Until we house all of finance. (800, 800) CoFounder @hyperbeat
Joined May 2023
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800.HL retweeted
Joining forces with @tradexyz
Welcome to our community.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
800.HL retweeted
Growing up in the United States, NYSE was synonymous with the story of American capitalism. I vividly remember learning about the Buttonwood agreement in 9th grade history class. 24 stockbrokers met under a tree on Wall Street and formed the beginning of what would become the world's financial center. From pits to computers to now onchain markets, America has always led the way in innovating markets to improve price discovery and capital formation. Today the next chapter begins with ICE, trade[XYZ], and Hyperliquid.
ICE started as an electricity-trading platform in 2000, growing to acquire NYSE itself in only 13 years. It is a key infrastructure provider of America’s energy, bond, and mortgage markets. ICE is a rare story of exponential growth of a financial giant over decades, continually embracing innovation and technology.
trade[XYZ] was the first HIP-3 deployer and responsible for spearheading the flourishing global RWA perpetual market today. Only a year ago, trade[XYZ] launched its first RWA perpetual markets. They took a bet on HIP-3, which had just launched after months of tireless development. Having followed their journey from day 1, I cannot overstate how much Shoku and the team have poured into growing these markets to a genuine source of price discovery for the most important assets in the world.
Over the past three years, Hyperliquid has pioneered onchain infrastructure to house all of finance. Hyperliquid is nothing without its world-class builders. I am honored that trade[XYZ] and ICE have chosen to build on Hyperliquid to bring perpetual contracts to America.
When I first spoke to Jeff Sprecher around a year ago, he asked what success looks like to me. I thought for some time and joked that it would be seeing ICE building on Hyperliquid's technology. I could never have predicted the progress that we've made as a community in a single year to make this come true. Excited to see what we can build together next.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
800.HL retweeted
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
800.HL retweeted
Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial, Payward’s CFTC-regulated DCM and DCO, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward’s CFTC-registered FCM, would carry client accounts.
HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively called HIP-3*. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers. The functionality is strictly additive to HIP-3; its use is optional and up to the deployer. Existing markets remain unchanged. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
800.HL retweeted
1/ A common critique of $PEARL: some of the GPUs mining it aren’t doing useful AI work.
That's a classic misconception. I think that misses what makes the design by @WeinsteinOmri and the @prlnet team so clever.
800.HL retweeted
Pearl is one of the fastest growing PoW networks of all time and the team isn't on here shilling their coin.
It's only spot listed on one exchange run by a guy in Panama. No premine, no big parties at Token, no gift bags, tshirts, or sunglasses given out.
Very early and very quiet.
Pearl energy usage vs Bitcoin and Zcash both over the last year and since issuance.
Trend is strong, but it's too early to draw conclusions about Pearl's long term security from this wattage.
Over time I expect GPU owners to become addicted to Pearl mining rewards, eventually seeing a GPU as the same type of capital investment as an ASIC is today for a Bitcoin or Zcash miner.
If that happens it would be foolish to use GPUs to attack Pearl, since ruining the network would also ruin some of their CapEx value.
IMO if Pearl can build a moat on duplex GPU mining and capture a significant share of data center electricity it will be the most secure PoW network (defined as cost to attack).
Rough math on attack cost is electricity, forgone mining revenue, and a 20-30% depreciation on any GPUs used for the attack.
Thresholds to watch are the Pearl fp8 transition and continued growth of wattage.
800.HL retweeted
With BTC, hashrate follows price, as each miner has a unique profitability threshold at which they turn on.
With Pearl, hashrate can grow independent of price, because each inference provider has an underlying revenue function aside from mining.
And the market likes hashrate.
I think this is an incredibly valid critique, but it misses what makes Pearl so interesting. Pearl would not be a good asymmetric opportunity if it was built on SHA512 or some other useless algorithm. We all know we don't need another Bitcoin
What makes Pearl asymmetric is the differences between it and Bitcoin. Bitcoin Maxis decided long ago that picking a useful algorithm opened up attack vectors on Bitcoin, but I don't really know if we ever actually tested that assumption as seriously as Peal is now
Yes, there were projects that were doing merge mining back in the day, but merge mining is very different, I believe, compared to the duplex mining or two-for-one work that Pearl does. From what I can tell, we're running a new and interesting experiment
I think it's actually totally reasonable if your base case is that Pearl goes to zero. But on the off chance that it doesn't, the opportunity is so massive that you kind of need to imagine, instead of "How might this thing fail?", "How might this thing succeed?"
For the specific critique that Sami is making here, I think the game theory is if you could just 51% attack it and print money, everybody would race to do it. Enough compute would come online that you saturate the available GPUs, which is Pearl's win condition anyway. I think they want people racing to 51% attack them. That's what gets it so embedded into the ecosystem and maybe part of why hash is going so exponential
800.HL retweeted
there are some trades that are more risky *not* to take
The world of investable coins has compressed to a handful of names. This makes my job very easy.
We’re fresh off a duopolic minicycle of HYPE/ZEC. If you can stomach that ZEC interest was parasitic demand signaling for a new PoW token with ZEC as its host, where we’re headed is clear.
How many people ‘early to hype’ do you know that waited for the right custodian support, the right listing, or the right arbitrary price target that left empty handed.
The current $PEARL price is a reflection of the market’s read on the probability that things go right.
I’m an optimist. Finance is the field of optimists. For most of recorded history, people didn’t believe tomorrow would be better than today.
Think to yourself: what if things go right?
800.HL retweeted
44% of public miners' MW is contracted to AI/HPC in 2026-28, as they pivot toward more profitable operations leveraging sites for AI.
With mining costs already near $75k and the 2028 halving approaching, this will only worsen.
Pearl's FP8 removes this risk. Instead of forcing miners to choose between mining BTC or providing inference (useful work they get paid for), they can do both: mining PRL requires the same matrix calculations as AI inference. As public companies that maximize the value of their hardware, it's clear to me that these players will mine Pearl in addition to their inference work.
There are three bull cases for this:
1. Store-of-value assets lack clear valuation frameworks, and hashrate is the "hardest" quantifiable metric available. While not an ideal comparison, Pearl, with significant hashrate from miners that opt in, would be extremely undervalued on this basis.
2. Alternative SOVs have emerged as alternatives to BTC, attempting to solve some of the issues its ossification presents. These assets have, however, been constrained on the network security and hashrate side. Pearl, by making hashrate acquisition trivial, removes this constraint, allowing innovation in newer SOVs without the security bottleneck. Like ZEC, for example, Pearl is also targeting quantum resistance.
3. Alignment. Assets like BTC gain value because others believe in them and give them value (e.g., why does ZEC have more value than XMR?). Just as naturally as existing BTC miners will provide security for Pearl, it follows from the same first-principles thinking that they maximize their expected value, and so they become strong and powerful advocates of the coin.
This makes a compelling bull case: Pearl, like ZEC, is a modern SOV that is able to react to a changing technological landscape, targeting things like quantum and potentially privacy. However, it also has no network security concerns, a very clear path for hashrate and network security expansion, and will likely have huge BTC miners and potentially AI data centers as advocates. It is also 1/30th the market cap of ZEC.
At the end of the day it is ultimately just a memecoin (like BTC). But a memecoin with an incredibly compelling narrative, and likely a narrative very influental entities will rally behind.
800.HL retweeted
Pivot to @hyperbeat Liquid Banking
app.hyperbeat.org/dapp/pay?r…
