A note on the SPCX pre-IPO (IPOP) contract: TradeXYZ IPOP contracts are price-based perpetual contracts that track the market-implied expected price of one share of Class A or common stock. Neither share count nor market cap are an input to the market specification, oracle methodology, or conversion treatment. Our documentation had previously featured educational examples showing how a user might derive their own fair price in a scenario where they started with a view on both market cap and share count. Although these examples were included for context, we received feedback that they caused confusion, so we have removed them from the documentation. TradeXYZ does not use, publish, or rely on a share-count or market-cap denominator for SPCX or any other XYZ market. When SpaceX completes their IPO and sufficient external market data becomes available, SPCX is expected to transition to standard external oracle pricing, and the contract is expected to converge toward the public trading price.

Dear Community, - One month ago, PiggyBank got into a new position for $100k (~2% of the portfolio at the time), as part of the strategy’s scope of deploying into mid-cap basis trades. - The strategy involved purchasing locked $LAB tokens at a significant discount through a Tier-1 OTC desk and hedging that exposure through perpetual shorts. During the holding period, $LAB experienced violent manipulation, including chaotic price movements on thin liquidity, and deeply negative funding rates. - Maintaining the hedge became economically irrational and would have caused us to cross our risk thresholds. We therefore decided to close our short to cap the downside. - In accounting terms, the total value of our $LAB locked position is $1.35m at current prices. However, due to the illiquid nature of this position, Piggybank is excluding it from the NAV until the first unlock on August 14. Even though this is an evolving situation that could still generate substantial returns, this is the fairest and most transparent way to let users manage their liquidity. - Accordingly, today’s NAV will show a ~15% drawdown on the USDC vault, ~12% on SPYx and ~9% on JitoSOL. - A detailed report will be published next week with next steps.

HelloTrade is moving to @monad. We remain focused on our mission to make global capital markets more accessible to everyone around the world. We’re excited to build alongside the Monad team, who share our vision of bringing this future to life at global scale. Stay tuned for further updates as we continue progressing through Alpha testing.

现在加密圈已经完全不在乎“去中心化”了。 Alpaca去年12月就已经市占率94%了，这次币安、Bitget也都用这家做清算。 也就是说整个美股代币化赛道的清算，都被这家公司掌握... 一旦遭遇技术故障、监管政策突变、或黑客攻击三大黑天鹅之一... 想想就刺激😄

Sui mainnet stopped accepting user transactions due to an issue during the epoch change beginning at ~1:30PT. Validators are up and creating system transactions, but user transactions are not currently being accepted. The Sui Core Team is investigating, and updates will be shared as soon as available.

.hl的可以来查查成分，去掉名字后缀的原因是不想被hl捆绑，后面涨起来几乎不怎么发了（链接我放评论区） 因为入关后自有大儒为我辩经。

Morpho的新东西，Midnight固定利率、固定期限借贷，直观感觉像Pendle的借贷改版。研究如下 它与传统借贷模型(aave)最大的区别就是，没有利率曲线了，利率是交易出来的，这块跟Pendle的思路比较类似，比如说如果一个到期可兑付1 USDC的unit，现在以0.95 USDC成交，那么利率就是1/0.95-1≈5.26%。 也就是说，买方现在支付0.95 USDC，到期拿回1 USDC，收益就是固定的。另外基于这个可交易的原理，买卖双方都不需要等待期限到期，可以通过二级市场退出。 跟Pendle的区别是什么呢，Pendle本质上是基于一种收益资产的拆分，它的大前提是这个资产必须能产生收益，或者积分。这样就能够形成PT和YT的组合。 Pendle是交易未来收益。 Midnight没有这个要求，它底层是处理一种借贷关系，它有对应Pendle PT的部分，但是没有类似YT的东西，它的需求来自于有人想借钱，有人想放贷，双方通过固定价格成交，形成固定利率借贷关系。 Midnight是交易未来债权/债务。 Pendle我们都知道是通过自己的AMM来交易，Midnight则是报价机制，maker发布报价，taker找到报价后提交到合约。有一个很有趣的设计是它有一个callback机制，maker可以在offer中设置callback，不提前锁定资金，可以继续把资金放在Morpho上，只有当这个offer被执行时，callback才会被调用，把你的资金从Morpho市场中提取，转移过来完成固定利率交易。这对于资金利用效率非常友好。 它与现有的借贷逻辑都不一样，我觉得如果这个东西能跑通，有机会带来增量市场。

Sui Mainnet is currently experiencing a network stall. The Sui Core team is actively working on a solution. Be aware that transactions may be paused at this time. Updates will be shared as soon as they are available.

