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Commodity Zero-Fee Gala

Lending

Lending protocols form the backbone of the decentralized money market, allowing users to lend or borrow digital assets without intermediaries. Using smart contracts, platforms like Aave and Morpho automate interest rates based on supply and demand while requiring over-collateralization for security. The 2026 lending landscape features advanced permissionless vaults and institutional-grade credit lines. This tag covers the evolution of capital efficiency, liquidations, and the integration of diverse collateral types, including LSTs and tokenized RWAs.

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Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
Bitcoin Market Crashes – Is This the Best “Buy the Dip Moment?”

Bitcoin Market Crashes – Is This the Best “Buy the Dip Moment?”

The post Bitcoin Market Crashes – Is This the Best “Buy the Dip Moment?” appeared on BitcoinEthereumNews.com. Disclaimer: This content is a sponsored article. Bitcoinsistemi.com is not responsible for any damages or negativities that may arise from the above information or any product or service mentioned in the article. Bitcoinsistemi.com advises readers to do individual research about the company mentioned in the article and reminds them that all responsibility belongs to the individual. The crypto market was shaken this week after Bitcoin endured one of its sharpest pullbacks of the year. Within a single trading session, over $1.7 billion in leveraged positions were liquidated, sending shockwaves across exchanges and briefly dragging the price below $110,000. The move rattled retail traders but has not dented long-term conviction among institutions and seasoned investors. For many, these steep selloffs are less about fear and more about opportunity, offering entry points that had previously seemed out of reach. Bitcoin’s history is littered with similar moments. In 2017, multiple 30% drawdowns punctuated the path to record highs. In 2020, a COVID-driven crash reset the market before a rally to $60,000. Each cycle has shown that while volatility is painful, it also creates the conditions for extraordinary upside. With Bitcoin still trading near all-time highs on a multi-year scale, analysts suggest that this correction may once again mark the beginning of a lucrative accumulation phase. Projects like MAGACOIN FINANCE are also benefiting from renewed interest in diversification as investors seek both stability and outsized returns. Technical support zones From a charting perspective, Bitcoin remains above critical long-term support levels. Traders point to $100,000 as the ultimate line in the sand. As long as Bitcoin holds this psychological level, the broader uptrend remains intact. Resistance sits near $116,000, where repeated attempts to break higher have been rejected. The narrowing band between support and resistance suggests that a major move is imminent, with October often…

Author: BitcoinEthereumNews

2025/09/27

mXRP Vault Hits $20M as Staking Demand Explodes

mXRP Vault Hits $20M as Staking Demand Explodes

The post mXRP Vault Hits $20M as Staking Demand Explodes appeared on BitcoinEthereumNews.com. Altcoins 27 September 2025 | 07:03 For years, XRP has ranked among the world’s largest cryptocurrencies but played only a minor role in decentralized finance. That dynamic may be shifting. A new staking product called mXRP has drawn in millions of tokens within days of its release, signaling untapped demand from holders who want their assets to work harder. The vault designed for mXRP originally opened with room for 6.5 million XRP but quickly maxed out. Developers raised the cap to 10 million, and nearly $20 million worth of tokens are now locked inside. The speed of adoption points to a community eager to explore yield opportunities after years of inactivity. mXRP functions as a wrapped version of XRP that lives on an Ethereum-compatible sidechain. Instead of sitting idle, the coins are deposited into strategies overseen by independent managers, with results flowing back into the value of the new token. This design gives holders exposure to activities like liquidity provisioning while still keeping a link to the underlying XRP. The project comes from tokenization platform Midas, which argues that a large portion of XRP supply has gone unused for too long. By bridging into DeFi environments, the asset can finally participate in the kind of applications that have long powered Ethereum’s ecosystem. Cross-chain infrastructure provider Axelar sees the initiative as part of a broader trend. Its co-founder Sergey Gorbunov noted that linking XRP to other blockchains expands its reach far beyond its native ledger, a step that could make the token relevant in areas like lending, stablecoin liquidity, and more. Other developers share that vision. Flare Network recently rolled out FXRP, another wrapped format designed to plug XRP into decentralized applications. Together with mXRP, these tools hint at a shift in how one of crypto’s oldest assets may evolve —…

Author: BitcoinEthereumNews

2025/09/27

XRP News: mXRP Vault Hits $20M as Staking Demand Explodes

XRP News: mXRP Vault Hits $20M as Staking Demand Explodes

That dynamic may be shifting. A new staking product called mXRP has drawn in millions of tokens within days of […] The post XRP News: mXRP Vault Hits $20M as Staking Demand Explodes appeared first on Coindoo.

Author: Coindoo

2025/09/27

DeFi Community On Alert Following Hypervault’s $3.6 Million Suspected Rug Pull

DeFi Community On Alert Following Hypervault’s $3.6 Million Suspected Rug Pull

Decentralized finance (DeFi) protocol HyperVault is suspected to have executed a “rug pull,” as on-chain analytics account PeckShield noted an abnormal outflow of funds from the protocol, worth close to $3.6 million.  DeFi Protocol HyperVault Pulls The Rug According to an X post by on-chain analytics account PeckShield, Hyperliquid-based DeFi protocol HyperVault appears to have […]

Author: Bitcoinist

2025/09/27

Grayscale: Q3 saw another localized copycat season, how will Q4 develop?

Grayscale: Q3 saw another localized copycat season, how will Q4 develop?

