var? Citrini’nin değerlendirmesinde farklı iş modellerine sahip projeler bulunuyor. Bazıları işlem ücretlerinden, bazıları kredi faaliyetlerinden, bazıları ise finansal altyapı hizmetlerinden faydalanabilecek şekilde konumlanıyor.

İşlem platformları: Aerodrome (AERO) ve Uniswap (UNI) Aerodrome, tokenlaştırılmış hisse senetlerinin alım satımından ücret elde edebilecek merkeziyetsiz işlem platformu olarak öne çıkıyor. Uniswap ise farklı tokenların alınıp satılmasını sağlayan merkeziyetsiz piyasa altyapısı sunuyor.

Kredi ve getiri ürünleri: Maple (SYRUP), Aave (AAVE) ve Pendle (PENDLE) Maple, kurumsal yatırımcılara yönelik blokzincir tabanlı kredi ürünleri yönetiyor. Aave, merkeziyetsiz borç verme altyapısı sağlıyor. Pendle ise yatırımcıların faiz getiren varlıklardan doğacak gelecekteki gelirleri alıp satmasına olanak tanıyor.

Tokenlaştırılmış varlıklar: Ondo Finance (ONDO) Ondo, tokenlaştırılmış ABD tahvilleri ve hisse senedi ürünleri sunuyor. Proje, daha yakın dönemde sürekli vadeli işlem ürünleri alanına da genişledi. Citrini’nin tezine göre geleneksel finansal varlıklar blokzincire taşındıkça bu ürünlerin çevresinde daha fazla işlem faaliyeti oluşabilir.

Stablecoin ve finansal hizmetler: Ethena (ENA) ve ether.fi (ETHFI) Ethena, stablecoin ihracının yanı sıra dijital finans hizmetlerini genişletiyor. Proje; yüksek getirili tasarruf ürünleri, kartlar ve ödemeler gibi alanlara yöneliyor. ether.fi ise kripto tabanlı finansal hizmetler sunuyor.

Veri ve blokzincir altyapısı: Chainlink (LINK) ve LayerZero (ZRO) Chainlink, piyasa verilerini blokzincir uygulamalarına taşıyan oracle altyapısıyla öne çıkıyor. LayerZero ise farklı blokzincirlerin birbirine bağlanmasını sağlıyor. Tokenlaştırılmış varlıklar daha fazla platformda kullanıldıkça bu tür altyapılara duyulan ihtiyaç da artabilir.

Türev işlemler: Derive (DRV), Lighter (LIT) ve Variational (VAR) Derive, merkeziyetsiz opsiyon işlemlerine odaklanıyor. Citrini ayrıca sürekli vadeli işlem piyasasında faaliyet gösteren Lighter ve Variational gibi yeni platformlara da dikkat çekiyor. Bu platformlar, yatırımcıların bir varlığa sahip olmadan fiyat hareketleri üzerine işlem yapabildiği sürekli vadeli işlem pazarının büyümesinden pay alabilir.

Citrini, Hyperliquid’i (HYPE) de bu alandaki güçlü platformlardan biri olarak değerlendiriyor. Bununla birlikte rapor, Hyperliquid’e yönelik piyasa erişimini halka açık yatırım araçları üzerinden de ele alıyor. Bitwise Hyperliquid ETF’si (BHYP), raporun halka açık araçlar sepetinde yer alıyor. Bu ayrım önemli: ETF üzerinden sağlanan erişim, HYPE tokenının doğrudan kripto token sepetinde bulunmasıyla aynı şey değil.

Bu projelerin hepsi aynı fırsatı temsil etmiyor. Citrini’nin ortak tezi, tokenlaştırılmış finansal varlıklar yaygınlaştıkça bunların alım satımını, finansmanını ve risk yönetimini sağlayan protokollerin daha fazla ekonomik faaliyet çekebileceği yönünde.

Tokenizasyon Büyürse Altcoin Fiyatları da Yükselir mi? Citrini’nin raporundaki en önemli uyarı, artan işlem hacminin token sahiplerine otomatik olarak kazanç sağlamadığı yönünde.

