
Building on Hypercore
A brief exploring the design space for applications Hypercore. We had previously published our thesis on Hyperliquid and followed it up with an exploration of how options products could evolve on
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Why HIP-4 Will Take Over Finance
When risk engines become moats TL:DR : Up only. Hyperliquid has seen an additional $158 billion in volume via HIP-3 since launch. Using conservative estimates, Hyperliquid can see upwards of $125

The Mark-to-Meteora Moment
Field notes from Solana's liquidity hub A quarter of all DEX volume on Solana flows through @MeteoraAG, with nearly $182 billion processed in 2025 — 2.5 times the volume of FY2024. The team

Why We Invested in Drift Protocol
Going Long Solana's Perpetuals Ecosystem Note: This is a shortened version of our thesis published on the newsletter earlier today. The whole piece, can be read here. Over the past month, we

Hyperliquid is Taking on CME, not Binance
A valuation framework for HYPE CME generated $6.5 billion in revenue in 2025, with 28.1 million contracts traded daily and a market capitalisation of $114 billion. Hyperliquid earned $960 million
