阅读原文 （来源：吴说） 吴说获悉，据 DeFiLlama 数据，随着近日 Solana Meme 回暖，Pump Fun 在 1 月 6 日单日交易量首度突破 20 亿美元，其中 PumpSwap 贡献了 19.46 亿美元， 同创下历史新高。与此同时，Pump Fun 超过了 HumidiFi 和 Raydium 等成为仅次于 Meteora 的第二大 Solana DEX。 ...

吴说获悉，DeFi 平台 Infinex 在 Sonar 上启动的代币销售已进行超过 30 小时，仅募资 49.1 万美元，占 目标 500 万美元的 9.83%。此前 Infinex 创始人 Kain Warwick 将目标募资从 1500 万美元下调至 500 万美 元。Infinex 曾于 2024 年完成 6770 万美元的 Patron NFT 融资。 （来源：吴说） ...

（来源：吴说） 阅读原文 吴说获悉，据 cryptodiffer 数据显示，2025 年按产生的总手续费排名的 DeFi 协议中，Meteora 以 12.5 亿美元居第一，Jupiter 与 Uniswap 分别以 11.1 亿美元 和 10.6 亿美元位居第二、第三。 ...

（来源：吴说） Yield Basis 在其 2026 展望中表示，协议于 2025 年验证了"无常损失（IL）可消除"的杠杆 AMM 模型在 经济上的可行性，并已形成稳定的交易量与费用收入。Yield Basis 计划将该模式从 BTC、ETH 等加密 资产扩展至更多封装资产及代币化 RWA（如黄金、股票），同时强化 veYB 的费用分配与准入机制， 目标是成为提供流动性与收益的一站式 DeFi 基础设施。 ...

吴说获悉，Aave 创始人 Stani Kulechov 表示，美国证券交易委员会（U.S. SEC）已正式结束对 Aave Protocol 持续 4 年的调查。该过程给团队及其本人带来了较大的时间和资源投入，主要用于维护 Aave 协议、其生态以及更广泛的 DeFi 领域。Stani 指出，近年来 DeFi 行业承受了较大的监管压力，调查结 束意味着相关不确定性告一段落，开发者可以在更清晰的监管环境下继续推进去中心化金融的发展。 （来源：吴说） 来源：市场资讯 ...

在区块链加速演进的周期里，每一次技术突破，都伴随着金融范式的深度变革。从最初的去中心化交易、到自动化做市、再到跨链与 Layer2 的爆发，行业 正迎来下一阶段的结构性升级——DeFi4.0。 这一次，走在时代最前线的，是——银河协议（YinHe Protocol）。 它不是一个单纯的 DeFi 产品，而是一套正在崛起的去中心化链上银行体系；它不是跟随者，而是将引领未来金融的 DeFi4.0 标准制定者；它不是一次短期 热点，而是一场面向未来十年的行业级生态变革。 银河协议正在用全新的技术模型、商业模式与生态战略，推动一场属于全球 Web3 用户的链上金融革命。 它打造的不是"像银行一样的 DeFi"，而是让每一个用户都可以拥有属于自己的链上银行账户。 银河链上银行的三大核心特征： 完全去中心化：资产归自己掌握、收益在链上透明可查 自动化治理：智能合约取代银行柜台，所有规则公开执行 无国界无门槛：全球用户随时可参与，无需机构授权 银河协议让未来金融从"我把资产交给银行管理"，转变为——"我，就是自己的银行。" 在全球去信任化、去中介化趋势不断增强的时代，这一模式将具备无可替代的意义。 二、DeFi4.0 全新 ...

