NEAR Confidential Intents TVL climbs past $26M. Confidential intents is extending the private execution layer to 35 supported chains across swaps, transfers, and more. Almost half of the volume on NEAR's main venue is now routing through private intents. The Intents stack is becoming one liquidity layer for everything.

Felix @felixprotocol and now @ventuals winding down HIP-3 deploying operations Co-deployments seem like the main route new teams have been picking to deploy onto HyperCore - @Perpsdotfun under @Kinetiq_xyz and a couple more on the way in the next few weeks

For the visual learners: commentary from this month’s Blockworks analyst hours on our HIP-3 report, walking through the key findings behind Hyperliquid’s deployer bottleneck and our proposed fixes: tiered HIP-3 exchanges and temporary auction-cost relief.

@Polymarket is launching combos soon. Take a look at our new docs, and happy quoting! Docs: docs.polymarket.com/market-m… Quoter Telegram: t.me/ 7j9GsyNe7jBiOGMx

1/ This is the full story of how I found a JupiterZ RFQ vulnerability, extracted ~$45k in a controlled white-hat test, returned the funds, and worked with the teams involved to get the issue fixed and safely back in production. The One-Byte Heist 🧵

Reminder: @Markets_xyz will be settling from June 10th to June 17th. @felixprotocol Markets will be settling from June 19th to June 20th. If you hold USDH from closed positions in these markets, you may convert to USDC 1:1 with no fees via @AcrossProtocol

Today, on SpaceX IPO day, is a great time to mention that @SuperstateInc is launching a new podcast, The Pop, all about how IPOs work under the hood: the bankers, the plumbing, the trading, and the madness. First episode just dropped, check it out! superstate.com/pop-podcast

$SPCX is now the third-most traded perp on Hyperliquid, behind only Bitcoin and Ether.

Busy Friday

throwing a mixer for traders in singapore with @wintermute_t next wednesday come if you are a: - market maker - taker - whale - trader of SpaceX on Solana

Prop AMMs are changing DeFi on Ethereum. From @titanbuilderxyz documentation: "A Proprietary AMM (PropAMM [pAMM]) is an onchain pool in which prices are continuously updated by a market maker. Instead of relying on a passive inventory curve, makers stream signed quote updates to the builder ensuring prices are updated in real-time" The innovation started on Solana last year and is beginning to take off on Ethereum main-net. See the dashboard [pamm.wtf] for details. As such I decided to record a few episodes with a group of builders who are building products and thinking about this new primitive. The goal of this series of episodes is to unpack propAMMs on Ethereum from different perspectives. In this first episode @katiabanina brings a concrete perspective rooted in product design and market needs. We ground the conversation by understanding AMMs, RFQ (request for quote) and RFS (request for stream) systems from the perspective of an operator , market maker, passive LP, and block builder. Throughout, Katia shares her perspectives on DeFi and the future of finance onchain. Future episodes will present additional nuanced perspectives on propAMMs and how they impact the transaction supply chain in detail.

really good breakdown of building and scaling a prediction market market maker from scratch. most threads talk about the strategy. this one talks about everything that breaks during testing: stale quotes, websocket desyncs, partial fills, reconciliation, adverse selection, ... also a nice reminder that liquidity compounds. the whole strategy depended on being able to hedge against a deeper, more liquid market nowadays anyone can spin up a bot from their laptop and learn the same market structure lessons that used to require a seat at a prop shop

To go with Kryptos, we launched a challenge with ten brand-new Kryptos-like puzzles. The first solver of each puzzle gets a $1,000 prize. paradigm.xyz/kryptos-ctf

Market makers on Kalshi lost $22 million on the Knicks vs Spurs Game 4 moneyline

WBTC propAMM just dropped Very different curve than the previous graph! Showed against uni 5bp (green) and 30 bp (orange) Also added a zoomed in version so you can see the price movements. Notice how much more adjustment there is for the prop vs 5 bp pool

And our next exclusive Frontier Traders event is happening in London on June 25th This will be a curated gathering for influential traders, researchers, and allocators Don't miss it RSVP: luma.com/frontier-traders-lo…

Introducing Frontier Traders An exclusive global community for elite firms and traders at the frontier of emerging assets. Members can access rewards across Solana trading venues, dedicated infra, and a voice in shaping Solana’s market structure.

they walked it back 48h after throttling the feeds, HL already softened it from builder feedback: webData2 stays at 5s one more upgrade l2Book default drops to 2s new fastAssetCtxs endpoint keeps the old 5s mark price behavior infra is fast. team's faster.