1/ 📊Hyperliquid by the numbers: - $5.5B TVL on the platform, now top 10 across all chains - $6.5B of USDC sitting on it - 14% of Binance's perp volume - #5 in all of DeFi by fees - 75 apps live on HyperEVM - $2.5B in open trades on stocks, oil, and gold Walking through each 🧵

There's a new class in crypto: the revenue chains. The leaders are Hyperliquid & Solana. Both do some overlapping things, and some different things. Both have exceptional communities, usage, use cases, etc. I think that both will rise together, just as iOS and Android both rode the structural adoption of mobile. In the case of the revenue chains, they are riding the wave of capital markets coming onchain. Right place, right time for both. If you are rooting for HYPE or SOL or both, success will be less about the competition between the two (healthy ofc), but rather the rise of onchain capital markets. Root for capital markets coming onchain. Love seeing crypto succeed —

We’re thrilled to share that @NitrogenWealth, an AI-powered suite of products for financial advisors, is rolling out Bitwise model portfolios to its clients. Nitrogen combines agentic AI with risk alignment, investment research, income planning, and tax intelligence. Model portfolios give Nitrogen’s advisors an additional framework to give their clients exposure to crypto. We recently launched Bitwise Model Portfolios to help advisors build crypto sleeves thoughtfully and efficiently. The models feature a series of crypto-themed ETFs leveraging Bitwise research—offering everything from broad-based exposure to the space to more specific exposure to key themes. We’re excited to partner with Nitrogen to help their clients access one of the world’s most exciting asset classes in a seamless way. Let’s go!

"For much of the past decade, many of crypto’s innovative projects wore a costume: tokens that didn’t accrue value. Foundations that didn’t own anything. Builders that danced around the SEC. The Atkins-era SEC has put an end to the masquerade: Projects can now look like the decentralized business operations they actually are. Hyperliquid is the first big project that took the permission and ran with it. The product covers every asset class. The tokens capture real value. The revenue is real and the buyback is mechanical...it’s an early, credible look at what crypto becomes when it’s allowed to grow up." - @Matt_Hougan, "Hyperliquid Is What You Get When Crypto Is Allowed To Grow Up"

[reformats y-axis]

Hyperliquid is not a crypto app. It's a super app. It's not targeting the $3 trillion crypto economy. It's targeting the $600 trillion global asset market. Investors are valuing it as one thing. It's the other.

Wild: Hyperliquid has pulled in $255M of revenue YTD more than the next two apps combined, and roughly a third of all revenue across the top 10. Nearly all of it is perp trading fees, and roughly 97% accrue back to hyperliquid:native holders through automated open-market buybacks.