By Grayscale Compiled by Luffy, Foresight News Grayscale, a crypto research firm, released its Q3 2025 crypto market insights, noting that all six major cryptocurrency sectors experienced positive price returns during the quarter, but fundamentals were mixed. Bitcoin lagged behind other sectors, exhibiting characteristics of a localized altcoin season. Grayscale also highlighted three key themes: stablecoin legislation and adoption, growing trading volume on centralized exchanges, and the rise of digital asset vaults. The report also provided an outlook on potential drivers and risks for the fourth quarter. The original content is translated below: TL;DR In the third quarter of 2025, all six major cryptocurrency sectors (Crypto Sectors) had positive price returns, but fundamentals were mixed. Bitcoin has lagged behind other crypto market sectors this quarter, a pattern that could be considered an altcoin season, but with significant differences from previous cycles. The top 20 tokens in Q3 (based on volatility-adjusted price returns) highlight the importance of stablecoin legislation and adoption, rising trading volumes on centralized exchanges, and digital asset treasuries (DATs). All crypto assets are related to blockchain technology and share the same underlying market structure, but that's where the commonality ends. This asset class encompasses a wide range of software technologies, with applications spanning consumer finance, artificial intelligence (AI), media and entertainment, and other sectors. To help streamline the market, the Grayscale research team, in collaboration with FTSE Russell, developed a proprietary classification system called "Crypto Sector." This framework covers six distinct market sectors (see Figure 1), encompassing 261 tokens with a combined market capitalization of $3.5 trillion. Figure 1: Cryptocurrency sector framework Blockchain fundamentals metrics While blockchains aren't traditional businesses, we can still use analogies to measure their economic activity and financial health. The three core metrics for on-chain activity are user base, transaction volume, and transaction fees. Due to the anonymity of blockchains, analysts often use active addresses (blockchain addresses with at least one transaction) as a proxy for user numbers. In the third quarter, fundamentals across various cryptocurrency sectors were mixed (see Figure 2). On the negative side, both the "Currency Sector" and the "Smart Contract Platform Sector" saw month-over-month declines in user numbers, transaction volume, and fees. Overall, speculative activity related to meme coins has continued to cool since the first quarter, directly leading to a decline in both trading volume and activity. One positive signal worth noting is that blockchain application layer fees increased by 28% month-over-month. This growth was primarily driven by a handful of leading high-fee applications, including: (1) Jupiter, a decentralized exchange within the Solana ecosystem; (2) Aave, a leading lending protocol in the crypto space; and (3) Hyperliquid, a leading perpetual swap exchange. On an annualized basis, application layer fee revenue has now exceeded $10 billion. Blockchain is both a digital transaction network and an application development platform; therefore, the growth in application layer fees can be seen as an important signal of increasing blockchain technology adoption. Figure 2: Mixed fundamentals across cryptocurrency sectors in Q3 2025 Price Performance Tracking In the second quarter, all six major cryptocurrency sectors experienced positive price returns (see Chart 3). Bitcoin underperformed other market sectors this quarter, a pattern that could be considered an "alt season," but one that differs significantly from previous periods of declining Bitcoin dominance. The financial sector led gains, primarily benefiting from increased trading volume on centralized exchanges (CEXs). The rise in the smart contract platform sector may be related to the advancement of stablecoin legislation and its implementation. While all sectors achieved positive returns, the AI sector lagged behind other sectors, a trend consistent with the sluggish returns of AI stocks during the same period. The currency sector also underperformed, reflecting the relatively modest gains in Bitcoin prices. Chart 3: Bitcoin underperforms other crypto market sectors The diverse nature of the cryptoasset class means that dominant themes and leading sectors often shift. Figure 4 shows the top 20 tokens by volatility-adjusted price returns within the Crypto Sector Index for Q3. This list includes large-cap tokens with market capitalizations exceeding $10 billion (such as ETH, BNB, SOL, LINK, and AVAX), as well as some small- and mid-cap tokens with market capitalizations below $500 million. In terms of sector distribution, the "Financials" sector (seven assets) and the "Smart Contract Platforms" sector (five assets) dominated the top 20 list this quarter. Chart 4: Top risk-adjusted performers in the cryptocurrency sector We believe there are three key themes that stand out in the futures market: The rise of digital asset treasuries (DATs): Last quarter saw a significant increase in the number of digital asset treasuries (DATs), which are publicly listed companies that add crypto assets to their balance sheets, providing crypto exposure to equity investors. Several tokens in this quarter's top 20 (including ETH, SOL, BNB, ENA, and CRO) may have benefited from the launch of new DATs. Accelerating Stablecoin Adoption: Stablecoin legislation and implementation were another key theme last quarter. On July 18, President Trump signed the GENIUS Act, establishing a comprehensive regulatory framework for the US stablecoin market. Following its passage, stablecoin adoption accelerated significantly, with circulating supply increasing by 16% to over $290 billion (see Chart 5). The direct beneficiaries were smart contract platforms that facilitate stablecoin trading, including ETH, TRX, and AVAX, with AVAX experiencing significant growth in stablecoin trading volume. Stablecoin issuer Ethena also achieved strong price returns, despite its USDe stablecoin not being compliant with the GENIUS Act. Chart 5: Stablecoin supply increased this quarter, with the Ethereum ecosystem making a significant contribution Exchange trading volume rebounded: The third major theme was the active exchange sector. In August, centralized exchange trading volume reached a new monthly high since January (see Chart 6). This trend benefited several assets associated with centralized exchanges, including BNB, CRO, OKB, and KCS, all of which entered the top 20 list this quarter (some of which are also associated with smart contract platforms). Meanwhile, the decentralized perpetual swaps sector continues to heat up. Hyperliquid, a leading perpetual swaps exchange, saw significant expansion this quarter, ranking among the top three cryptoasset exchanges in terms of fee revenue. Smaller competitor DRIFT, surging in trading volume, successfully entered the top 20 cryptocurrency sector. Another decentralized perpetual swaps protocol, ASTER, launched in mid-September and saw its market capitalization soar from $145 million to $3.4 billion in just one week. Chart 6: Perpetual swap trading volume on centralized exchanges hit a new high in August Fourth Quarter Outlook In Q4, the drivers of cryptocurrency sector returns are likely to differ from those in Q3. Key potential catalysts include: First, the relevant U.S. Senate committee has begun advancing legislation on cryptocurrency market structure, following the bipartisan passage of the relevant bill in the House of Representatives in July. This bill will provide a comprehensive financial services regulatory framework for the crypto industry, potentially promoting the deep integration of the crypto market with traditional financial services. Secondly, the U.S. Securities and Exchange Commission (SEC) has approved universal listing standards for commodity exchange-traded products (ETPs). This move could make more crypto assets available to U.S. investors through ETP structures, further expanding market access. Finally, the macroeconomic environment is likely to continue evolving. Last week, the Federal Reserve announced a 25 basis point interest rate cut and hinted at two more rate cuts this year. Crypto assets are expected to benefit from this rate cut, as it reduces the opportunity cost of holding non-interest-bearing assets and may increase investor risk appetite. Meanwhile, a weak US labor market, high stock market valuations, and geopolitical uncertainty will be key downside risks for the crypto market in the fourth quarter.

