This week, we spotlight sports bets, Stripe’s stealth L1 move, Hyperliquid’s precision engine, consumer experience in gaming, and prosumer tooling. While the rails keep consolidating.
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Sports markets deep dive
ICYMI: we released our latest analysis on sports betting markets. Check it out on Twitter.
Hyperliquid keeps delivering
Using August-annualized cash flows, HYPE trades at ~14× P/E while showing massive growth
15.4% average month-over-month fee growth
121.2% fee increase from January to August
290.1% annualized CAGR
$3.67 million average daily fees in August
Three consecutive record fee months
No signs of slowing.
Source: Keisan Crypto’s thread.
$CARDS token hits mainstream numbers
Collector Crypto’s $CARDS token is live after an ICO that raised $3.5 million.
Generating $800k in weekly fees (~$41M annualized)
Valued at over $500 million FDV, ~12× multiple
We remain bullish on tokenized collector markets. Rip.fun, one of our portfolio companies, is building in this space.
Stripe and Paradigm building Tempo
Stripe is quietly working with Paradigm on a high-performance, payments-focused L1 blockchain called Tempo. It will be Ethereum-compatible, built with full-stack control in mind, and led by Paragdim’s Matt Huang.
This is another anchor in Stripe’s strategy to own stablecoin rails from issuance to settlement. Core features include:
High TPS
Privacy
Memo fields
Batch payments
Low costs
Pudgy Party breaks into mobile gaming mainstream
Pudgy Penguins’ new mobile game, Pudgy Party, launched globally across iOS and Android. It quickly charted in the top 10 free apps on the App Store and topped racing rankings.
Built on Mythos Chain, it automatically issues custodial wallets and blends meme-driven, party-style gameplay with blockchain ownership.
A case study in how Web3 gaming can scale emotionally, not just financially.
50,000+ downloads in early days
Emotional connection fueled by IP, not yield
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Closing
Infra is becoming invisible but more vertical, while user experience quietly becomes the moat.
Sports betting markets need user first UX
Stripe builds its own L1 to control the rails
Tokenized collectibles replace speculative cycles
Gaming becomes social and inclusive
Consumer receipts hint at future onchain identity economics
We’re backing the builders merging culture with rails, emotion with code.
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