Author: Morning Minute

Translation: Shenchao TechFlow

Shenchao Introduction: Hyperliquid just proved itself in June with a predicted market trading volume of $50 billion, and is now opening this business to everyone—provided you dare to stake $30 million. This is a typical approach in the crypto world: replacing licenses with real money, allowing the market instead of the platform to decide who can survive.

Hyperliquid is making predictive markets a business that anyone can participate in.

The exchange stated that its recent HIP-4 upgrade's subsequent enhancements will allow anyone to deploy predictive markets on the platform. HIP-4 introduced the "result trading" feature in May, but currently, these markets are completely controlled by validators. Hyperliquid indicated that in the future, "ideally," there will be fewer than 10 markets operated by validators each year, with the rest open to everyone. This feature will first be launched on the testnet before going to the mainnet.

Anyone who wants to start a market must stake 500,000 HYPE (approximately $30 million), which is a serious margin; if validators determine that the market is poorly defined or settles incorrectly, this money may be forfeited. In exchange, deployers can earn up to 50% of the market's trading fees. This is the same as its permissionless perpetual contract economic design: invest real money, run the market well and make a profit; screw it up, and lose your stake. This is in stark contrast to the models of Polymarket and Kalshi, where each market is defined top-down by the platform.

This is a timely move, as the predictive market has just had the hottest summer ever. The World Cup helped the industry reach $50 billion in betting volume in June, with July currently looking even higher (so far $37 billion). Of this $50 billion, Kalshi is the clear market leader, accounting for $33 billion (66% market share). Hyperliquid has only done $176 million—so they have a long way to go to make significant progress in this field.

Hyperliquid's answer is to open-source this category, turning predictive markets into another permissionless infrastructure rather than a curated product. But they are not a platform to be underestimated; Hyperliquid is already breaking DEX trading volume records, prompting JPMorgan to warn of its threat to Circle, while simultaneously lobbying the SEC and CFTC. If the permissionless model works, it could help them truly make waves. We will know the answer soon.

Macro, Crypto, and Markets

Mainstream crypto assets closed up 2-5% for the week; BTC +3% to $64,600; ETH +6% to $1,885; SOL +1% to $76.60; HYPE -7% to $60.80

PUMP (+27%), INJ (+10%), and VVV (+9%) led this week

After progress in negotiations with Iran, oil -4% to $80; gold +1% to $4,024

With oil selloff, index futures rise; Dow +0.2%, Nasdaq +0.7%

Michael Saylor called Bitcoin's BIP-110 proposal "a bad idea," believing this anti-spam plan would set a precedent for censorship, saying "the proposed remedy is more dangerous than the ailment itself"

Galaxy Digital signed a 15-year naming rights agreement, renaming Texas Tech University's football stadium to "Galaxy Stadium," continuing the trend of cryptocurrencies moving into college sports

Project Eleven launched a technology that allows users to prove wallet ownership even after quantum computers can derive private keys

The GENIUS Act marks its one-year anniversary, with regulators failing to finalize rules before the deadline; however, the framework will fully take effect by July 2028

Corporate Funding and ETFs

Bitcoin ETFs saw a net inflow of $132 million on Friday, with a net inflow of $75 million for the week; Ethereum ETFs saw inflows of $37 million on Friday and a net inflow of $105 million for the week

Meme Coin Tracking

Meme leaders mostly remained flat or went up over the past week; DOGE flat, SHIB -1%, PEPE +5%, PENGU +4%, TRUMP +1%, BONK -23%

Robinhood chain led by Stonkbroker (+160%), REAL (+200x), and FOX (+70%); Cashcat +22% to $72 million

Solana leaders include AVA (+30%) and Cubeman (+85%); ANSEM +5% to $198 million

Token, Airdrop, and Protocol Tracking

Pump Fun's PUMP token led the altcoins, jumping 26% this week as the unlocking wave began

The cross-chain protocol Allbridge paused after a $1.65 million flash loan attack that manipulated its Solana pool ratios, marking the latest in a wave of DeFi attacks

NFT Dynamics

NFT leaders dropped slightly; Punks flat at 32 ETH, BAYC -2% to 8.65 ETH, Pudgy -5% to 4.06 ETH; Hypurr's flat at 188 HYPE

Stonkbrokers (+125%) and Funkari (+30%) led the gains

Pudgy Penguins officially launched plush toys at Target stores across the United States