Author: PANews

2025/09/27

Aster Reimburses Users After XPL Perp Glitch

Aster Reimburses Users After XPL Perp Glitch

The post Aster Reimburses Users After XPL Perp Glitch appeared on BitcoinEthereumNews.com. BNB Chain derivatives decentralized exchange (DEX) Aster completed reimbursements to traders hurt by a glitch in its Plasma (XPL) perpetual market that briefly drove prices above market levels.  According to Abhishek Pawa, the CEO of Web3 agency AP Collective, the issue stemmed from a misconfigured index hard-coded at $1. With the mark price cap lifted before the fix, XPL futures on Aster spiked to nearly $4 while other venues remained $1.30.  The sudden Friday price discrepancy triggered unexpected liquidations and abnormal fee charges, causing losses to users. However, the platform moved quickly, assuring its users that all funds were safe and promising to compensate them for any losses.  Just hours later, the DEX said the reimbursements for the incident had been fully distributed to their accounts. Shortly after, Aster deployed another round of compensation, including trading and liquidation fees.  Source: Abhishek Pawa Aster sends perps trading to a daily record of $100 billion volume Meanwhile, Aster has sustained its rapid growth this week, driving overall perpetual DEX volumes to $104 billion on Friday, marking a fourth straight day of record daily highs.  DefiLlama showed that Aster recorded $46 billion in volume on Friday, dwarfing its competitors Lighter and Hyperliquid, which both had strong performances of nearly $19 billion and $17 billion, respectively.  Perpetual DEXs daily trading volume. Source: DefiLlama Aster’s volume surge started on Wednesday, surpassing its strongest competitor, Hyperliquid, with a trading volume of nearly $25 billion. At the time of writing, CoinGlass showed that Aster’s open interest was at $1.15 billion.   While Aster’s metrics kept going up, community members voiced concerns over potential risks for traders.  One community member expressed skepticism over the trading volume on Aster, bringing up airdrop incentives for using the platform. Another user urged traders to cash out on their trades, saying that it’s…

Author: BitcoinEthereumNews

2025/09/27

Massive Aave Founder ENA Sale: Stani Kulechov’s $2.38 Million Token Transfer

Massive Aave Founder ENA Sale: Stani Kulechov’s $2.38 Million Token Transfer

BitcoinWorld Massive Aave Founder ENA Sale: Stani Kulechov’s $2.38 Million Token Transfer The cryptocurrency world is buzzing with news that Stani Kulechov, the visionary founder behind the popular crypto lending protocol Aave (AAVE), may have executed a substantial Aave founder ENA sale. Reports suggest Kulechov transferred 4 million ENA tokens, valued at approximately $2.38 million, to Galaxy Digital. This significant transaction, first highlighted by AmberCN, stems from tokens claimed from a vesting wallet, sparking considerable discussion across the digital asset community. What’s Behind This Aave Founder ENA Sale? According to the report, Stani Kulechov, a known investor in Ethena (ENA), claimed a substantial amount of ENA tokens from a vesting wallet. Following this claim, the tokens were reportedly transferred to Galaxy Digital. This move represents a notable transaction by a prominent figure in the decentralized finance (DeFi) space. Understanding the context is key. Kulechov’s involvement with Ethena as an investor suggests a belief in the project’s potential. However, large token transfers by founders often draw scrutiny and raise questions about market sentiment and future project direction. Understanding Ethena (ENA) and Vesting Schedules Ethena is a synthetic dollar protocol that offers a crypto-native, yield-bearing stablecoin called USDe. It aims to provide a stable, scalable digital asset solution, independent of traditional banking systems. ENA is Ethena’s governance token, playing a crucial role in the protocol’s decentralized decision-making. Vesting schedules are common in the crypto industry. They are designed to prevent founders and early investors from dumping large amounts of tokens onto the market immediately after launch. Tokens are released gradually over time, aligning the interests of the team with the long-term success of the project. The recent Aave founder ENA sale highlights the eventual unlocking and potential distribution of these vested assets. What Does This Aave Founder ENA Sale Mean for the Market? A transaction of this magnitude by a well-known figure like Stani Kulechov can have several implications. Firstly, it draws attention to ENA and Ethena, potentially increasing trading volume and public discourse around the project. Secondly, large sales, especially by insiders, can sometimes lead to market speculation about the asset’s short-term price action. It’s important for investors to consider that such transfers are often part of a founder’s financial planning or portfolio diversification strategies. They don’t necessarily indicate a lack of confidence in the project, but rather a liquidity event from a vested asset. However, market participants will undoubtedly be watching ENA’s performance closely. Navigating Transparency in Crypto Transactions The transparency inherent in blockchain technology allows for the tracking of such transactions. While the specific reasons behind Kulechov’s transfer are not publicly detailed, the ability for platforms like AmberCN to report on them underscores the open nature of the crypto ledger. This transparency is a double-edged sword: it offers accountability but also opens the door for intense market reaction to insider movements. The crypto community often debates the balance between privacy and transparency, especially concerning the actions of influential figures. The reported Aave founder ENA sale by Stani Kulechov is a significant event that highlights the dynamic nature of the crypto market. It underscores the financial activities of prominent figures within the space and the mechanisms of token vesting and distribution. While the implications are still unfolding, it serves as a reminder for investors to stay informed about market movements and the actions of key stakeholders. Frequently Asked Questions (FAQs) Q1: Who is Stani Kulechov? A: Stani Kulechov is the founder of Aave, a leading decentralized finance (DeFi) protocol that allows users to lend and borrow cryptocurrencies. Q2: What is ENA? A: ENA is the governance token for Ethena, a synthetic dollar protocol that provides USDe, a crypto-native, yield-bearing stablecoin. Q3: What does ‘vesting wallet’ mean? A: A vesting wallet holds tokens that are gradually released to founders, team members, or early investors over a predetermined period, rather than all at once. This mechanism encourages long-term commitment to the project. Q4: Is this Aave founder ENA sale a bearish signal for ENA? A: Not necessarily. While large sales can create short-term price pressure, they can also be part of a founder’s personal financial management or portfolio diversification strategy. Investors should consider the broader market context and Ethena’s fundamentals. Q5: How does this transaction affect Aave? A: This transaction primarily involves ENA tokens, not AAVE tokens. While Stani Kulechov is the founder of Aave, this specific sale does not directly impact Aave’s protocol operations or its native AAVE token. Q6: Where can I track such crypto transactions? A: Many blockchain explorers (like Etherscan) allow you to track public wallet addresses. Additionally, crypto analytics firms and news outlets often report on significant on-chain movements. If you found this article insightful, consider sharing it with your network! Stay updated on the latest developments in the crypto space by following us on social media. To learn more about the latest crypto market trends, explore our article on key developments shaping Aave ecosystem developments. This post Massive Aave Founder ENA Sale: Stani Kulechov’s $2.38 Million Token Transfer first appeared on BitcoinWorld.