Core Insights - Vitalik Buterin, co-founder of Ethereum, expresses confidence in the security of decentralized finance (DeFi), suggesting it can rival traditional banking systems [1] - The release of the "Trustless Manifesto" aims to recalibrate Ethereum's future development, ensuring its core values of decentralization and censorship resistance are preserved [1][7] DeFi vs. Traditional Banking - Traditional banks are seen as safe havens, but past financial crises have exposed vulnerabilities in centralized trust systems, such as opaque operations and counterparty risks [4] - Buterin argues that DeFi's risks are fundamentally different, primarily revolving around "code risk" from potential vulnerabilities in smart contracts, which can be audited and improved over time [4][5] - In contrast, traditional finance faces "human risk" and "systemic risk," where trust is placed in opaque management and government guarantees [4] Paradigm Shift in Trust - DeFi enables self-custody of assets, shifting trust from centralized institutions to verifiable and auditable open-source code [5] - As DeFi protocols mature, the risks associated with code vulnerabilities are expected to decrease, showcasing advantages over traditional banking in terms of transparency and resistance to moral hazards [5] Trustless Manifesto - The "Trustless Manifesto" emphasizes resisting the temptation of centralized convenience, warning that centralization can erode the permissionless nature of protocols [8] - The manifesto outlines four core values: credible neutrality, self-custody, verifiability, and resistance to convenient centralization [11] - The manifesto is published on the Ethereum mainnet, symbolizing a commitment to its principles and serving as a permanent, immutable promise [8][11] Implications for DeFi - The manifesto reinforces the reliability of the underlying infrastructure that DeFi applications depend on, allowing them to confidently position themselves as alternatives to traditional finance [13] - It provides a clear design philosophy for developers, encouraging a focus on decentralization and user sovereignty rather than superficial growth metrics [13] - Ethereum's commitment to its core values enhances long-term confidence in its role as a global settlement layer, emphasizing both technical upgrades and philosophical adherence [13]

Financial Data and Key Metrics Changes - The company achieved record highs with income from operations of $4.4 million and GAAP net income of $6.6 million, resulting in net income per common share of $0.26 and $0.05 on a basic and diluted basis respectively [18][30][31] - The company started the quarter with $45.5 million invested in HYPE tokens and purchased an additional $20.0 million worth of HYPE, recognizing GAAP accretion of $7.1 million [18][30] - Adjusted EBITDA for the quarter was $8.0 million, reflecting the removal of non-recurring items and stock-based compensation [31][32] Business Line Data and Key Metrics Changes - Revenue from digital assets businesses exceeded $300,000, significantly higher than less than $2,000 in Q3 2024, driven by staking rewards, validator commissions, and the first HOUSE agreement with Credo [19][25] - The company launched its proprietary HYPE Asset Use (HOUSE) platform, generating fee income while allowing clients to unlock unique utility on Hyperliquid [13][14] - The company’s validator received over $3 million tokens delegated from the Hyperliquid Foundation, with a total of 13.2 million HYPE tokens delegated as of October 31, representing 60% month-over-month growth [15][24] Market Data and Key Metrics Changes - Hyperliquid is the leading decentralized perpetuals exchange with over 60% market share as of October 31, 2025, and daily average revenues exceeding $3 million [16][38] - Daily trading volume on Hyperliquid exceeds $12 billion, with cumulative cryptocurrency perpetuals trading volume exceeding $3 trillion since inception [7][16] - Hyperliquid generates annualized revenue of approximately $1.3 billion based on an observed run rate of $3.5 million per day [6][16] Company Strategy and Development Direction - The company is focused on building a strategic HYPE token treasury and expanding its portfolio of DeFi services while developing institutional infrastructure to bridge traditional finance and decentralized finance [4][11][59] - The company aims to create long-term shareholder value through multiple pathways, including direct exposure to HYPE token appreciation and recurring revenue from DeFi services [11][12] - The company is committed to maintaining transparency and accountability while operating at the forefront of financial innovation [28][29] Management's Comments on Operating Environment and Future Outlook - Management believes the macro environment for institutional DeFi adoption is improving, with increasing regulatory clarity and maturing institutional infrastructure [58][59] - The company anticipates continued growth in DeFi-related revenues and expects operating cash flow to turn positive in 2026 [38][40] - Management expressed confidence in the resilience of Hyperliquid's platform during market downturns, highlighting zero downtime during the October 10th liquidation event [42][43] Other Important Information - The company continues to develop its proprietary OptiJet user-filled device and is on track for FDA registration [29][55] - The company has implemented comprehensive risk management frameworks to support its expanded activities in DeFi [28] - The company raised $21.8 million net of expenses via its At the Market Equity Offering Program, demonstrating ongoing fundraising capability [37] Q&A Session Summary Question: How did the crypto liquidation event on October 10th impact your business? - The company reported no operational impact from the event, as it had not taken on leverage positions with HYPE assets, and trading volumes quickly returned to Hyperliquid [42][43] Question: What do you think of recent regulatory developments and their impact on DeFi and your business? - Management views the current regulatory environment as favorable and anticipates continued clarity around crypto and DeFi interactions with existing financial infrastructure [43][44] Question: Are you considering an additional capital raise? - The company is focused on building and scaling its business rather than immediate capital raises, but it remains open to future fundraising opportunities based on market conditions [45][46] Question: Do you see Aster and Lighter as credible threats to Hyperliquid? - Management acknowledges competition but believes Hyperliquid's unique features and innovations position it favorably against new entrants [46][47] Question: Is MNAV a useful metric to you? - The company believes MNAV was relevant in earlier stages of digital asset treasuries but now focuses on a combination of asset value and future cash flows [48][49] Question: What measures do you take to secure your tokens? - The company employs self-custody infrastructure and multi-signature solutions to protect its HYPE assets [50] Question: Why have you not sold the OptiJet? - The company is taking a rational approach to commercialization, focusing on achieving FDA registration before making decisions [55] Question: Are you going to hire more people? - The company aims to remain lean while building a robust revenue-generating business line within DeFi, with future hiring contingent on growth needs [56][57]

