Last week we couldn't publish the newsletter, so here's a recap of the past 2 weeks. We'll see news of HIP-3, OKX listing, $POPCAT incident, and Platform Upgrades.

💼 Institutional & Buyback Power

  • In under a year, Hyperliquid's Assistance Fund has repurchased over $800,000,000 in $HYPE. It's simply the largest buyback in the entire crypto market.
  • Trove Markets raises $20M to buy 500K $HYPE for lunch their HIP-3.
  • Paradigm's massive $HYPE stack confirmed: On-chain analysis uncovers they hold 19.14M $HYPE (~$576M), or 1.71% of total supply, making them the top holder of HYPE, freshly consolidated across 19 wallets ahead of the $ONN deadline in 5 days.

🔗 Cross-Chain & CEX Explosion

  • $HYPE live on Base & Solana via wormhole.
  • OKX lists $HYPE spot.

🏅 HIP-3 = The New Gold Rush

Many HIP-3 tokens have been reserved over the last two weeks, notably with the arrival of new HIP-3 DEX:

  • Felix has snapped up: $INTC, $PLTR, $COIN, $META, $AAPL, $MSFT, and $ORCL, corresponding to the biggest US tech and crypto companies.
  • Felix Protocol is also jumping into stocks with $TSLA, this time using $USDN collateral.
  • Venturia is launching non-publicly traded companies like $STRIPE pairs with $USDN collateral.
  • For now, only two HIP-3 pairs are available, both from Hyperliquid: $NUGT and the top 100 non-financial tech companies in the US.
  • One recently announced that total volume exceeds $1.5B, they have generated over $1,500,000 with HIP-3.

🛠 Platform Upgrades

  • HyperEVM gas limit +50% (2M → 3M)
  • New designs of Hypurr for our PNL card 🐱

🔐 Security Spotlight: $POPCAT Incident

A coordinated manipulation hit $POPCAT perps. Attacker withdrew $3M USDC from OKX, split across 19 wallets, built a fake $100 buy wall at $9.21 to pump the price, then yanked it triggering a 43% crash ($9.21 → $5.12). Their actions got wiped (losing the $3M), but the cascade forced Hyperliquid's HLP vault to absorb $4.5M in bad debt. The attacker made no profit, repeating it would just be a waste of resources. HLP remains massively profitable since launch but saw a 1% drop in 24h.