Author: Coinstats

2025/09/27

Stellantis, GM back firm building magnets without China’s rare-earth elements

Stellantis, GM back firm building magnets without China’s rare-earth elements

The post Stellantis, GM back firm building magnets without China’s rare-earth elements appeared on BitcoinEthereumNews.com. Stellantis and General Motors alongside other companies are lending their support to a U.S. startup that is attempting to build a large-scale factories producing magnets. The tech companies are aligning to push back on China’s rare earth market dominance and its risks for industries reliant on magnets.  A U.S. startup backed by Stellantis, General Motors, and other global manufacturers is attempting to build a large-scale factory that does not rely on rare-earth elements. If successful, the venture could reduce U.S. dependence on China’s supply of critical minerals.  Fighting the rare earth dependence  Niron Magnetics, the company leading the initiative, has developed a new magnet technology using iron nitride. The innovation is the result of decades of research by the company’s co-founder, Jian-Ping Wang, a professor at the University of Minnesota.  Niron claims that the compound is cheaper, easier to source and also 18% more potent than conventional rare-earth magnets. The company has begun work on a 1,500-tonne-per-year facility in Sartell, Minnesota, which it says will be capable of meeting around 3% of U.S. domestic magnet demand when operational in early 2027. Global demand for magnets is projected to surpass supply by some 55,000 tonnes by 2030.  “Permanent magnets are in every device that powers the modern world,” Mark Champine, who heads Stellantis’ North America technical center, said. “Niron is meeting an urgent demand.” Beijing dominates the rare earths market  Magnets are indispensable in modern technologies, embedded in everything from smartphones and wind turbines to electric vehicles, medical devices, and military hardware. Until now, most high-performance magnets have relied on rare-earth elements such as neodymium, praseodymium, and terbium. These minerals are geologically scarce, difficult to refine, and largely controlled by China. Beijing dominates every stage of the rare-earth supply chain, from mining to processing to magnet production. This market dominance has…

Author: BitcoinEthereumNews

2025/09/27

Aster ignited the whole audience, how will Hyperliquild respond?

Aster ignited the whole audience, how will Hyperliquild respond?

