Good afternoon.

Change of pace here. We’re bringing this newsletter a few hours later than usual because it fits better with our schedule. Don’t worry, you won’t miss any big news because of it.

Speaking of which, HIP-4 is now live, so we’ll have to adjust our metrics table we start these updates with. Aaand, of course, we’re planning a deeper post about HIP-4 now that it’s live on mainnet.

Before that, it’s time for the weekly updates, starting with the metrics below. A mixed bag without any huge swings, at least for crypto standards.

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

It’s only one market for now, a daily BTC price based on the BTC mark price on Hyperliquid. A limited-feature initial release, as Jeff said.

Full documentation here.

Unironically, there’s been a bunch of CT chatter saying the UI is too bad and HIP-4 is basically a dead product.

We’ll address that in our deep dive on HIP-4 but let’s be clear the UI is not realistically a moat. There are other things that are risks and  have to be improved for Hyperliquid and HIP-4 too, including the UI arguably but that’s the “easy” one.

If you do want to see better UI for HIP-4, have a look at one of the following:

And for a look at the HIP-4 fees and how they compare, we recommend checking out Yaugourt’s post here.

Markets offers $200k in incentives for traders. Very much targeted at driving adoption of their mobile app. We think the app doesn’t change our short to medium-term view on Kinetiq and the KNTQ token but we’re staying in the loop with app updates and how usability and activity improves.

Trust Wallet integrates Hyperliquid. This is rather special. A Binance-backed project integrating Hyperliquid is a positive for Hyperliquid dominance.

Nova Markets announce “conviction markets”, using a bunch of words to say nearly nothing. OK, this might sound harsh but it’s basically two projects now that have pretty much the same high-risk and low-reward profile announcing to use Launch by Kinetiq. Nova is basically Perps dot fun with less fun and more signaling before launching the actual pair to trade. Easy pass, keep your (k)HYPE.

Hyperliquid Policy center files comments to the CFTC regarding prediction markets. In general, prediction markets have been in the spotlight in the past year or so, and the CFTC is certainly trying to work out clarity about regulation on this.

Small Purrlend update from the HyperLend (unrelated) co-founder. Looks like it might have been an insider theft rather than a hack. Either way, the funds are gone unfortunately.

Arham now supports HyperEVM. It only took a year but it’s there at least. Not something we look at too closely but someone who wants to dive even deeper than use will find this very usefl.

HIP-4 deep dive. With the mainnet launch, we’re already gathering our thoughts and data on this and we plan to publish something this week before we head out for the weekend.