Bir protokolün kullanıcı sayısı ve işlem hacmi artabilir. Ancak bu faaliyetlerden doğan ücretler doğrudan token sahiplerine aktarılmayabilir. Bu nedenle yatırımcıların yalnızca projenin ne kadar kullanıldığına değil, ne kadar gelir elde ettiğine ve bu gelirin nasıl dağıtıldığına da bakması gerekiyor.

Raporda likiditenin farklı blokzincirlere dağılması, güvenlik açıkları ve hukuki engeller de riskler arasında gösteriliyor. Bu sorunlar, tokenizasyonun yayılmasını yavaşlatabilir veya belirli platformların büyümesini sınırlayabilir.

Özellikle hisse fiyatını takip eden sentetik tokenlaştırılmış ürünler ayrı bir risk taşıyor. Bu ürünler, geleneksel hisselerin fiyat hareketlerine maruz kalma imkânı sunabilir; ancak yatırımcıya doğrudan mülkiyet veya oy hakkı vermeyebilir.

Citrini’nin değerlendirmesi, Bitcoin ve Ethereum’un değer kaybedeceğine dair kesin bir tahmin değil. Araştırma şirketi, Wall Street’in blokzincire geçişinden doğabilecek ekonomik faaliyetin farklı kripto projeleri için daha cazip fırsatlar yaratabileceğini savunuyor.

Yatırımcı açısından belirleyici olan, yalnızca tokenizasyonun büyümesi değil, bu büyümenin hangi protokollerde gerçek gelire dönüştüğü ve token sahiplerine ne ölçüde değer sağladığı. Bu nedenle Citrini’nin listesi kesin fiyat hedefleri olarak değil, iş modelleri ve gelir paylaşımı açısından incelenmesi gereken projeler olarak değerlendirilmeli.

Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.

Son Dakika kripto para haberleri için hemen tıkla.

Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.

On-chain analytics platform @OnchainLens has flagged a significant series of token movements by crypto investment firm Multicoin Capital, showing the firm has been steadily routing $HYPE tokens to the institutional trading platform @Coinbase Prime over the past month.

$63 Million in Transfers Over Four Weeks The transfers were presumably made with the intention of selling the tokens, though no official confirmation has been provided by the firm.

A Broader Pattern of Institutional Movements This latest wave of transfers is part of a longer-running trend.

The activity comes as $HYPE trades at elevated levels.

providing a structural demand offset to any institutional selling pressure.

For now, the market will be watching closely to see whether Multicoin's on-chain activity accelerates or slows as $HYPE tests the territory near its record highs.

Sources:
TokenPost: Multicoin Transfers $62.99 Million of HYPE to Coinbase Prime
Bitbase: Hyperliquid Strategies Buys $45.8M in HYPE as Whale Selling Fears Linger
Crypto Times: Hyperliquid Price Today, $340M Token Unlock Hits as HYPE Trades Near $93

HyperLabs unstaked 3.75 million HYPE, worth $331.4 million. According to the team, these tokens will not be sold on the open market.

Instead, HyperLabs arranged an OTC deal with an undisclosed institution. So far, 1.875 million HYPE has been distributed across five OTC buyer wallets.

Each of these wallets received 375K HYPE, implying that 50% of the 3.75 million HYPE OTC allocation has been distributed.

Source: Hypurrsan At the same time, Lookonchain observed that 1.25 million Hyperliquid [HYPE], worth $110.5 million, were restaked.

Usually, OTC sales are not inflationary, as such token movements do not increase supply on the open market. Thus, the sale tends to have a neutral impact on the market.

The restaked tokens further support this observation, as they reduce potential supply and signal long-term conviction from the buyer.

Is Multicoin reducing Hyperliquid exposure? In addition to the HyperLabs sale, other institutions seem to be actively selling. Onchain Lens reported that Multicoin deposited another 67.5K HYPE, worth $5.92 million, into Coinbase Prime.

Over the past month, Multicoin has moved a total of 760.58K HYPE, worth $62.99 million, to Coinbase Prime. Often, deposits to exchanges reflect preparation to sell, and these tokens may eventually be sold.

For now, based on exchange activity, it seems these tokens have not been sold yet. In fact, Spot Netflow has remained negative over this period.

Source: Coinglass On the 8th of October, for example, Spot Netflow plunged to -$10 million, then fell to -$1.8 million at press time. A sustained period of negative Netflow suggests that more funds have flowed out of exchanges, reducing the amount of HYPE available on exchanges and potentially limiting immediate sell-side supply.