Global Sustainable DEX Market Overview and Industry Changes The decentralized perpetual swap market is experiencing an unprecedented surge in growth and a reshaping of the competitive landscape. By September 2025, global perp DEX daily trading volume had exceeded $52 billion, a 530% increase from the beginning of the year, with cumulative monthly trading volume reaching $13 trillion. This growth is driven by breakthroughs in technological innovation, growing user demand for decentralized financial products, and regulatory pressure on centralized exchanges. The sector as a whole now accounts for approximately 26% of the crypto derivatives market, a substantial leap from the single-digit share in 2024. Perp DEX total transaction volume changes https://defillama.com/perps Rapid market differentiation is reshaping the competitive landscape. Traditional order book models (such as dYdX and Hyperliquid) dominate professional trading with precise price discovery and deep liquidity, while AMM models (such as GMX and Gains Network) attract retail users with instant liquidity and simplified operations. Emerging hybrid models (such as Jupiter Perps) attempt to combine the advantages of both, using a keeper system to achieve seamless transitions between order book and AMM in a high-speed environment. Data shows that the order book model is gaining market share. Hyperliquid, with its CLOB architecture, has processed $2.76 trillion in cumulative trading volume. The rise of Aster DEX and its market impact Aster, formed by the merger of APX Finance and Astherus, achieved a meteoric rise from zero to top in just a few weeks through a multi-chain aggregation strategy and the support of YZi Labs, particularly CZ. Its 1,650% gain on the first day of its TGE (Trading General Evolution) on September 17th, along with $371 million in trading volume and an influx of 330,000 new wallet addresses, fully demonstrated its strong market acquisition capabilities. Aster's technological innovations are primarily reflected in improved user experience. Its Simple mode offers up to 1001x leverage, far exceeding Hyperliquid's 40-50x. While risky, this approach is highly attractive to speculators seeking high returns. The hidden order feature draws on the concept of dark pools in traditional finance, effectively protecting large transactions from MEV attacks. The yield integration feature allows users to use interest-bearing assets like BNB as margin, earning a base yield of 5-7% while trading. This innovation maximizes the composability of DeFi. Aster's TVL surged 328% from $370 million on September 14th to $1.735 billion, with BNB Chain contributing 80% of this. Daily trading volume exceeded $20 billion multiple times, surpassing Hyperliquid to become the world's largest perpetual DEX, with 24-hour fee revenue reaching $7.12 million. More importantly, Aster amassed $19.383 billion in cumulative perpetual trading volume in just a few months. While still a step below Hyperliquid's $2.76 trillion, the growth rate was astonishing. Community discussions revealed a clear divergence in traders' preferences for the two platforms. Professional traders preferred Hyperliquid, believing its "single block confirmation" and deep liquidity were essential for professional trading. Meanwhile, cross-chain users and beginners preferred Aster, whose bridge-free multi-chain support and CEX-like user experience significantly lowered the barrier to entry. Hyperliquid: Technologically advanced but market share under pressure As a pioneer in the perpetual DEX space, Hyperliquid has redefined the possibilities of on-chain derivatives trading with its innovative HyperCore architecture. HyperCore achieves a processing capacity of 200,000 orders per second and a latency of 0.2 seconds, surpassing even many centralized exchanges. With cumulative perpetual swap volume of $2.765 trillion, current open interest of $133.5 billion, and a 24-hour trading volume of $15.6 billion, these figures fully demonstrate the success of its technical architecture and the trust of its users. However, Hyperliquid is facing a continued decline in market share. Its share of the perpetual DEX market has fallen from 71% in May 2025 and 80% in August to 38% today. This change is primarily due to the rapid rise of emerging competitors and the success of its multi-chain strategy. In particular, Hyperliquid has been repeatedly surpassed by Aster DEX in terms of daily trading volume and fee revenue, a change that was previously unimaginable. Perpdex trading volume statistics perpetualpulse.xyz Despite the challenges, Hyperliquid's advantages remain clear. It boasts the deepest liquidity, with spreads as low as 0.1-0.2 basis points for major assets like BTC/ETH; the most stable technical architecture, with single-block confirmations providing traders with unparalleled certainty; and the most mature ecosystem, with over 100 projects building comprehensive DeFi infrastructure on its platform. More importantly, its deflationary model, which allocates 99% of protocol revenue to buyback and burn HYPE tokens, has generated $20.1 billion in annualized revenue, providing strong support for its value proposition. From the perspective of user quality, Hyperliquid demonstrates higher user value. Among its 825,000 daily active addresses, 3.651 million are monthly active users, and the ratio of open interest to trading volume (OI/Volume) reaches 287%, significantly higher than the industry average. This metric suggests that Hyperliquid's users are more likely to engage in genuine risk hedging rather than short-term speculative trading. In contrast, Aster's user base is only 12%. Despite its higher daily trading volume, its user behavior is more inclined towards short-term arbitrage. Faced with competitive pressure, Hyperliquid is actively adjusting its strategy. The upcoming HIP-3 (Permissionless Perpetual Markets) will allow anyone to deploy custom perpetual contracts. This could lead to innovative products like RWA perpetuals and AI computing power futures, revitalizing the ecosystem. The launch of the USDH native stablecoin will further enhance its financial infrastructure. With an estimated $5.5 billion in funds under management and 95% of proceeds allocated for HYPE buybacks, this will significantly enhance its value proposition. In this fiercely competitive market, Hyperliquid's true moat lies not simply in its technology itself, but in the complete ecosystem built around its core protocol. From its humble beginnings as a perpetual trading platform to its current comprehensive DeFi ecosystem of over 100 projects, Hyperliquid has established a self-contained financial infrastructure. This ecosystem encompasses a full-stack solution, from infrastructure and DeFi protocols to the application layer, with each component contributing to the network's value accumulation and user engagement. It is against this backdrop that this article will delve into the core projects and innovative applications within the Hyperliquid ecosystem, exploring how these projects build sustainable competitive advantages for Hyperliquid amidst fierce market competition, and how they collectively shape the future of decentralized derivatives trading. In-depth analysis of Hyperliquid's core ecological projects 1. Kinetiq - Liquidity Staking Ecosystem Pillar (TVL: $1.757 billion) Kinetiq holds an unshakable position within the Hyperliquid ecosystem, with a TVL of $1.757 billion, representing approximately 78% of the ecosystem's total value, making it a central hub for capital flows. As the "Jito" of the ecosystem, Kinetiq has redefined validator delegation through its innovative StakeHub algorithm, achieving unprecedented efficiency and yield optimization. The core of the StakeHub algorithm lies in a sophisticated, multi-dimensional scoring system. This system scores over 100 active validators in real time, dynamically adjusting fund allocation strategies based on metrics such as reliability (40% weight), security (25% weight), economic performance (15% weight), governance participation (10% weight), and operational history (10% weight). This algorithm not only considers a validator's historical performance but also predicts its future stability. Using machine learning models, it continuously optimizes allocation weights to ensure that delegated funds always flow to the highest-quality validators. Kinetiq node operation status https://kinetiq.xyz/validators The protocol offers a rich and market-leading revenue structure. Base PoS rewards yield approximately 2.3% annualized returns, placing it at the top of the heap among similar LST projects. StakeHub optimizations provide an additional 0.2-0.5% enhanced return by preventing underperforming validators from participating. MEV revenue contributes approximately 1% annualized returns, derived from the Hyperliquid network's MEV capture mechanism. Even more compelling are integration rewards with other DeFi protocols, offering a variable 6-8% bonus, bringing total returns to 