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DEPINThe brief history of DePIN
DePIN (Decentralized Physical Infrastructure Networks) refers to decentralized systems that leverage blockchain technology to manage physical infrastructure in a way that is transparent, scalable, and incentivized through token economies. The concept of DePIN has evolved significantly since its early days, and its development has been shaped by key milestones and real-world applications.Early Development (2021–2022)The origin of DePIN can be traced back to 2021 when IoTeX first coined the ter...
DEPINUnveiling the most powerful digital currencies in 2024: the road to a hundredfold rise of VIRTUAL, B…
In the digital currency field in 2024, which is full of variables and opportunities, various currencies have different performances. According to the CoinGecko report, as of December 25, several digital currencies have stood out, among which VIRTUAL, BRETT and POPCAT have the highest growth rates. There are different driving factors behind them, which are profoundly affecting the cryptocurrency market pattern. The top three cryptocurrency market growth rates in 2024 are VIRTUAL, BRETT and POP...
DEPINPIN AI: A16z Investment Project, $10M in Funding! Could Be the Next 100x Legend!
PIN AI is an open platform for personal AI, enabling users to reclaim data from centralized platforms and train private, on-device AI models. The PIN network integrates private computing, Trusted Execution Environments (TEEs), and blockchain validation to ensure secure interactions between humans and AI. PIN AI aims to create an open AI network with access to a vast amount of contextual data, where AI builders can create a variety of useful AI applications. Rooted in open-source AI and Ethere...
<100 subscribers
DEPINThe brief history of DePIN
DePIN (Decentralized Physical Infrastructure Networks) refers to decentralized systems that leverage blockchain technology to manage physical infrastructure in a way that is transparent, scalable, and incentivized through token economies. The concept of DePIN has evolved significantly since its early days, and its development has been shaped by key milestones and real-world applications.Early Development (2021–2022)The origin of DePIN can be traced back to 2021 when IoTeX first coined the ter...
DEPINUnveiling the most powerful digital currencies in 2024: the road to a hundredfold rise of VIRTUAL, B…
In the digital currency field in 2024, which is full of variables and opportunities, various currencies have different performances. According to the CoinGecko report, as of December 25, several digital currencies have stood out, among which VIRTUAL, BRETT and POPCAT have the highest growth rates. There are different driving factors behind them, which are profoundly affecting the cryptocurrency market pattern. The top three cryptocurrency market growth rates in 2024 are VIRTUAL, BRETT and POP...
DEPINPIN AI: A16z Investment Project, $10M in Funding! Could Be the Next 100x Legend!
PIN AI is an open platform for personal AI, enabling users to reclaim data from centralized platforms and train private, on-device AI models. The PIN network integrates private computing, Trusted Execution Environments (TEEs), and blockchain validation to ensure secure interactions between humans and AI. PIN AI aims to create an open AI network with access to a vast amount of contextual data, where AI builders can create a variety of useful AI applications. Rooted in open-source AI and Ethere...
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DEPINHyperliquid HIP-3 Eco-Map: Where the Next Alpha Might Hide
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DEPINHyperliquid HIP-3 Eco-Map: Where the Next Alpha Might Hide
1. Why HIP-3 Matters
HIP-3 turns Hyperliquid from a perp-DEX into permissionless financial Lego. Anyone can now spin up a perp market on anything—pre-IPO shares, GPU compute, commodity volatility, even funding-rate spreads—without asking VCs or DAOs for permission. Twenty-odd apps are already live on test-net, most boot-strapped and pseudonymous, exactly the environment that produced the last cycle’s 100× winners. Below are the verticals and the names traders are whispering about.
2. Front-Ends: The New “Broker” Wars
Based – Super-app with 40× leverage, Visa card and Twitch-style “Based Streams” where influencers trade live and viewers tip USDC. First HIP-3 frontend to list the XYZ100 memecap index; USD 35 m volume in 24 h on day-1. Mobile apps due mid-2025.
Liquid – Mobile-first, non-custodial, 100× leverage, e-mail login via Privy. Already in the iOS App Store; perfect on-ramp for normies.
Aura – “Trading is social” angle: share PnL, copy-trade friends, group DM rooms. If Web3 social ever pops, Aura owns the order-flow.
3. Liquid Staking & Money-Markets (The Yield Layer)
Kinetiq – Largest single pool on HIP-3 (USD 1.9 bn TVL). Stake HYPE → get kHYPE, then use kHYPE as collateral for perps. Launch-pad function lets new DEXs crowdfund liquidity instead of begging VCs.
Felix – Liquity-style CDP fork on HyperEVM; mint feUSD against HYPE/uBTC. USD 300 m TVL, variable-rate loans, no governance token yet = possible retro-drop.
4. Novel Perp Markets (Real-World & Exotic Underlyings)
Unit – Tokenized spot + equity perps. Already cleared TSLA, GOOG, NVDA perps on main-net; team ex-Jump/HRT. USD 831 m TVL, deepest on-chain inventory of spot BTC/ETH/SOL.
1. Why HIP-3 Matters
HIP-3 turns Hyperliquid from a perp-DEX into permissionless financial Lego. Anyone can now spin up a perp market on anything—pre-IPO shares, GPU compute, commodity volatility, even funding-rate spreads—without asking VCs or DAOs for permission. Twenty-odd apps are already live on test-net, most boot-strapped and pseudonymous, exactly the environment that produced the last cycle’s 100× winners. Below are the verticals and the names traders are whispering about.
2. Front-Ends: The New “Broker” Wars
Based – Super-app with 40× leverage, Visa card and Twitch-style “Based Streams” where influencers trade live and viewers tip USDC. First HIP-3 frontend to list the XYZ100 memecap index; USD 35 m volume in 24 h on day-1. Mobile apps due mid-2025.
