business as usual
Joined July 2024
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p⨀psicle 𓋛 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].
p⨀psicle 𓋛 retweeted
REVOKE APPROVALS TO THESE ASAP:
Payment Processor V2 on Ethereum: 0x9A1D00bEd7CD04BCDA516d721A596eb22Aac6834
Payment Processor V3 on ApeChain: 0x9a1D00000000fC540e2000560054812452eB5366
use revoke.cash or similar.
p⨀psicle 𓋛 retweeted
Payward 🤝 @HyperliquidX
We're building permissioned Hyperliquid HIP-3* markets for US clients.
p⨀psicle 𓋛 retweeted
"im going to buy btc at 48-50k"
as if that isn't the consensus.
who's going to sell to you at that price if everyone is a marginal buyer there?
p⨀psicle 𓋛 retweeted
Category researchers and collaborators received a Distinguished Paper Award at IEEE S&P conference (@IEEESSP) for their paper related to private mempools.
The techniques introduced were ultimately leveraged in BTX, our latest state-of-the-art Batched Threshold Encryption (BTE) scheme.
Congratulations to our researchers: Amit Agarwal, Babak Poorebrahim Gilkalaye, @KushalBabel, @sourav1547, @PeterRindal
p⨀psicle 𓋛 retweeted
Introducing Nitro, a 3 month project accelerator:
- Funding from top VCs
- Mentorship from industry-leading founders
- $500k per team, distributed on Day 1
If you’re building in crypto, it’s time to compress a year into 3 months.
Applications are live: nitroacc.xyz
p⨀psicle 𓋛 retweeted
Reject modernity, embrace tradition
L1 scaling. Performance, fast finality, decentralization
The Monad way
There have recently been some discussions on the ongoing role of L2s in the Ethereum ecosystem, especially in the face of two facts:
* L2s' progress to stage 2 (and, secondarily, on interop) has been far slower and more difficult than originally expected
* L1 itself is scaling, fees are very low, and gaslimits are projected to increase greatly in 2026
Both of these facts, for their own separate reasons, mean that the original vision of L2s and their role in Ethereum no longer makes sense, and we need a new path.
First, let us recap the original vision. Ethereum needs to scale. The definition of "Ethereum scaling" is the existence of large quantities of block space that is backed by the full faith and credit of Ethereum - that is, block space where, if you do things (including with ETH) inside that block space, your activities are guaranteed to be valid, uncensored, unreverted, untouched, as long as Ethereum itself functions. If you create a 10000 TPS EVM where its connection to L1 is mediated by a multisig bridge, then you are not scaling Ethereum.
This vision no longer makes sense. L1 does not need L2s to be "branded shards", because L1 is itself scaling. And L2s are not able or willing to satisfy the properties that a true "branded shard" would require. I've even seen at least one explicitly saying that they may never want to go beyond stage 1, not just for technical reasons around ZK-EVM safety, but also because their customers' regulatory needs require them to have ultimate control. This may be doing the right thing for your customers. But it should be obvious that if you are doing this, then you are not "scaling Ethereum" in the sense meant by the rollup-centric roadmap. But that's fine! it's fine because Ethereum itself is now scaling directly on L1, with large planned increases to its gas limit this year and the years ahead.
We should stop thinking about L2s as literally being "branded shards" of Ethereum, with the social status and responsibilities that this entails. Instead, we can think of L2s as being a full spectrum, which includes both chains backed by the full faith and credit of Ethereum with various unique properties (eg. not just EVM), as well as a whole array of options at different levels of connection to Ethereum, that each person (or bot) is free to care about or not care about depending on their needs.
What would I do today if I were an L2?
* Identify a value add other than "scaling". Examples: (i) non-EVM specialized features/VMs around privacy, (ii) efficiency specialized around a particular application, (iii) truly extreme levels of scaling that even a greatly expanded L1 will not do, (iv) a totally different design for non-financial applications, eg. social, identity, AI, (v) ultra-low-latency and other sequencing properties, (vi) maybe built-in oracles or decentralized dispute resolution or other "non-computationally-verifiable" features
* Be stage 1 at the minimum (otherwise you really are just a separate L1 with a bridge, and you should just call yourself that) if you're doing things with ETH or other ethereum-issued assets
* Support maximum interoperability with Ethereum, though this will differ for each one (eg. what if you're not EVM, or even not financial?)
From Ethereum's side, over the past few months I've become more convinced of the value of the native rollup precompile, particuarly once we have enshrined ZK-EVM proofs that we need anyway to scale L1. This is a precompile that verifies a ZK-EVM proof, and it's "part of Ethereum", so (i) it auto-upgrades along with Ethereum, and (ii) if the precompile has a bug, Ethereum will hard-fork to fix the bug.
The native rollup precompile would make full, security-council-free, EVM verification accessible. We should spend much more time working out how to design it in such a way that if your L2 is "EVM plus other stuff", then the native rollup precompile would verify the EVM, and you only have to bring your own prover for the "other stuff" (eg. Stylus). This might involve a canonical way of exposing a lookup table between contract call inputs and outputs, and letting you provide your own values to the lookup table (that you would prove separately).
This would make it easy to have safe, strong, trustless interoperability with Ethereum. It also enables synchronous composability (see: ethresear.ch/t/combining-pre… and ethresear.ch/t/synchronous-c… ). And from there, it's each L2's choice exactly what they want to build. Don't just "extend L1", figure out something new to add.
This of course means that some will add things that are trust-dependent, or backdoored, or otherwise insecure; this is unavoidable in a permissionless ecosystem where developers have freedom. Our job should make to make it clear to users what guarantees they have, and to build up the strongest Ethereum that we can.