10-12%, a highly competitive level in the current DeFi landscape. Kinetiq offers a streamlined user experience. Users stake HYPE to earn kHYPE, enjoying a slight premium of 1:0.996. This premium reflects the market's added value for liquidity staking and confidence in the protocol's security. The unstaking mechanism incorporates a 7-day security delay and a 0.1% fee, providing users with a reasonable exit mechanism while ensuring network security. Kinetiq has seen explosive growth, tripling its TVL from $458 million in July to $1.81 billion today. This growth is primarily due to the integration of the Pendle protocol, which created additional liquidity demand and yield strategies for kHYPE through its PT/YT split mechanism. The upcoming launch of $KNTQ provides a crucial tool for decentralized governance and long-term value creation within the protocol. An estimated 30-50% of the supply will be distributed to the community via airdrops, with priority allocations given to points holders, early adopters, and kHYPE stakers. $KNTQ's core functions include voting on protocol upgrades, determining MEV routing policies, and curating the HIP-3 market. This decentralized governance will further enhance the protocol's decentralization and community engagement. How it works: Users stake HYPE on kinetiq.xyz to earn kHYPE, which is instantly minted and has a seven-day lock-up period. The protocol also offers a kPoints system, which distributes points weekly in preparation for the upcoming $KNTQ airdrop. Points are earned based on various metrics, including staked amount and holding duration. 2. Based - Mobile Super App and Ecosystem Portal Based, the highest-grossing Builder app on Hyperliquid, generated approximately $90,300 in 24-hour revenue, ranking first among all third-party apps. Its cumulative perpetual trading volume exceeded $16.699 billion, with a 24-hour perpetual trading volume of $321 million. It processes approximately 7% of Hyperliquiqui's total trading volume, a figure that fully reflects the high-net-worth nature and deep engagement of its user base. Its revenue model leverages Hyperliquid's Builder fee-sharing system, offering a maximum commission share of 0.1% on perpetual trading and 1% on spot trading. The majority of this revenue is returned to users in the form of commissions through an affiliate marketing program, creating a sustainable incentive structure that benefits users, the platform, and Based. With $2.22 million in 7-day revenue and $6.71 million in 30-day revenue, these metrics not only demonstrate the robustness of its business model but also highlight its key role as a revenue contributor within the Hyperliquiquid ecosystem. Based trading interface https://www.basedapp.io/ Based's economic design reflects a deep understanding of user behavior and innovative incentive mechanisms. $PUP, an XP-accumulating tool, completed its airdrop on August 22, 2025. The total supply is 100 million, with 5% allocated to early users and community contributors. $PUP's primary function is to increase users' XP acquisition efficiency, providing a 25-60% point multiplier, enabling holders to earn more rewards through activities like trading and spending. $BASED will be distributed based on users' total XP, with a snapshot date of September 20, 2025. Perpetual trading will contribute 0.06 XP for every $1 of notional trading volume, spot trading will contribute 0.30 XP for every $1 of trading volume (a 5x incentive), and Visa spending will contribute 4-6 points for every $1 spent (converted to XP at the TGE). This dual mechanism cleverly combines short-term incentives ($PUP bonus) and long-term governance ($BASED allocation). $PUP holders essentially gain the "leverage" of $BASED airdrops, further strengthening user loyalty and ecosystem stickiness. Within the community, $PUP has a circulating market capitalization of approximately $5 million, with a price stable at around $0.05, demonstrating robust demand as a utility. $BASED's projected supply is 1 billion, with a community allocation of 40%, expected to be fairly distributed to active users through the XP system. Interaction: Users can download the mobile app or visit the website through based.markets, register an account using their email address, and top up assets across multiple chains with one click. The trading interface, designed similarly to traditional financial applications, offers spot and perpetual trading capabilities. Users can also apply for a Visa debit card (existing users should note the November deactivation schedule) for fiat currency spending. The XP system displays points progress in real time, and $PUP holders can activate bonuses in their wallet to improve rewards efficiency. 3. Pendle - The Monetization Protocol Giant Pendle's successful deployment on the HyperEVM marks the maturity of the yield farming concept within the Hyperliquid ecosystem and represents a new level of sophistication and innovation in DeFi products. By separating interest-bearing assets like kHYPE into PT (principal) and YT (yield), the protocol provides investors with a precise tool for both fixed-income investment and yield speculation. In just a few months, Pendle's TVL on the HyperEVM has grown from zero to $12.3 billion, a 30-day increase of 76.27%. Pendle TVL distribution in various chains https://defillama.com/protocol/tvl/pendle The synergy between Pendle and Kinetiq is a key factor in its rapid success within the Hyperliquiquic ecosystem. This synergy is reflected not only in product complementarity but, more importantly, in the creation of a new value capture mechanism. By converting kHYPE into PT and YT, Pendle provides liquidity staking users with more diverse income strategies and creates a new avenue for earning points through Kinetiq's points system. Users holding YT-kHYPE receive the full returns of Kinetiq's points rewards without the risk of principal fluctuations. PT-kHYPE holders enjoy the certainty of a fixed income, which can be used to build a stable income strategy. Pendle's product portfolio continues to expand, demonstrating its strategic intent to deeply integrate with the Hyperliquid ecosystem. In addition to the mainstream kHYPE market, the protocol has also gradually supported the yield farming of ecosystem-based interest-bearing assets such as feUSD, hwHLP, and beHYPE. Each new asset adds new yield strategies and arbitrage opportunities, further boosting the activity and composability of the entire ecosystem. In particular, with the emergence of more LST and yield-generating assets, Pendle provides standardized yield-separation tools for these assets, becoming a crucial bridge connecting different protocols. Interaction: Users access the protocol through app.pendle.finance and select the Hyperliquid network. They can then split their holdings of interest-earning assets like kHYPE into PT/YT, or trade these yield products directly in the secondary market. The protocol provides intuitive yield curves and maturity information to help users make investment decisions. Pendle in HyperrEVM 4. HyperLend - Lending Infrastructure Core As the "credit bank" of the Hyperliquid ecosystem, HyperLend plays a crucial role in the entire DeFi infrastructure, providing core support for the ecosystem's liquidity cycle and capital efficiency. The protocol leverages the market-proven Aave V3 fork architecture, but with in-depth optimizations and innovations tailored to Hyperliquid's high-performance environment and unique asset characteristics. Its greatest technological breakthrough lies in the HyperLoop feature, an innovative mechanism that enables one-click leveraged circulation through flash loans, providing advanced users with unprecedented capital efficiency tools while maintaining operational simplicity. HyperLend's architectural design embodies a delicate balance between risk management and capital efficiency. The protocol innovatively utilizes a dual-pool architecture: a unified liquidity pool dedicated to efficient lending and borrowing of core assets such as HYPE, kHYPE, and USDC, significantly reducing transaction slippage and improving capital utilization through a shared liquidity mechanism; and a segregated risk pool dedicated to handling assets with higher volatility or risk, supporting fully customizable risk parameters to ensure that risk events involving a single asset do not impact the stability of the entire system. The technical implementation of the HyperLoop feature demonstrates the ultimate application of DeFi composability and a significant improvement in user experience. Users operate through a simple and intuitive interface, and the protocol automatically executes a complex sequence of atomic operations on the backend: first borrowing the target debt asset through a flash loan mechanism, then exchanging it for the yield asset the user wishes to hold through a built-in DEX aggregator, supplying this asset as collateral to the corresponding pool of the protocol, then borrowing more debt assets based on the