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Today's News Recap
Custody Clampdown - Hong Kong regulator tightens custody standards for licensed crypto exchanges.
Circle Offering - Circle to offer 10 million class A shares at $130 each.
Decision Delay - SEC punts decision deadlines for Solana ETFs by two months
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In Messari News
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Messari Protocol Reporting
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
Decentralized derivatives exchange on Base using the Oyster AMM
Launched WTI crude oil and gold perpetual markets on Base with USDC settlement,
Up to 10x leverage, and pricing from Pyth (WTI) and Chainlink (gold)
Rolled out “Synthia,” an AI agent enabling onchain swaps and transfers via natural language commands on X
Independent network designed to scale Bitcoin and enable programmability
Total CORE + BTC staked rose 30% QoQ to $706M; CORE staked jumped 40%
56% of BTC stakers now also stake CORE for boosted yields; 41% of them are in the top “Satoshi” tier
Decentralized indexing protocol providing onchain data
Query volume hit an all-time high of 6.49B (+5.8% QoQ)
1,673 new Subgraphs launched (+46.3% QoQ) and active Subgraphs reached a record 14,023
Usage-based revenue increased 6.4% QoQ to $128.9K
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Two Bits
Hyperliquid Liquid Staking Goes Kinetiq on Pendle
By: Patryk Krasnicki
Kinetiq is the fastest-growing protocol on Hyperliquid, the fastest-growing liquid staking token ever, and the largest liquid holder of HYPE. It connects native staking of HYPE on HyperCore with the composability of a burgeoning DeFi ecosystem on HyperEVM. The deployment of Pendle onto HyperEVM has added fuel to the fire. In just one week, HyperEVM has become the second-largest contributor of Pendle TVL behind Ethereum. Kinetiq markets on Pendle (kHYPE and vkHYPE) have attracted $421.5 million in TVL as kHYPE has become the third-largest market on Pendle. In total, 32.2% of kHYPE's supply is deployed on Pendle, making up 86.6% of Pendle's TVL on Hyperliquid.
Kinetiq’s ambition extends beyond liquid staking and institutional adoption. The protocol aims to allow builders to create HIP-3 markets with increased capital efficiency. While not yet live, HIP-3 markets will allow anyone to create exotic perpetual futures markets atop Hyperliquid. For example, Ventuals will allow users to trade pre-IPO companies like Cursor, Cluely, and Kraken with up to 10x leverage.
HIP-3 builders will need to acquire and stake one million HYPE (~$48.3M) to deploy. Kinetiq will provide the option to rent stake for a to-be-announced price through Launch, an Exchange-as-a-Service (EaaS) product. This presents strategic questions for Kinetiq. Will the price to rent stake be a fixed rate, an algorithmic rate, or a rate related to the success of the underlying HIP-3 market? Sophisticated HIP-3 deployers may be able to secure stake themselves. This could limit Kinetiq’s ability to attract what will become the highest-performing HIP-3 markets and restrict the attractiveness of a revenue share.
Kinetiq could support 28 HIP-3 builders today with over 28 million HYPE being staked. The success of HIP-3 and its revenue-generating potential remain to be seen. If Kinetiq opts for a revenue-share model, revenue could be capped if HIP-3 struggles to take off. Changing the protocol’s pricing strategy after setting an initial methodology would prove challenging. That being said, if the long-term growth and success of Hyperliquid is an assumption, revenue-sharing becomes the optimal option. That assumption is guaranteed to be one held by Kinetiq and its founders, like Omnia, who have proven to be some of the most Hyperliquid-aligned builders in the Hyperliquid ecosystem.
