Hello Monday.

Starting with a bit of bad news, Purrlend has been exploited for roughly $1.2M on HyperEVM and another $300k on MegaETH.

Minor compared to what happened the previous week with rsETH, just closer to Hyperliquid.

But we do have positive developments too. Let’s first look at this past week’s metrics.

Information gathered at midnight UTC at the end of the week. Swings are high, so for most up-to-date token prices, check Hyperliquid.

None of these might sound game-changing by themselves but the constant steps forward every single week are felt more and more.

Priority fees were active for about a week and started burning 150-200 HYPE a day when it was limited to IOC orders on HIP-3.

This week’s network upgrade makes these fees active for all perps, so let’s see how much HYPE is burnt daily in the coming weeks because of them.

Agents are also a hot topic, and they’ve been active on Hyperliqud for a while. This week, they received a new feature, which is the ability to transfer funds between DEXes.

Last and probably most important for the average trader’s experience, HIP-3 backstop liquidator now supports withdrawing principal amounts. Why is this important? A strong, fully fledged HIP-3 backstop liquidator helps avoid ADL issues.

Initially planned to be a way for HIP-3 deployers to raise the 500k HYPE required to stake for their DEX, Launch has now evolved into a permissionless LST deployer that still offers the ability to raise a stake for HIP-3, possibly HIP-4 in the future, but also, validators, communities, or other protocols can simply launch their own LST.

The good: 

The bad:

And that’s why we don’t think KIP-3 is a huge upside for KNTQ pricing. Still, we will judge based on the actual data.

As a reminder, we currently don’t hold any more KNTQ, but we do have a good kPoints stack that should turn into a nice airdrop in the near future.

And our comparison is not strictly KNTQ now vs KNTQ in the future. We’re looking at whether KNTQ can outperform HYPE or not. That’s why all our KNTQ tokens became kHYPE recently.

It also seems Kinetiq themselves realized they cannot compete strictly as a HIP-3 deployer for existing traders with Markets.

They are working on several things that reach people outside of the current pool of traders:

In our opinion, this is a great way to derisk Markets, but it’s not the way to turn it into a rocketship.

It protects the downside by having more low-volume but fee-insensitive users coming to the app and trading on Hyperliquid. And Markets will earn from builder codes regardless of what is traded.

But this will not take Markets from $14M OI to $2B OI to compete with Trade[XYZ].

We actually think there’s a non-zero chance Markets will offer Trade[XYZ] pairs in the future if the path of a consumer app shows more promise than that of being a HIP-3 deployer.

Blockchain.com integrates perps powered by Hyperliquid. Step by step moving to a situation where people trade on Hyperliquid without actually using the Hyperliquid UI, and that’s great. 

Precompiles got more HIP-3 support? It’s so often that the core team ships new features without big announcements, and this seems to be one of them.

Another Bitcoin fork? OK, not related to Hyperliquid itself, but relevant enough. From what we can initially gather, this seems like a case of “take the free coins and sell” case, but we’re interested in how Unit will manage this for UBTC holders.

HIP-4 waiting room. Yep, we mentioned it before. Testnet with mainnet-level bug bounties was announced on April 3, 2026. We’re now going to be 4 weeks in since that announcement, so we can basically taste the mainnet launch.