Any impact on HYPE? Although HyperLabs’ sale did not negatively impact the market, HYPE is currently under extreme downside pressure. In fact, Hyperliquid fell from $94, lost the $90 support, and dropped to a low of $86.6 before slightly rising to $87 at press time.

Amid this price drop, the market’s downside momentum remains elevated. Notably, the Stochastic RSI formed a bearish crossover and fell to 19 as of writing, hitting deep into the bearish zone.

Source: Tradingview At the same time, the positive DI+ of the Directional Movement Index fell to 21, while the DI- has been on the rise, reaching 7. The rising DI- alongside declining DI+ suggests that downside pressure is strengthening.

Combined, these indicators suggest that downside momentum is strong and could continue. If the market pressure persists, Hyperliquid could revisit $84, with $80 acting as critical support.

However, if the market cools, downside risk could diminish, with HYPE likely reclaiming $90.

Final summary Hyperlabs unstaked 3.75 million HYPE, worth $331.4 million, and distributed to 5 OTC buyers’ wallets.  Multicoin deposited 67.5K HYPE, worth $5.92 million, into Coinbase Prime, raising total deposits to 760.58K HYPE, worth $62.99 million.

HYPE’s recent price action has sparked market attention as a major whale investor realized profits exceeding $23 million, intensifying debate over possible selling pressure and the next direction for the token.

Large Whale Capitalizes on HYPE GainsAs of the latest data, HYPE trades near $83.80, having recently rebounded by roughly 0.50% on the 4-hour TradingView chart. However, the token remains well below its recent peak between $94 and $95.

On-chain analytics platform Lookonchain identified significant whale activity driving the narrative. The whale, who accumulated 257,928 HYPE at an average price of $3.50 per token around two years ago—totaling approximately $902,000 at the time—has now secured over $23 million in profit.

In the past week, this wallet deposited 131,421 HYPE, valued at about $11.77 million, to the crypto exchange Kraken at an average price of $89.56. The same wallet still controls another 140,506 HYPE, estimated at $12.2 million based on current prices.

Despite these significant deposits, it is not confirmed whether all transferred tokens have been sold on the exchange. Nevertheless, market participants remain alert to further movements that could increase selling pressure if more tokens are sent to Kraken.

A whale who bought 257,928 HYPE at roughly $3.50 per token about two years ago has seen their position appreciate to over $23 million in profit, following recent deposits of more than $11.7 million worth of HYPE to Kraken. The wallet continues to hold over 140,000 HYPE valued at $12.2 million.

Technical Analysis: Support and Resistance LevelsRecent technical charts indicate that HYPE has pulled back from its $94-$95 high, now consolidating in the $83-$84 range. Buyers have attempted to stabilize the token at these levels, seen as a key support zone in the near term.

If HYPE remains above this region, further upside targets could include $88, followed by resistance at $90-$92. The prior high near $94-$95 continues to stand as a significant price ceiling for bulls.

Momentum indicators reflect a mixed picture. The 14-period Relative Strength Index (RSI) has fallen to 28.33, slipping below the traditional 30-point oversold threshold, which could indicate the recent decline has become overextended. The average RSI sits near 40.47, suggesting the majority of the recent move reflected strong selling enthusiasm.

However, the RSI remaining under 30 and a lack of immediate price recovery would signal that sellers retain control, potentially driving prices lower before a meaningful rebound develops.

The 14-period RSI is now at 28.33, signaling an oversold condition, though further selling cannot be ruled out without evidence of a sustained recovery above support.

The Moving Average Convergence Divergence (MACD) indicator also points to ongoing bearish pressure. The MACD line remains below the signal line, with a negative histogram value, underscoring downside momentum. For bulls, a close above $88—coupled with a MACD crossover—would present a firmer case for a rebound.

Mini dictionary: MACD (Moving Average Convergence Divergence), a trend-following technical analysis tool that shows the relationship between two moving averages of a cryptocurrency’s price, is used to identify momentum shifts and potential reversals.

Derivatives and Volatility MetricsOpen interest in Hyperliquid derivatives remains above $3 billion according to CoinGlass, reflecting significant exposure among futures traders even as the HYPE spot price declines.

