This is the official list of Blockworks Research analyst accounts. Anyone DMing you claiming they are from @blockworksres that is not on this list is a scammer. x.com/i/lists/17542454878744…

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.

Pre-IPO perps are incredibly accurate near listing as traders price off Nasdaq IPO auction indications. Rather than speculation, prices reflect private auction data, including live orders, imbalances, and indicative clearing prices, diffusing into public markets. Hyperliquid

This is huge! Demand for higher tier gacha packs has been clear for a while, and the $1,000 packs proved it almost immediately after launch. I expect the new $2,500 tier to follow a similar trend, attracting both larger collectors and degens looking for bigger swings.

Another big week for Hyperliquid. SpaceX is by far the largest pre-IPO market, averaging $51M/day vs CBRS at $4M/day and QNT at $3M/day during their pre-IPO phases. If launch day mirrors prior TradeXYZ IPOs, volume could clear $1B, with estimates ranging from $1.1B to $3.6B .

As Felix becomes the first HIP-3 deployer to officially wind down, I fear it may be the first of many. For deployers outside of TradeXYZ, returns on HYPE stake and auctions remain unattractive. Will share a report this week on these HIP-3 dynamics and potential solutions.

BNB is already one of the largest digital assets in the world. The more interesting question is what is being built around that scale. This quarterly report gives the market a clearer view into BNB Chain’s growing real-world asset ecosystem.

The latest earnings of @gamestop may have been one of the most bullish developments for the onchain TCG sector this year. The company reported the highest quarterly profit in its history, driven largely by strength in collectibles. The segment generated $349M in revenue during the quarter, accounting for 42% of total sales. This includes TCG products, grading services, Power Packs, toys and other collectibles related merchandise. The results reinforce a trend that many investors continue to underestimate: collectibles are no longer a niche category. They are increasingly becoming one of the most important growth drivers across the broader retail market. A key advantage for GameStop has been its partnership with PSA, which effectively serves as the inventory backbone for its Power Packs product. For onchain collectibles platforms, the numbers help frame the size of the opportunity. @Collector_Crypt generated $21.3M in net revenue over the last three months. By comparison, GameStop's collectibles segment alone generated roughly 16x that amount in a single quarter. The more interesting takeaway is that Collector Crypt is not competing for a crypto native market. It is competing for a share of a much larger collectibles economy that is already proving capable of generating hundreds of millions in quarterly revenue. In many ways, Collector Crypt already has the better product. Users benefit from more transparent odds and stronger buyback rates versus GameStop's Power Packs offering. Despite operating in a much earlier stage of growth, Collector Crypt trades at only a modest premium to GameStop on a sales basis, roughly 4x-5x annualized revenue versus around 3x sales for GameStop. The key question is no longer whether demand for collectibles exists. GameStop's earnings answered that. The question is whether Collector Crypt can successfully expand beyond crypto natives and build an onboarding experience that captures the much larger retail audience already participating in the collectibles boom. Bullish on solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp

BNB is a top-four digital asset by market cap, yet its onchain economy is still under-discussed relative to its scale. This dashboard helps close that gap by making BNB Chain’s real-world asset growth easier to track.

One of our theses this year was that as prediction markets mature and competition intensifies at the base layer, the most attractive opportunities will shift toward the applications and intelligence built on top. One project I have been watching closely is @SynthdataCo Synth displays expected outcomes for hourly and daily event contracts alongside the implied market probability, allowing users to compare market pricing against real time forecasts. Those forecasts are generated by the top 10 models from a pool of more than 200 competing on Bittensor. To test the product, I tracked every BTC up/down market on @Polymarket over nine weekdays. Both Synth and Polymarket probabilities were recorded at the same moment: three minutes into each 15 minute market and 15 minutes into each hourly market. The forecasts were then compared against the final outcome. Across 374 weekday 15 minute markets, Synth correctly called direction 86% of the time versus 57% for Polymarket. Across 95 hourly markets, Synth achieved 75% accuracy compared to 62% for Polymarket. Notably, Synth's edge widened significantly at shorter time horizons, posting a 29 percentage point advantage in 15 minute markets versus a 13 percentage point advantage in hourly markets. The disagreement data was even more interesting than the headline numbers. In 46% of 15 minute markets, Synth and Polymarket pointed in opposite directions. In every single case, Synth forecast DOWN while Polymarket implied UP. Synth was correct 82% of the time in these disagreements, suggesting the market was consistently underpricing short term downside during the sample period. The bigger opportunity here may not just be for directional trading but especially for market making. A market maker armed with a calibrated probability edge can quote tighter two way prices, hold less inventory and capture more volume without taking on the same adverse selection risk. As the base layer becomes commoditized, the intelligence layer becomes the moat. Synth may be an early example of what that future looks like.

Spot DEX volumes on @base briefly flipped Ethereum on May 24th, capturing 53% market share as weekly volumes continue trending upward. A major driver of that growth has been @AerodromeFi which consistently accounts for roughly 50%-60% of all Base DEX volume. What the market still underappreciates is how much of the recent privacy and AI trading activity is flowing through Aerodrome. Lower cap names such as VVV, DIEM, SERV and POD rely on Aerodrome for onchain liquidity and price discovery, with VVV and SERV alone contributing nearly 25% of the protocol’s fees in recent weeks. In many ways, Aerodrome is increasingly becoming the liquidity layer behind the emerging AI and privacy trade on Base.

On Hyperliquid, the world’s most important private companies are tradable before they go public. On WeekendMarkets, you can now track them in one place: live implied valuations, filings, market updates, and analytics on how prior IPOs traded against stale TradFi anchors.

@humidifi’s Aquarium is starting to show what its market-maker coverage can do for longer-tail tokens. Prop AMMs already dominate SOL-USDC execution, but extending that model across more pairs is the next step for @solana market structure. After HFi program activity began, realized spread proxies tightened for both solana:DBRiDgJAMsM95moTzJs7M9LnkGErpbv9v6CUR1DXnUu5 and solana:2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv. Better for issuers, better for users.