Core Insights - Centralized finance (DeFi) is continuously disrupting the traditional financial system, bringing both breakthrough innovations and unprecedented risks, including fraud schemes, smart contract vulnerabilities, and regulatory uncertainties [1] - The discussion aims to explore how the industry can effectively combat fraud while maintaining innovation vitality [1] Discussion Topics - The evolution of DeFi fraud methods and how smarter data and analytics can effectively counteract them [6] - The true essence of "trust" in decentralized systems and cross-border payments [6] - How compliance teams can remain agile without hindering the innovation process [6] - The intersection of traditional finance and DeFi, focusing on the new wave of institutional-level applications [6] - Insights from real cases on effective and ineffective strategies in combating digital fraud [6] Event Information - The event will take place at the London Stock Exchange Group (LSEG) Hong Kong office on November 19, 2025, from 15:30 to 19:30 [4][7] - The event will feature a guest list including industry leaders and experts in financial technology and risk intelligence [8]

Core Viewpoint - The article argues that while a new altcoin season is possible, it is unlikely to replicate the massive bull run of 2021 due to changes in macroeconomic conditions and market structure [2][24]. Market Environment - The unique market environment of 2021 was characterized by unprecedented monetary stimulus from central banks, leading to a surge in risk assets, including cryptocurrencies [3][5]. - The issuance of stablecoins skyrocketed from approximately $20 billion at the end of 2020 to over $150 billion by the end of 2021, marking an increase of more than 7 times [3]. Changes in Market Structure - The supply of tokens has rapidly expanded since 2021, driven by a boom in venture capital and the popularity of airdrops and memecoins, resulting in a significant increase in project valuations [7][9]. - There is a substantial unlocking pressure on tokens, with over $200 billion in market value facing unlocks between 2024 and 2025, contributing to the current market's "high FDV, low circulation" issue [9][10]. - Attention and liquidity have become fragmented, making it difficult for funds to coalesce around specific narratives as seen in 2021 [11][12]. Future Altcoin Season Scenarios - An altcoin season is anticipated, but it will differ from the 2021 experience, focusing on projects with strong fundamentals and product-market fit [14][24]. - Potential catalysts for market movement include governance actions that could unlock fees and enhance liquidity [15][24]. - The market may see a "barbell" structure where liquidity flows to either blue-chip DeFi projects or high-risk assets like memecoins, leaving mid-tier projects in a precarious position [25]. Investment Opportunities - Projects generating substantial cash flow and demonstrating market validation, such as Uniswap and Aave, are expected to maintain resilience even in downturns [14][24]. - The traditional financial sector's entry into the crypto space is likely to favor DeFi's expansion, shifting valuation logic from TVL to cash flow distribution [24]. Conclusion - The current market is maturing and becoming more differentiated, requiring investors to adapt to these changes [24].