Articles (24)
Bitcoin's Dark Pool Moment
Making Bitcoin Private Bitcoin holds more dollar value than all other crypto assets combined. Almost none of it is used as working capital. There’s only about $14 billion worth of bitcoin in use,
Why Robinhood Will Eat Kalshi’s Lunch
Veritically Integrating a Prediction Market In a previous piece, we explored how HIP-4 brings structured products to Hyperliquid. Robinhood has a variation of that play, with its recent foray into
Why Stripe built its own chain
How Tempo enables Stripe to be a vertically integrated processor. Note: This is an extension of how we think capital aggregators integrate vertically. We had previously explained the concept here.
Vertically Integrated Money
On how USDH by @nativemarkets drives value to $HYPE as a vertically integrated capital aggregator This is an extension of our Vertically Integrated Capital Aggregators thesis with an example of
Vertically Integrated Capital Aggregators
How vertical integrations of Hyperliquid, USDAI, MetaMask, Maple and Centrifuge help build moats through added utility. This is a brief version of what went out on our newsletter today at
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
Bringing the World On-Chain
A note on how HIP-3 turns Hyperliquid into the everything exchange HIP-3 turns Hyperliquid into the everything exchange. It is changing finance through creating global-scale markets that are open
Coming of Age
A note on revenue formation within crypto, how valuations have compressed and the emergence of moats within the industry This article was originally published on our newsletter at
Orchestrating Flow
How LI.FI powers multiple crypto apps and reduces friction in transaction flows with orchestration layers. The full article can be read in our newsletter here. Below is a brief
The 60-Day Commitment
A note on why we are intrigued by capital formation primitives from the @virtuals_io's ecosystem There are currently two extremes in crypto capital formation. On one side, we have completely open,
The Unbundling of Value
What’s valuable when software becomes tremendously cheap? Where does value accrue when years of product development turn to an afternoon of vibe-coding? The first answer here is that everything that
The House Doge Built
We had the joy of hosting Timothy Stebbings from Dogecoin foundation on our podcast. The following is a quick note summarising what we discussed. Catch the whole conversation above - or sign up for
How to Market Make $500 Million a Week
This is a brief version of the newsletter we sent out on Decentralised.co today written in collaboration with @katiabanina, CEO of @bebop_dex. Sign up to receive these directly in your inbox.
The Post-Chain Era
For years, crypto made you pick a tribe. You were an Ethereum believer. A Solana maxi. The chain you started on shaped everything: your wallet, your apps, your timeline, even your online identity.
What is needed for agentic commerce to scale?
If stablecoin adoption has to skyrocket in the agentic economy, someone needs to build the trust infrastructure. Trust is how digital payments scaled. @desh_saurabh and @OliverJaros_ set out to
The $400M Play to Take Prediction Markets Mainstream
Key Takeaways: Markets for multi event bets (parlays) could be the breakout product for prediction markets, unlocking the same retail excitement that drove US sports betting growth. Prediction market
A Brief Note on Ethereum’s Blob Spaces
This note serves as a precursor to an article on Ethereum, which will be published in collaboration with @Hazeflow_xyz in the coming days. It explores the evolution of Ethereum’s business models and
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
Hyper Liquid
A breakdown of Hyperliquid's approach to solving DeFi's capital efficiency problem by creating shared infrastructure. Slide into the DMs if you are a founder building on HyperLiquid. Long before
Token Wrapped Equities
This is a brief version of the article we published in our newsletter today. It breaks down how Strategy is buying bitcoin to grow shareholder value, how other companies are following, and where
When Tokens Burn
Breaking down how crypto protocols approach revenue and cash flow This is a summarised version of a newsletter issue published on Decentralised.co. We are actively collaborating with token