Trading volumes continue at elevated levels, with recent daily turnover reaching several billion dollars. The perpetual futures market for HYPE has seen repeated spikes in both long and short liquidations, contributing to pronounced price swings and underscoring heightened volatility as the token trades near its current support.

MetricCurrent ValueSpot Price$83.80Recent Peak$94-$95Whale Holdings (HYPE)140,506Open Interest>$3 billionRecent Daily VolumeSeveral billion USDRSI (14-period)28.33 (Oversold)Market Awaits Further Whale MovesMarket uncertainty centers on whether ongoing whale transfers will continue to drive selling or if stabilization at $83-$84 will allow bulls to retake control. For now, traders are closely monitoring both the technical signals and any additional movement of HYPE tokens to exchanges, as these factors could determine the next key price move.

Zcash (ZEC): Trading at $1,190, down 30% from September's $1,700 high, with crucial support at $1,180 and weak momentum (RSI ~40) poised for either a bounce to $1,340 or a deeper fall to $1,050.

Ethereum (ETH): At $2,525 after declining from $2,700, testing key support at $2,500 with high-volume selling pressure; must hold above $2,500 or face a potential pullback to the $2,300–$2,350 support zone.

Shiba Inu (SHIB): Dropped to $0.00000542 after breaking below its long-term average, now at critical support with weak momentum (RSI 45); holding $0.00000529 could trigger a bounce to $0.00000565, or a further decline below.

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Hyperliquid (HYPE): Pulled back to $85.76 from its $94 high but remains above all major moving averages with neutral momentum (RSI 47); support at the $84 level holds, positioning this as a normal pullback in an uptrend.

Zcash takes a hitZcash (ZEC) is currently trading close to $1,190 following a significant red candle. The price is now about 30% below its September high of around $1,700. The extent of the damage became clear over the last few days: the price failed near the green average at $1,340 and then fell sharply.

ZEC/USDT Chart by TradingViewThe good news is that ZEC is sitting right on the blue and cyan averages, both around $1,180. This is the main support area. A rise began from here in September, which suggests buyers might defend it again. If $1,180 is breached, the next area of interest is $1,050 to $1,100, where the mid-September pullback ended. The next solid support is the orange average near $960, just below it. The black long-term line is far away, near $735, which shows how rapid the rally was.

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Momentum is declining. The RSI has dropped to about 40, its lowest level in several weeks. With volume low, this is not yet a panic sell, but buyers are not actively participating either.

The first sign of strength for bulls would be a daily close above $1,340. After that, they must break through $1,400 and $1,500, and breaking $1,700 would set a new high. If the price closes below $1,180 on the daily chart, bears would see more downside confirmed. A drop below $1,040 would break the September low and damage the overall trend.

What happens next: ZEC is in a make-or-break situation. If it rebounds, it might rise from $1,180 to $1,340. If it closes below $1,180, it will probably head toward $1,050.

Ethereum is close to a critical levelEthereum (ETH) saw a notable daily decrease and is now trading close to $2,525, after starting the day at approximately $2,700. The September high of $2,800 is still the top, and ETH has been unable to break it twice. The price is testing the blue average around $2,505 and has just dipped below the cyan average near $2,550.

ETH/USDT Chart by TradingViewThe $2,500 level is the most relevant price level for Ethereum, a psychologically significant round-number support. A daily close above $2,550 would signal that buyers are returning. Below $2,500, the next support is $2,400, followed by the September low at around $2,350. At $2,300 to $2,335, the orange and black averages sit in close proximity, making this the chart's strongest support zone. A bounce is likely if ETH reaches it, thanks to the uptrend in place since August.

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Volume deserves attention. The red candle appeared on high volume, indicating that sellers were active and that the move is not just market noise. ETH's RSI has dropped to around 42, which is weak but not oversold.

Bulls first target $2,610, then $2,700. A breakout above $2,800 would end the two-month range and pave the way for higher prices. Bears would confirm a deeper pullback with a daily close below $2,500, and a drop to $2,350 would break the higher-low pattern and weaken the uptrend.

What happens next: ETH needs to stay above $2,500. If it does, it is likely to move between $2,500 and $2,700. If it fails to hold $2,500, expect a test of the $2,300 to $2,350 range.

