Hello alpha seeker,

A relatively calm week without major announcements. Also, no network upgrade this week, something rare to be skipped, but that doesn't mean developments haven't moved forward.

Before we dive into the must-know events and news of the last week, let's look at ecosystem tokens and KPI performance.

HIP-3 stands out again with a new ATH in terms of OI, and that's something likely to continue for a while on average.

We also had a new ATH in terms of volume for HIP-3 on March 23, with $5.93b.

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

Do you remember the days of YouTube Rewind?

Well, it’s like that, but in text, for Hyperliquid, and with way more data than creators and viral videos.

Jokes aside, The Hyperliquid Annual Report is a thorough recap of major events, milestones, and developments from all of 2025 that happened in the Hyperliquid ecosystem, before we started publishing this newsletter.

Credit goes to @GLC_Research (@YarGLC) and @FourPillarsFP (@ponyo_fp) along with contributions from @hypurr_co, @B_Harvest, @HyperionDeFi, and @HypeStrat.

Two small errors slipped through that we mentioned here, but the overall report is still a great way to understand what happened last year with Hyperliquid.

It’s a new bookmark for us when it comes to key metrics in the Hyperliquid ecosystem.

It contains information on all metrics like:

And more. Clear bookmarking required if you’re interested in HYPE or Hyperliquid.

Nearing the end of the month, that means another unlock that gets distributed to team members.

After two consecutive months of just over 100k tokens, April will see 333k tokens unlocked.

You can always see the unstaking pending onchain here.

Overall, this is again relatively low, something that takes the Assistance Fund less than a week to burn on average.

More importantly, unlocks are not instantly dumped on the market. Some get sold OTC so they have minimal price impact, others are held or staked.

In general, the significantly lower unlocks and sell pressure is one reason HYPE has been performing better than its historical price/revenue ratio. Old pricing assumed 10M/month HYPE unlocked. We now know for certain that the actual number is much smaller.

Silhouette is trying to make anonymized trading on Hyperliquid cheaper than regular trading. They have partnered with Hyperion DeFi to stake 100k HYPE for a 30% trading fee discount, 95% of which is passed to users. This is along its framework that accumulates all volume for volume tier discounts as well.

Felix launched 250 spot tradfi assets. Possible through an integration with Ondo, these are currently only available on Felix, not on the Hyperliquid spot orderbook. It’s an interesting first step in bringing the spot side of tradfi to Hyperliquid, and we’re following closely.

Markets by Kinetiq launches mobile app. Currently in beta, done in partnership with Dexari, this is one step Markets is taking to attract new audiences rather than just competing for existing Hyperliquid traders. It doesn’t change our outlook that we shared since the Trade[XYZ] and SPDJI partnership, but it’s certainly the case Markets hasn’t thrown in the towel, and there are other avenues they’re trying to compete on.

Hydromancer publishes complete historical Hyperliquid data for free. Storing and delivering all the data usually meant more technical hurdles and costs, so Hydromancer is providing an easier way.

Hyperion DeFi reports positive Q4. It’s always a bit tricky to compare real gains with GAAP results, but after several quarters, we’ll all see a clearer picture. Generally, Hyperion DeFi did well, with +64% in revenue and +87% in adjusted gross profit growth QoQ.

MetaMask finally fully supports HyperEVM. It only took them over a year to get this done, which is a shame for what used to be the most recommended EVM wallet. 

Last but not least, CFTC Chairman Michael Selig launched the Innovation Task Force. Crypto assets and blockchain technology are a big topic for this. As generally repeated by regulators lately, the goal is to establish a clear regulatory framework and this “task force” involves people actively working in the industries. It’s certainly a positive outlook when it comes to regulatory clarity in the US.

Kinetiq season 2 ending? Just our speculation but given that the Pendle market for kHYPE expired on 19th March, and this second season has already been longer than the first, we’re assuming we’re nearing the end of season 2 as well. As you know, we’re looking to reduce our Kinetiq exposure in the meantime.