There’s a new heavyweight fighting for the future of decentralized finance on Capitol Hill. The Hyperliquid Policy Center, or HPC, announced its debut on Wednesday, positioning itself as a resource for U.S. policymakers on DeFi and derivatives like perpetual futures. In a press release, founder and CEO Jake Chervinsky said that blockchains are poised to become the bedrock of the financial system, and the U.S. must choose between adopting new rules to support the technology or to “wait and watch as other nat ...

Core Insights - Hyperliquid is emerging as a significant competitor to centralized platforms like Coinbase, focusing on perpetual futures trading on its own layer-1 blockchain [1] - Recent data indicates Hyperliquid is outperforming Coinbase in key metrics relevant to derivatives traders, such as trading volume, market share, and revenue efficiency [1] Trading Volume Highlights - Hyperliquid processed approximately $2.6 trillion in notional trading volume during 2025, nearly doubling Coinbase's $1.4 trillion [3][5] - The growing gap in trading volume highlights the increasing demand for decentralized, high-leverage perpetual products, especially during market volatility [3] Market Position and Performance - Hyperliquid holds over 70% of the open interest in decentralized perpetuals, which stood at approximately $4.1 billion [5][9] - The platform's daily trading activity remains elevated, with a recent 24-hour perpetual volume near $3.9 billion [10] Competitive Advantages - Hyperliquid's decentralized framework allows for greater flexibility in product design and leverage offerings, attracting substantial trading activity compared to Coinbase's limited exposure to high-leverage derivatives due to compliance requirements [2][4] - Despite Coinbase's expansion in derivatives offerings, its trading volumes remain constrained relative to Hyperliquid's decentralized model [4] Token Performance - Hyperliquid's native HYPE token has shown stronger year-to-date performance compared to Coinbase's stock, which has faced pressure in recent months [6]

Core Viewpoint - The Moscow Exchange (MOEX) plans to expand its cryptocurrency offerings in 2026 by launching new futures contracts linked to major digital assets such as Solana, Ripple, and Tron [1][2][3] Group 1: New Product Launches - MOEX will introduce three new crypto indices that reflect the price dynamics of Solana, Ripple, and Tron, followed by futures contracts based on these indices [2][3] - The exchange currently offers futures on Bitcoin and Ethereum and aims to broaden its crypto pairings with top market names [3] Group 2: Index Foundation for Futures - Futures contracts on crypto assets require underlying indices as reference prices, which MOEX currently provides for Bitcoin and Ethereum [4][5] - The indices are calculated according to a transparent methodology and are published on the exchange's website [5] Group 3: Contract Specifications - The new futures contracts will be cash-settled, similar to existing Bitcoin and Ethereum contracts, and will expire monthly [6] - These contracts will comply with current Bank of Russia regulations and will only be available to qualified investors [6] Group 4: Future Considerations - MOEX is also considering the introduction of perpetual futures and options for major cryptocurrencies, including Bitcoin and Ethereum, after expanding its range of futures pairs [7]

Btw, perps trading on $BIRB is available here: https://t.co/YXUwtw270B ...

A sharp sell-off in Aster’s token is drawing fresh attention to the decentralized perpetuals trading sector, even as overall derivatives activity remains historically high. ASTER fell roughly 75% from its peak to trade near new lows this week, showing the growing gap between platforms that are capturing durable trading interest and those struggling to hold on once incentives fade. The decline has unfolded as Hyperliquid extends its lead over rivals, raising questions about whether the race among perp-fo ...

Core Insights - Hyperliquid has achieved a significant trading volume of $40.7 billion in the past week, surpassing competitors Aster and Lighter, indicating strong demand for leverage and decentralization in the crypto market [1][2]. Trading Volume and Market Position - Over the last seven days, Hyperliquid processed approximately $40.7 billion in perpetual futures trading volume, while Aster and Lighter processed $31.7 billion and $25.3 billion, respectively [2]. - Hyperliquid also leads in open interest with about $9.57 billion, compared to roughly $7.34 billion combined across other major perpetual DEXs [3]. Competitive Landscape - The divergence in trading volume and open interest suggests that Hyperliquid is becoming the preferred platform for traders, especially as incentive-driven volumes on rival platforms like Lighter have decreased [4]. - Lighter's trading volume has dropped nearly threefold from its December peak of over $600 million, indicating challenges in retaining liquidity post-airdrop [5]. Token Performance - Despite operational strength, Hyperliquid's token HYPE has seen an 8% decline in price, trading at $24.15, amid a broader market correction and significant unstaking events [6]. - Over 3.2 million HYPE tokens, valued at over $80 million, are expected to be unstaked in the coming days, contributing to selling pressure on the token's price [8].

