# Cycle Snaps (Aug 30): Sports, Stable L1s and Hyperliquid

> What's moving the markets

**Published by:** [Social Graph Ventures](https://paragraph.com/@socialgraphventures/)
**Published on:** 2025-09-05
**URL:** https://paragraph.com/@socialgraphventures/cycle-snaps-aug-30-sports-stable-l1s-and-hyperliquid

## Content

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. SubscribeSports markets deep dive ICYMI: we released our latest analysis on sports betting markets. Check it out on Twitter. Read hereHyperliquid keeps delivering Using August-annualized cash flows, HYPE trades at ~14× P/E while showing massive growth15.4% average month-over-month fee growth 121.2% fee increase from January to August 290.1% annualized CAGR $3.67 million average daily fees in August Three consecutive record fee monthsNo signs of slowing. Source: Keisan Crypto’s thread.$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× multipleGood data (source)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 TPSPrivacyMemo fieldsBatch paymentsLow costsPudgy 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 yieldLuca’s tweetSubscribe Closing Infra is becoming invisible but more vertical, while user experience quietly becomes the moat.Sports betting markets need user first UXStripe builds its own L1 to control the railsTokenized collectibles replace speculative cyclesGaming becomes social and inclusiveConsumer receipts hint at future onchain identity economicsWe’re backing the builders merging culture with rails, emotion with code.

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