While much of the industry’s attention over the past year has gravitated toward stablecoins, tokenized treasuries and institutional onramps, the team behind Velodrome and Aerodrome says the real power struggle in crypto is unfolding elsewhere: in decentralized exchanges (DEXs). Alex Cutler, the CEO of Dromos Labs, the main developer firm behind Aerodrome and Velodrome, described the exchange layer as "the second most important layer" to the onchain economy in an interview with CoinDesk. That view is now ...

Group 1: Hyperliquid's HIP-3 Proposal - Hyperliquid introduced HIP-3 growth mode, allowing permissionless deployment of new markets at ultra-low fees to enhance liquidity and attract new market makers [1] - The upgrade reduces all-in taker fees by over 90%, from 0.045% to as low as 0.0045%-0.009%, with potential further reductions at top staking and volume tiers [1] - The growth mode requires deployers to set their fee scale between 0 and 1 and ensures market stability by locking changes for 30 days once activated [1] Group 2: Aerodrome's Major Overhaul - Dromos Labs announced a significant overhaul of Aerodrome's decentralized exchange infrastructure with the launch of Aero, a unified trading system [2] - Aero aims to merge existing platforms and expand to other Ethereum chains, positioning itself as a central liquidity hub for the ecosystem [2] - The platform is set to bring faster and cheaper fees on-chain, with a focus on Base as its central hub [2]

Welcome to Ethereum.Dromos (@DromosLabs):A single exchange––one that unifies liquidity, connects every network, and powers applications everywhere.One that can infinitely scale horizontally & vertically.With MetaDEX03 we finally have the OS to make that vision a reality:Introducing Aero.Coming soon to @ethereum. https://t.co/zuE0DuIzsM ...

Financial Data and Key Metrics Changes - GoDaddy achieved a total revenue growth of 10% year-over-year, reaching $1.3 billion, surpassing the high end of the guided range [17][18] - ANC (Annualized Net Customer) bookings grew by 14%, contributing to a total bookings increase of 9% to $1.4 billion [18][19] - Free cash flow increased by 21% to $440 million, reflecting strong operational performance [16][18] - The normalized EBITDA margin was maintained at 32%, with normalized EBITDA growing 11% to $409 million [18][21] Business Line Data and Key Metrics Changes - The high-margin ANC segment saw a revenue increase of 14% to $481 million, driven by solid adoption of subscription solutions [18] - The core platform segment delivered an 8% revenue growth to $784 million, supported by a 28% growth in aftermarket and a 7% growth in primary domains [18] - The $500+ customer cohort now represents approximately 10% of the customer base, contributing to a 10% increase in ARPU (Average Revenue Per User) to $237 [16][17] Market Data and Key Metrics Changes - International revenue grew by 14%, primarily driven by strength in both primary and secondary domain markets [17] - Retention rates remained stable at 85%, with total customers increasing sequentially to 20.4 million [17][18] Company Strategy and Development Direction - GoDaddy is focusing on the evolution of its Aero platform from generative AI to agentic AI, launching new agents to assist customers in various tasks [4][5] - The company is committed to creating an agentic open internet, enhancing customer experiences through AI-powered agents [4][10] - Strategic initiatives include pricing and bundling to provide greater value and choice to customers, and a seamless experience to improve conversion and renewal rates [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of micro-business owners and their continued engagement with GoDaddy's services [81][82] - The company raised its full-year 2025 revenue guidance to approximately $4.93 to $4.95 billion, reflecting ongoing strength across the business [19][21] - Management highlighted the importance of AI in driving operational efficiencies and enhancing customer engagement [61][63] Other Important Information - GoDaddy has repurchased 9 million shares for a total of $1.4 billion year-to-date, demonstrating a commitment to shareholder returns [16] - The company is on track to exceed its investor day North Star commitment of a 20% CAGR (Compound Annual Growth Rate) [16] Q&A Session Summary Question: Impact of AI and agentic services on domains and websites - Management believes that AI and agentic AI will automate customer journeys, leading to an increase in the creation of websites and demand for domains [24][26] Question: Customer base growth and metrics - The total customer account showed slight sequential growth, with a focus on high-intent customers driving ARPU growth [30] Question: Rollout of Aero.ai and its integration - Aero.ai is built on the GoDaddy software platform, providing a seamless experience for existing customers and linking to the GoDaddy ecosystem [34][35] Question: Drivers of strengthening customer cohort dynamics - The high-intent customer cohort is attaching to more products at a higher rate, contributing to bookings and revenue growth [37][38] Question: AI investments and profitability - Investments in AI are being offset by efficiencies gained from internal use cases, with a focus on maintaining operational discipline [61][63] Question: Aftermarket performance - The company experienced strong performance in the aftermarket, particularly in high-value transactions [46] Question: International growth specifics - No specific markets were highlighted, but international growth mirrored domestic performance [79]