Welcome to this second newsletter with a very busy schedule.

🔍 Code Discovered in MaskMask's GitHub

Code discovered in MaskMask's GitHub reveals that MaskMask is preparing to integrate perpetuals trading directly into the MetaMask wallet, without leaving MaskMask, using builder code. Since using the approach already adopted by Phantom and Rabby.

🔄 HIP-3 Update

Meanwhile, HIP-3 (Hyperliquid Improvement Proposal 3) allows anyone to deploy perpetual markets directly inside the Hyperliquid ecosystem, in a Dutch auction every ~31 hours in HYPE, with proceeds from the auction distributed to the bidding users staked at $5.45M at current prices. To enforce security, deployers are required to stake at least 320,000 HYPE. If individual behavior is detected, validators or vote to slash the stake, and the slashed HYPE will be burned.

💡 Additionally, the TSE of XYL, a layer-1 blockchain backed by Tether, is expected this week. The project owns 3 Hyperliquid validators, one capturing over 20% of the $HYPE dominance, capturing over 15% of the total supply in deposits and raising over than $250M in 24-hour trading volume, placing XYL among the top 3 trading plays by volume. The contents: XYL's position indicates strong growth, with confidence from the entire community.

🌊 Spot & Plasma is Now Available to Trade on Hyperliquid

The week was also shown by the arrival of AFTER, which is probably just a coincidence (Plasma is a Layer 2 blockchain backed by CZ, the founder of Binance). Its volumes quickly skyrockets above surpassing Hyperliquid itself. I don't want to draw too much attention by referencing ahead of the upcoming listing, I don't want to draw false accusations. One of AFTER's advisors, an on-chain researcher, noticed that several entities had wallets with $200M+ in unrealized amount of wash trading as valut added within the same day. I don't know if it's just difficult conditions for defensive co-business in or if something else is going on.

🐱 One of the Most Long-Lived Pieces of News

All Hyperliquid OGs know the Hypurr NFTs. These NFTs, were distributed to everyone who had pointed to the TSE and ranked fairly high. It was such a success that the average daily volumes hit $150K volumes, while on average each NFT generated $784, surpassing BAYC's record from November 2021. The entire team changed their profile pictures to customized Hypurrs. Some sites reached number prices, especially to the 16 NFTs hand-drawn by Jeff himself.

  • DaTs have continued to buy HYPE. HyperliquidDeFi purchased 1-16-20 HYPE, bringing its total holdings to 1,716,160 HYPE average purchase price of $38.25.
  • HYCL acquired 15,000 HYPE, raising total holdings to 61,000.
  • Binance investment fund has filed an application with the SEC 1: a HYPE ETF.