Shiba Inu's negative dynamicShiba Inu (SHIB) is trading at $0.00000542 after a notable market correction. The recent candle erased most of the week's gains and pushed SHIB below the long-term black moving average at approximately $0.00000565. The support line, which had held for two weeks, is now broken, which is a warning sign.

HYPE/USDT Chart by TradingViewThe price currently sits on the blue and cyan averages near $0.00000545, the first real test so far. The orange average, the next floor, is near $0.00000529. If it breaks, the next area is between $0.00000500 and $0.00000510, the final strong support that lasted through mid-September before the $0.00000474 low.

The RSI is around 45, meaning sellers are dominant but the coin has not reached oversold territory. Volume on the decline was not substantial, pointing to a loss of buying interest rather than a panic sell.

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Bulls first need to push the price back to $0.00000565 and close the day there, which would show that the break was a false move. The next levels to watch are $0.00000580 and $0.00000600. The September high of $0.00000627 stays out of reach until those levels fall. 

A daily close below $0.00000529 would confirm further downside for bears, and hopes for a bounce will fade if SHIB cannot regain $0.00000565 within the next several days.

Hyperliquid (HYPE) Price AnalysisAfter a heavily red day, Hyperliquid (HYPE) is trading at $85.76. It has fallen from its earlier high of around $94 this week. Sellers took over at the top because the coin could not surpass its September peak of $98. Despite this, the overall outlook remains positive, as HYPE stays above all its major moving averages.

The price hovers around the cyan line close to $85.50, with the blue line just below at approximately $83.70. Since August, the orange average near $75.70 and the black long-term line close to $63 have both been rising, indicating a strong climb.

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Support is in the $84 to $85 range, and the September 30 low near $84.50 coincides with this zone. If it fails, the blue average at $83.70 is the next level, followed by $78 to $79, where buyers entered earlier this month.

The RSI has decreased to about 47, a neutral reading, so there is still room for another upward move without hitting overbought levels. Volume has remained low during this pullback, indicating that there is no heavy selling yet.

For bulls to sustain $84 and later regain $88.50, they need a significant boost in market enthusiasm. A move above $90 would pave the way to $94 and a retest of the previous high at $98, and a daily close above $98 would signal the start of a new trend high.

Bears want a daily close under $83.70. That would cancel the bounce setup and point to $78, with $75 as a deeper target. As long as $84 holds, this looks like a regular pullback in an uptrend. If it breaks, we are heading toward an even deeper reset.

Hyperliquid (@HyperliquidX) Labs has completed the unstaking of 3.75 million $HYPE tokens worth roughly $330 million, marking what analysts are calling the project's largest token distribution to date.

Half the Allocation Already Moving The remaining 1.875 million tokens have not yet been distributed.

No Open-Market Selling Planned

Sources:
Crypto Briefing: Hyperliquid Labs begins $330M HYPE OTC distribution
Crypto.news: HYPE drops 4% to $87 as team starts $330M token deal
Gate.com: Hyperliquid Unstakes 3.75M HYPE for OTC Sale, Not 9.9M Nominal Unlock

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Hyperliquid founder Jeff Yan, during an interview on the Empire Podcast at DAS 2026 Asia, was asked: "If you were a builder and no longer allowed to work on infrastructure, what would you build?" Yan responded: "I’d look around to identify unbuilt projects with real potential, depending on what other builders are working on. Right now, I might explore options, since many people I’ve spoken with want to trade them. Perpetual contracts largely meet the needs of most users, but some traders note they can’t fully express all their market views using perpetuals. I believe HIP-4 offers a very clear framework for building an options protocol: it can inherit spot markets, order books, and portfolio margin; for market makers, perpetual contracts are available to hedge option delta. The key is turning that component into something widely appealing. I don’t think any option or convexity yield-style product in crypto has truly reached escape velocity, though it’s clearly achieved that in traditional finance."

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Hyperliquid Labs has finalized the largest over-the-counter (OTC) distribution in the history of its HYPE token, releasing 3.75 million HYPE valued at approximately $330 million. This token release accounts for 1.5% of HYPE’s total supply and forms a significant part of the project’s October allocation schedule.