newly added collateral, and finally repaying the initial flash loan. This entire complex sequence of operations is completed atomically within a single block, allowing users to easily achieve 3-5x leverage without the complexity, time cost, and gas fees of multiple manual operations. HyperLoop's one-click revolving loan interface Judging from its asset composition and operational efficiency, HyperLend demonstrates healthy and stable development and good market adaptability. Its total TVL of $524 million is primarily comprised of wstHYPE ($254 million, 48%) and native HYPE ($206 million, 39%). This asset distribution clearly reflects the importance of LST within the ecosystem and the strong demand for liquidity. With a current total borrowing volume of $267 million, the overall utilization rate has reached 48%, a healthy operating range for DeFi lending protocols. This ensures sufficient liquidity to meet withdrawal needs while optimizing capital utilization to achieve reasonable returns. HyperLend's protocol scale HyperLend's revenue model demonstrates clear and sustainable business value creation. The protocol generates annualized revenue of $15.89 million, with diversified and stable revenue streams primarily comprised of lending interest rate spreads, clearing fees, and flash loan fees. Of particular note is its flash loan fee, set at 0.04%, significantly lower than Aave's standard 0.09%. This competitive pricing strategy maintains market competitiveness while providing users with better cost efficiency, helping to attract more high-frequency trading and arbitrage activities. The protocol also incorporates a robust points system, which has been operating for 22 consecutive weeks, accumulating points in preparation for the upcoming $HPL airdrop, with 3.5% of the supply reserved for the Aave DAO. Interaction: Users connect their wallets via hyperlend.finance, which supports deposits to earn interest, borrowing, and HyperLoop one-click leverage. The interface is simple and intuitive, providing real-time interest rate information and risk indicators to help users make informed lending decisions. 5. Hyperbeat - DeFi Super App (TVL: $387 million) Hyperbeat positions itself as a one-stop DeFi hub, offering a comprehensive solution encompassing diverse services such as staking, lending, and yield optimization. The protocol recently completed a $5.2 million seed round led by Electric Capital, with participation from renowned institutions such as Coinbase Ventures, Chapter One, and DCF God. This funding round demonstrates institutional investor recognition of its business model and technical team. Hyperbeat's product matrix embodies a deep ecosystem integration philosophy. The beHYPE liquidity staking module provides a scalable security model and supports governance participation. The Morphobeat lending market, optimized for interest-bearing assets like LST and based on the Morpho protocol, also leverages a Meta-Yield strategy to automate yield optimization and diversify risk across multiple protocols. Its cross-chain integration capabilities enable deployment on multiple chains, including Arbitrum. It currently holds $28.92 million in TVL on Arbitrum, expanding its user base and assets under management. Hyperbeat's technological innovation lies primarily in its automated yield optimization strategy. The protocol uses smart contracts to automatically monitor yield fluctuations across various DeFi protocols and dynamically adjust capital allocation to achieve optimal returns. This "set-and-forget" user experience significantly lowers the technical barrier to entry for DeFi, making it particularly suitable for users who desire DeFi returns but prefer a more conservative approach. The Meta-Yield strategy also incorporates a risk hedging mechanism, mitigating the risk of a single protocol by diversifying investments across multiple protocols while leveraging arbitrage opportunities to enhance overall returns. Interaction: Users access a multi-product dashboard at hyperbeat.org, offering one-stop DeFi operations such as staking, lending, and yield farming. The interface design prioritizes user experience, providing yield estimates and risk warnings. The Hearts points system is nearing its end, with less than 12% remaining for distribution. A total of 51 million Hearts points will be allocated for the upcoming $BEAT airdrop. This points system encourages users to remain active across multiple product modules, earning points through multi-faceted activities such as staking, lending, and yield farming. 6. USDH - Native Stablecoin Infrastructure USDH, the upcoming native stablecoin of Hyperliquid, carries the important mission of improving the ecosystem's financial infrastructure. Native Markets won the community vote on September 14, 2025, securing the right to issue USDH. The launch of USDH will fill the gap in the Hyperliquid ecosystem's native stablecoin offerings, providing a more complete and autonomous financial infrastructure for the entire ecosystem. USDH's technical architecture reflects a deep consideration of regulatory compliance and scalability. The stablecoin will be backed by U.S. Treasury bonds through traditional financial institutions such as Stripe Bridge and BlackRock, ensuring adequate asset collateralization and regulatory compliance. Importantly, USDH will be dually compatible with HyperEVM ERC-20 and HyperCore HIP-1. This design allows the stablecoin to flow seamlessly throughout the Hyperliquid ecosystem, serving as collateral and liquidity in DeFi protocols and as margin in perpetual swaps, achieving true ecosystem-native integration. USDH is expected to launch in Q4 2025, with specific progress dependent on the completion of technical development and regulatory applications. As a critical infrastructure for the ecosystem, the successful launch of USDH will have a profound impact on the entire Hyperliquid ecosystem, not only improving user experience and capital efficiency but also, more importantly, strengthening the ecosystem's independence and sustainability. USDH's inherent advantages and revenue-sharing mechanism will provide it with unique competitive advantages, particularly in competition with external stablecoins like USDC. Ecosystem Data Panorama and Development Outlook The Hyperliquid ecosystem demonstrates strong growth momentum and healthy development. Its total TVL reached $6.535 billion, with $2.37 billion locked in DeFi protocols and $4.165 billion in perpetual swaps. Its 30-day perpetual swap volume reached $651.6 billion. User data demonstrates high-quality features, including 308,000 monthly active users, an average holding size of $162,000, and a 30-day retention rate of 67%, significantly exceeding similar platforms. The ecosystem's greatest strength lies in the deep synergy between protocols. The integration of Kinetiq and Pendle, the capital efficiency amplification of HyperLend, the internal circulation of Felix feUSD, and the mobile traffic driven by Based have created a powerful network effect. However, the decline in market share cannot be ignored. Hyperliquid's share of the perpetual DEX market fell from 48.2% in August to 38.1% in September, primarily due to losses to competitors adopting multi-chain strategies and incentive mechanisms. The launch of HIP-3 (Permissionless Perpetual Markets) will be a significant turning point, allowing anyone to deploy custom perpetual contracts and expected to usher in innovative products such as RWA perpetuals and AI computing power futures. The USDH native stablecoin is expected to manage $5.5 billion in funds, with 95% of its returns used for HYPE buybacks, resulting in an annualized return of $150-220 million, significantly enhancing its value proposition. HYPE's value capture mechanism is well-designed: 99% of protocol revenue is used for buyback and destruction, with the current annualized buyback rate at approximately 8.7%. However, the linear release starting on November 29th will increase supply by 71%, requiring strong fundamental performance to offset supply pressure. The Hyperliquid ecosystem stands at a critical juncture. Its success will depend on the integration of technological innovation and user experience, the balance between ecosystem openness and quality control, and the coordination of technological focus and diverse needs. The launch of HIP-3 and USDH will be a crucial test of its adaptability. For investors, the ecosystem offers a wealth of investment opportunities, from the stable returns of the LST protocol to high-risk early-stage projects. The key is to understand the business models and risk factors of each protocol and develop a sound strategy based on your specific circumstances. Hyperliquid's value lies not only in the success of individual protocols, but also in the formation of network effects across the entire ecosystem. In an era fraught with both opportunities and challenges, its ability to continuously innovate and create value for users will determine its long-term prospects.

