Funding & Valuation - Lighter has raised $68 million in a funding round [1] - The funding round was led by Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood [1] - The company is valued at $1.5 billion [1] Business Overview - Lighter is an Ethereum-based Layer 2 decentralized exchange and blockchain platform [1] - The platform currently supports perpetual contracts [1] - Lighter plans to launch spot trading soon [1]

Market Performance - Hyperliquid generated over $117 million in October fees [1] - All fees generated by Hyperliquid in October were returned to HYPE holders via buybacks [1] Competitive Landscape - Hyperliquid's profit-sharing model sets it apart from rivals like Aster and dYdX [1]

Core Insights - Brett Harrison, former President of FTX US, is developing a new trading platform called AX, which will offer perpetual contracts on traditional assets like stocks and foreign exchange [1][2] - AX aims to combine the capital efficiency and operational simplicity of crypto perpetual contracts with the security and regulatory oversight of traditional futures exchanges [3] Funding and Support - Architect, the company behind AX, has raised $17 million in its Series A funding round, with participation from notable investors such as Coinbase Ventures and Circle Ventures [4] - This financial backing enhances the credibility of AX and indicates the resources available for developing a regulated trading platform [5] Regulatory Framework - Architect has secured a license from the Bermuda Monetary Authority, planning to utilize this regulatory framework to operate AX as a compliant trading venue [5] Leadership Background - Brett Harrison founded Architect in early 2023 after leaving FTX US in September 2022, where he managed institutional business development [7]

Business Overview - Former FTX US President Brett Harrison is planning to establish a new trading hub focused on perpetual contracts (perps) for stocks and forex [1] - The initiative aims to integrate traditional capital market trading into a structure similar to crypto perpetual contracts [1] Funding - Architect is raising Series A funding [1] - Investors include Coinbase Ventures, Circle Ventures, and SALT Fund [1]

Product Features - Chart provides open, high, low, close, and volume data for perps [1] - Users can access data by tapping and holding on the chart [1]

Perpetual Contracts (Perps) Development - Perpetual contracts represent a pioneering breakthrough, establishing a crucial foundation for the crypto industry [1] - Perpetual contracts eliminate contract fragmentation across different strike prices and expiration dates, concentrating liquidity for optimal pricing [1] - Perpetual contracts abstract leverage, simplifying trading without the need to understand funding rates [1] Hyperliquid's Advantages - Hyperliquid's natively implemented order book and margin system are core advantages [1]

Investment Opportunities - Openmind NFT, having secured $20 million in funding, presents a potentially valuable investment opportunity [1] - Participation in the MegaETH public offering is strongly recommended [2] - Bybit's Perpetual contracts are worth considering for investment [3] - Polymarket likely hasn't taken a snapshot yet, suggesting potential for interaction [4] - The industry should monitor all prediction projects on the BSC chain for potential investment opportunities [5]

Regulatory Landscape - SEC (美国证券交易委员会) 和 CFTC (美国商品期货交易委员会) 正在考虑将永续合约引入美国境内，供美国交易员使用 [1] - 两大机构将于 9 月 29 日共同举办联合圆桌会议 [1]

Market Trend - Perpetual contracts (Perps) are predicted to dominate various sectors [1] - Inflation is eroding purchasing power, leading to a permanent renter class and increased speculation [1] - Event contracts represent the simplest form of perps for mainstream adoption [1] Prediction Market - The prediction market thesis supports the mainstream adoption of perps [1] - The industry anticipates full mainstream perp adoption in phases, with the initial phase already underway [1]