Major team token release and OTC structureThe distribution followed a week-long unbonding period that started on September 30 and concluded on October 7. During this period, the HYPE tokens remained immobile before being made available for transfer. Of the 3.75 million tokens released, 1.875 million HYPE have been distributed to five buyers through OTC transactions, with each receiving 375,000 HYPE. The remaining 1.875 million tokens from this allocation have not yet been transferred and are pending further action later in October.

OTC transactions are typically used to execute large-scale deals without direct market exposure, reducing immediate price volatility. In this case, the tokens did not enter public exchanges, but were delivered directly to pre-selected counterparties through private agreements.

Iliensinc, a co-founder of Hyperliquid Labs, stated that these transfers are part of an OTC transaction with an institutional buyer, though further details—including the buyer’s identity and the contractual terms—remain undisclosed.

This recent HYPE OTC Distribution eclipses previous team allocations, which ranged between 140,000 and 534,000 tokens per month. The current event, at 3.75 million tokens, represents an 8.65-fold increase compared to earlier releases.

Mini dictionary: Over-the-counter (OTC) transaction, in cryptocurrency, refers to private, direct exchanges of large amounts of tokens between two parties, bypassing public markets to maintain price stability and limit slippage.

PeriodTeam Token DistributionDistribution MethodEarlier months140,000–534,000 HYPEVesting/team allocationsOctober 20233,750,000 HYPEOTC/private transferMarket impact and stakeholders’ outlookDespite concerns about possible market disruption from such a large release, the price of HYPE remained stable. Activity on the blockchain showed that after initial transfers, some tokens were restaked or moved into different wallets, indicating ongoing internal allocations or preparations for further transfers.

The delayed release of the remaining 1.875 million HYPE means only part of the October team allocation has entered circulation. Previously published vesting schedules had anticipated a nominal 9.9 million HYPE token release for the month, but the actual distribution so far falls well short, a detail seen as noteworthy by market observers.

The OTC approach may have helped mitigate sudden liquidity shocks in public markets, but key details such as sale price, payment terms, and any lock-up conditions have yet to be made public. The anonymous nature of the transaction leaves questions for both investors and market analysts.

The CEO of Hyperliquid Strategies DAT (PURR), David Schamis, publicly denied involvement as a recipient in this OTC transaction: “I’ve said this publicly a few times so I’ll say it again here: this was not us. I don’t know who it is but I’m 100% certain it’s not HypeStrat.”

Market data and ongoing developmentsCurrent on-chain data indicates strong market interest, with HYPE perpetual contract open interest standing at $1.76 billion and 24-hour trading volume reaching $575.5 million. At present, HYPE trades at $87.30.

Market participants are closely watching the remaining scheduled transfers for October, as the pace and scale of further distributions could influence both price and liquidity in the short term. The difference between the 9.9 million HYPE in the vesting schedule and the 3.75 million released so far remains under discussion among HYPE token holders and investors.

Synthetic perpetual protocol Papertrade, built on HyperEVM, officially announced its pre-deposit feature is now live. Users can complete deposits and account creation within the next two days. The official noted that account creation and deposits will be significantly restricted once trading launches; depositing early helps avoid opening congestion, though there are no additional benefits for depositing during the pre-deposit period. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It fetches prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, allowing users to trade directly against the protocol’s liquidity providers (LPs) instead of relying on traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During the initial launch phase, the token cannot be freely transferred and is primarily used for staking. Per the official timeline, full trading will begin approximately one hour after the expected HyperEVM network upgrade on October 10. The exact time will be announced via Hyperliquid’s Discord. During the opening phase, trading must be conducted through the official website frontend and whitelist relays; direct contract interactions will be opened once congestion eases. For more related reading, see: "Hyperliquid Is Getting Its Own Layer 2: Key Details You Need to Know".

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According to Yu Jing Monitoring, HyperLabs, the development team of Hyperliquid, successfully redeemed 3.75 million HYPE tokens (valued at $332 million) 8 hours ago. Four hours later, after being distributed across five wallets, these funds were finally aggregated to address 0x875...1d1, which is believed to be an institutional entity that purchased the tokens via over-the-counter (OTC) from the team. Of the total, 1.25 million HYPE tokens (worth $110 million) were redeposited into staking, while the remaining 2.5 million HYPE tokens (valued at $220 million) are held in wallets.

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