Author: PANews

2025/09/27

Best Crypto Presale 2025: BlockDAG, PEPENODE, WEPE & Snorter Lead the Buzz

Best Crypto Presale 2025: BlockDAG, PEPENODE, WEPE & Snorter Lead the Buzz

New digital coins are launching every month, and it’s easy to overlook the ones with lasting potential. Still, some presales stand out because they already show progress, real features, or community strength. As 2025 unfolds, four names are drawing attention for the right reasons. These are not just speculative launches; they are active projects proving their worth before hitting exchanges. If you want to join the best crypto presale before listings, here’s a clear lineup. From BlockDAG’s live testnet and mobile miners, PEPENODE’s gamified approach, and WEPE’s cross-chain burns, to Snorter Bot’s trading tool, these presales are gaining ground for real progress. If you missed earlier giants like BTC or ETH, this could be your fresh start. BlockDAG: $410M+ Raised With Testnet and 3M+ Users BlockDAG is proving its strength right now instead of waiting for a future launch. The project has already raised more than $410 million during its presale phase, a figure that places it among the largest in the market. Alongside the impressive funding, over 20,000 miners have been shipped to more than 130 countries, showing that BlockDAG’s reach is global and not confined to one region.  More than 3 million people have also joined through the X1 mobile app, which allows anyone with a smartphone to mine BDAG coins with just a tap. At the same time, the Awakening Testnet is live and running smoothly, showcasing features like account abstraction, live explorers, built-in miner integration, and its own smart contract framework. This open-access testnet proves that BlockDAG (BDAG) is building in real time and showing progress before the mainnet even arrives. Community growth is steady and easy to measure. There are already more than 312,000 holders, with more than 1,000 new members joining daily. On social channels, the project has a strong presence with more than 325,000 people actively engaging.  The mining process is simple, requiring no costly hardware, and 2,000 physical miners are being delivered each week. This combination of mobile and physical mining has already created real earning opportunities. Daily presale inflows surpass $1 million, and 26.4+ billion coins have been sold so far. For anyone seeking the best crypto presale with working technology, live adoption, and huge demand, BlockDAG clearly stands at the front. PEPENODE: Meme Energy With Virtual Mining PEPENODE adds a gaming twist to memes by blending virtual mining with a deflationary model. Instead of buying hardware, players build digital server rooms and upgrade rigs in-app. These actions burn tokens, creating scarcity while keeping users engaged. So far, the presale has raised more than $1.2 million, and staking rounds have touched APYs as high as 1,300%. The current price is $0.0000627, rising with each stage. A growing community is taking part, earning credits, and leveling setups inside the game. PEPENODE offers more than holding; it gives actual in-app activity linked to its coin.  WEPE: Cross-Chain Meme With Burn Power Wall Street Pepe, known as WEPE, goes beyond memes by moving from Ethereum to Solana for cheaper and faster use. A unique burn feature supports this shift: every Solana buy removes an equal share of WEPE on Ethereum. More than 3.6 billion coins are already burned. The current price sits at $0.000055, with a market value near $11 million. Supply is capped at 200 billion coins across both chains. The “WEPE Army” community supports activities like alpha calls, NFTs (5,000 minted, $33,000+ in secondary sales), and gated groups. For those who want a meme with dual-chain mechanics and utility, WEPE is worth tracking.  Snorter Bot: Trading Tool With Meme Edge Snorter Bot mixes Telegram trading utilities with coin rewards. It helps users trade on Solana by offering honeypot alerts, copy trading, and limit orders; all inside Telegram. The SNORT coin reduces fees, powers the bot, and offers up to 118% APY from staking. So far, $3.8 million has been raised. The presale price is $0.104, with supply capped at 500 million coins. More features are planned, including multi-chain support. Unlike many meme coins, Snorter Bot delivers a live tool that traders already use, making it stand out in the presale market. Key Takeaways Presales often feel uncertain, but some are already showing results. BlockDAG has real mining rigs, a live testnet, and millions using its app. PEPENODE fuses memes with mining games. WEPE expands across chains with burn mechanics. Snorter Bot ties its coin to actual trading tools. For anyone seeking the best crypto presale before listings, these names deserve attention. BlockDAG shows unmatched scale with $410M+ raised and 3M+ mobile users. PEPENODE fuels gamified scarcity. WEPE shrinks supply while jumping to Solana. Snorter Bot connects coins to real trading. Now is the time to look closely before prices rise. Disclaimer: This content is a sponsored post and is intended for informational purposes only. It was not written by 36crypto, does not reflect the views of 36crypto and is not a financial advice. Please do your research before engaging with the products.The post Best Crypto Presale 2025: BlockDAG, PEPENODE, WEPE & Snorter Lead the Buzz appeared first on 36Crypto.

Author: Coinstats

2025/09/27

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