Core Insights - Binance's spot trading dominance has significantly declined to 25% in December, marking its lowest level since January 2021, as competitors like Bybit, HTX, and Gate.io capture market share [1][2] - The decline in Binance's market share reflects a structural shift in the crypto trading landscape, with the overall market valued at $3.2 trillion [2][4] Spot Trading - Binance's share of spot crypto trades peaked at nearly 60% in 2023 after the FTX collapse but fell to 25% in December, down from 28.5% in November [2][10] - Spot trading typically constitutes about 25% of all crypto transactions, with the majority occurring in derivatives [3] Derivatives Trading - Binance's derivatives market share has decreased from a peak of around 70% to approximately 35% [4] - The shift in trading volume is not benefiting U.S. exchanges like Coinbase, which have seen only modest gains [5] Competitive Landscape - Offshore exchanges are gaining volume, while on-chain platforms like Hyperliquid are changing the competitive dynamics by allowing traders to access perpetual futures without centralized custody [6][9] - The migration of traders to platforms offering better token listings and higher leverage limits poses a threat to Binance's business model [7][10] Leadership and Regulatory Developments - Binance has appointed co-founder Yi He as co-CEO, marking a significant leadership change [11] - The company has secured licenses from Abu Dhabi's financial regulator, indicating a strategy to expand into regulated markets [11]

Core Insights - Coinbase Ventures identifies key growth trends in the cryptocurrency sector for 2026, focusing on real-world assets, advanced DeFi, prediction markets, and the integration of AI with blockchain technology [1][2] Group 1: Investment Trends - Venture funding in the cryptocurrency space surged to $4.65 billion in Q3 2025, marking the highest level since early 2023, indicating strong investor interest despite sideways trading in major cryptocurrencies [1] - The investment focus is shifting towards themes such as perpetual futures for real-world assets, advanced decentralized finance (DeFi) solutions, and the intersection of AI and blockchain [2] Group 2: Real-World Assets (RWAs) - RWAs allow trading on-chain exposure to traditional assets like US Treasuries and commodities, with tokenized Treasuries increasing from approximately $700 million to over $8 billion in two years as institutions seek on-chain yield [3] - Coinbase Ventures is emphasizing perpetual futures on RWAs, which act as perpetual bets on asset prices rather than direct ownership [3][4] Group 3: DeFi Innovations - Perpetuals are highlighted as essential components that integrate with lending protocols, enabling leveraged bets while collateral earns yield, akin to margin trading in traditional finance [5] - The focus on unsecured, credit-based lending aims to transition a portion of the trillion-dollar off-chain credit market onto the blockchain, moving away from overcollateralized loans towards models resembling real-world credit cards and business loans [5]

Core Insights - Venture capital firm Andreessen Horowitz (a16z) identifies stablecoins, real-world asset tokenization, and privacy infrastructure as key forces shaping the crypto industry by 2026 [1] Group 1: Stablecoins - Stablecoins have reached mainstream scale with an estimated $46 trillion in transaction volume last year, rivaling major payment networks like PayPal and approaching U.S. ACH volumes [2] - The next challenge for stablecoins is to build better on-ramps and off-ramps that connect digital dollars to everyday financial systems [2][3] - Startups are emerging to link stablecoins to local payment rails, QR-based networks, and card-issuing platforms, enabling users to spend stablecoins at traditional merchants [3] Group 2: Tokenization - There is growing interest from banks, fintech firms, and asset managers in bringing equities, commodities, and other assets on-chain [4] - Much of today's real-world asset tokenization remains "skeuomorphic," reflecting traditional financial structures rather than leveraging crypto-native capabilities [4] - Momentum is building around crypto-native derivatives, particularly perpetual futures, which offer deeper liquidity and simpler implementation [5] Group 3: Privacy Infrastructure - Privacy is emerging as a competitive moat for blockchain networks, becoming a central theme for 2026 [6] - As public blockchains become more interoperable, privacy-preserving systems could enhance network effects by making user migration more difficult and protecting against transaction-level surveillance [6] Group 4: AI and Payments - The intersection of AI agents and crypto infrastructure is growing, particularly as autonomous systems begin transacting without human intervention [7]

Core Insights - The cryptocurrency market is entering a new phase where the concentration of active trading is more important than grand narratives, with 2026 being a significant test for scalability under disciplined market conditions [1][2] - The traditional cycle model of retail speculation and token issuance is becoming less reliable as institutional participation and market infrastructure play a larger role in pricing behavior and price discovery [1][2] Market Dynamics - The cryptocurrency market in 2026 is expected to be driven by core scenarios and the robustness of trading infrastructure rather than grand narratives, resembling more mature financial markets [2] - The focus on ETF assets by Wall Street institutions indicates a higher trading participation from professionals, leading to market pricing being driven by positions, risk control, and liquidity rather than retail sentiment [2] Derivatives and Market Structure - Derivatives remain a core source of trading volume in the cryptocurrency market, with price formation now dominated by positions, funding rates, and liquidity rather than solely by retail-driven momentum [3] - Following a significant deleveraging event at the end of 2025, leverage has decreased, but the perpetual futures market remains resilient, indicating a new normal of tighter margins and stronger risk controls [3] Prediction Markets - Prediction markets are evolving from experimental products to more durable financial infrastructure, with increasing nominal trading volumes and deeper liquidity [4] - The fragmentation among prediction platforms is driving demand for aggregation and higher overall efficiency, attracting more mature participants such as top asset management firms and hedge funds [4][5] Stablecoins and Real-World Applications - Stablecoins and cross-border payments are identified as a lasting pillar of growth in the cryptocurrency market, with increasing transaction volumes driven by settlement, cross-border transfers, and liquidity management [7][8] - The use of stablecoins is rapidly expanding, particularly in the U.S. market, with some analysts predicting their market size could grow to $2 trillion, highlighting their potential as a blueprint for the global payment system [8]