看到不少人可能对Jupiter/GMX这一挂非订单簿类的perp dex有误解 认为Hyperliquid之类的无KYC中心化合约所对“AMM交易所”是代际替代关系 但其实完全错了 1. 首先，Jupiter/GMX的成交逻辑并不是“AMM曲线”（那是更古早的 @perpprotocol ） 而是预言机从报价源拉价格，由LP池作为对手盘来做交易 理论上，这一类交易所是可以无滑点对齐报价源的。比如芝交所黄金期货，预言机类的perp dex是可以直接对齐它的报价 而不管是Hyperliquid那样的订单簿，还是 @variational_io 那样的CFD模式，都需要通过“搬砖”把价格搬过来，本质上都是中介搬差价 但是GMX为了防范由于报价传递和区块时间导致的价格时间差，会加一个“价格冲击”，防止套利 2. GMX/Jupiter们真正牛逼的，是他们造资产的能力 很多人没有意识到，其实在合约交易领域，所谓的“真实世界资产”其实是根本不存在的 你的开单清算价和底层资产在现实世界的交易流动性是没有任何关系的，而是合约报价机制（订单簿/预言机等）提供给你的 所以如果你喜欢批判“没有底层价值支撑”为赌博，那么现在你可以向订单簿交易所开火了 但是GMX/Jupiter不一样，他的流动性来自于LP池，LP作为所有交易的对手盘，会回收所有的客损和交易手续费并根据比例再分配 - 也就是澳门赌场的台底 这是真正的生息资产 而且这些底池可以作为无对手方风险的结构性理财、抵押物进行DeFi套娃、套利交易。 Jupiter的JLP曾经是 Solana上最大的套利交易来源和收益源。当时@DriftProtocol 出事的时候，很多人不理解这个东西存在的意义 - 它当时就是JLP套利中性策略最大的提供者之一 而这种能力，订单簿交易所是不具备的。包括HLP在内的中心化交易所金库，本质上都是一个主动MM策略，相当于你把资金交给一个中心化黑箱。把HLP作为抵押品实际上是在传递一个对手方风险 3. 基于“与池对赌”二元性的不可替代业务逻辑 uniswap已经为我们证明了，LP池机制对于长尾资产发行不可替代的效率优势 - 至今没有一个订单簿能代替同样机制的uniswap/pump/fourmeme 这不是什么效率问题，这是做市成本问题，而且我说的不光是冷启动 - 你要如何在一个订单簿交易所回收所有的对手盘损益和交易摩擦？ 没看懂的可以回去看一下我当时关于polymarket和propAMM的推文 GMX和Jupiter真正的问题，可能是只从交易用户思考了问题，而没有从市场更上游的需求思考，这一点和Hyperliquid有本质的区别 但即使如此，你可以去看一下defillama的榜单，不论前排的积分订单簿所怎么刷榜作妖，gmx/jupiter们的量和收入几乎不怎么受到影响 如果他们更激进一点，成绩会更好，但是这已经足够说明他们是不可替代的

刚刚，TradeXYZ 买下了ticker $SPCX SpaceX 将超过沙特阿美 成为人类史上最大 IPO 而在这之前，整个传统金融都将很难不关注到 Hyperliquid，TradeXYZ 引领的价格发现 Attention is the new currency

Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade. User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment. The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2. The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.

智谱 AI 创始人兼首席科学家唐杰预测，今年大模型的最大突破将是长周期任务（Long-Horizon Tasks），AI 能在真实环境中持续运转并解决复杂问题。 长周期任务一旦突破，现在的「一人公司」会迅速变成完全由智能体运转的「无员工公司（NPC）」。但通向这条路必须先解决三大技术支柱：超长上下文和 RAG 搞定记忆，极速的版本迭代变相补足持续学习，以及自我修正和评判能力。唐杰认为在最后一项上，Opus 4.7 已经初具雏形。 大模型的终局将是全面的自我进化。唐杰推测 Claude 极大概率已经跑通了自己写代码、清洗数据并训练自身的闭环。传闻中 Claude 明年的 200 万芯片集群很可能就是专门留给「自主训练」的。 （背景补充：去年到现在，Anthropic 已经相继锁定了最高 100 万块谷歌 TPU 以及超过 100 万块亚马逊 Trainium 芯片。对比一下，目前最大的芯片集群是马斯克的 Colossus 2，GPU总数约 55.5 万张，并计划向 100 万推进。） 未来的设备将被大模型操作系统（LLM OS）全面接管，应用全靠按需生成，直接颠覆传统的计算架构。

Crcl永久百分之五十利润给CB 给coinbase打一辈子工 那还买个jj的Crcl 直接买coin好多了