Liquid – Mobile-first, non-custodial, 100× leverage, e-mail login via Privy. Already in the iOS App Store; perfect on-ramp for normies.
Aura – “Trading is social” angle: share PnL, copy-trade friends, group DM rooms. If Web3 social ever pops, Aura owns the order-flow.
3. Liquid Staking & Money-Markets (The Yield Layer)
Kinetiq – Largest single pool on HIP-3 (USD 1.9 bn TVL). Stake HYPE → get kHYPE, then use kHYPE as collateral for perps. Launch-pad function lets new DEXs crowdfund liquidity instead of begging VCs.
Felix – Liquity-style CDP fork on HyperEVM; mint feUSD against HYPE/uBTC. USD 300 m TVL, variable-rate loans, no governance token yet = possible retro-drop.
4. Novel Perp Markets (Real-World & Exotic Underlyings)
Unit – Tokenized spot + equity perps. Already cleared TSLA, GOOG, NVDA perps on main-net; team ex-Jump/HRT. USD 831 m TVL, deepest on-chain inventory of spot BTC/ETH/SOL.
Ventuals – Pre-IPO company perps (SpaceX, OpenAI, ByteDance). 10× leverage, optimistic oracle, self-funded via “Sekai Kappas” NFT sale. Test-net Oct-16 → main-net Q1-26; no VC allocation.
Volmex – BTC/ETH “VIX” (BVIV/EVIV indices) → trade pure volatility. Institutional pedigree; vol perps launch next month.
Nunchi – “Funding-rate of funding-rate” meta-perps. First product: FR-perp that tracks Hyperliquid’s own funding payments—perfect hedge for basis-traders.
Hyperbolic & Ddot – Commodity perps (oil, gold, nat-gas) and physical commodity markets respectively. First on-chain exposure to spot energy/crops.
5. Infra & Pick-And-Shovel Plays
Global Compute Index – Real-time GPU price feed (H100, A100, H200). Building the first compute perp; data oracle already live, trades go live Q4.
Sekai – LST factory: plug in any validator set, mint branded LSTs. Solves HIP-3’s 500 k HYPE deployment barrier; airdrop rumours swirl around early minters.
Flow DEX – Institutional OTC desk + cross-exchange market-maker. Provides hidden liquidity to every HIP-3 book; earns spread and possible token allocation when it finally decentralizes.
6. Long-Tail Bets (High-Risk / Narrative Alpha)
Hyperbet – On-chain casino (slots, sports, prediction) built on HyperEVM. Gambling is crypto’s oldest PMF; if it ships provably-fair code and revenue share, token could re-rate quickly.
OnlyVibes – Paid Telegram-style alpha group wrapped as an NFT. Social tokens have died a dozen deaths, but attention is attention; if they cross-subsidise PnL leaderboards it could become the de-facto trading lounge of HIP-3.
7. How To Hunt
TVL is not everything – Unit, Kinetiq and Felix are already “priced-in” by smart-money flow.
Watch test-net volumes – Ventuals’ pre-IPO cohort and Global Compute’s GPU perp are generating > USD 100 m daily paper volume; that is the early signal that seed-round valuations may be mis-priced.
No token yet = potential retro – Sekai, Flow, Volmex and Nunchi have not released governance tokens; main-net launches are slated before 2026.
Narrative timing – Real-world-assets (RWA), AI compute, and volatility trading are the three themes institutions have openly telegraphed for 2026 allocations. HIP-3 has functional perps in all three buckets while Ethereum L2s are still on Power-Point.
8. Bottom Line
HIP-3 is still a sandbox, but the toys inside are already producing measurable traction. If Hyperliquid keeps its no-VC ethos, the first wave of tokens will mostly hit the open market via community claims—not private rounds. That means the next 100× move is unlikely to come from chasing Kinetiq’s TVL leaderboard; it will come from quietly staking the underlyings, test-trading the exotic markets, and waiting for the retro-drop that turns early users into early shareholders.
Ventuals – Pre-IPO company perps (SpaceX, OpenAI, ByteDance). 10× leverage, optimistic oracle, self-funded via “Sekai Kappas” NFT sale. Test-net Oct-16 → main-net Q1-26; no VC allocation.
Volmex – BTC/ETH “VIX” (BVIV/EVIV indices) → trade pure volatility. Institutional pedigree; vol perps launch next month.
Nunchi – “Funding-rate of funding-rate” meta-perps. First product: FR-perp that tracks Hyperliquid’s own funding payments—perfect hedge for basis-traders.
Hyperbolic & Ddot – Commodity perps (oil, gold, nat-gas) and physical commodity markets respectively. First on-chain exposure to spot energy/crops.
5. Infra & Pick-And-Shovel Plays
Global Compute Index – Real-time GPU price feed (H100, A100, H200). Building the first compute perp; data oracle already live, trades go live Q4.
Sekai – LST factory: plug in any validator set, mint branded LSTs. Solves HIP-3’s 500 k HYPE deployment barrier; airdrop rumours swirl around early minters.
Flow DEX – Institutional OTC desk + cross-exchange market-maker. Provides hidden liquidity to every HIP-3 book; earns spread and possible token allocation when it finally decentralizes.
6. Long-Tail Bets (High-Risk / Narrative Alpha)
Hyperbet – On-chain casino (slots, sports, prediction) built on HyperEVM. Gambling is crypto’s oldest PMF; if it ships provably-fair code and revenue share, token could re-rate quickly.
OnlyVibes – Paid Telegram-style alpha group wrapped as an NFT. Social tokens have died a dozen deaths, but attention is attention; if they cross-subsidise PnL leaderboards it could become the de-facto trading lounge of HIP-3.
7. How To Hunt
TVL is not everything – Unit, Kinetiq and Felix are already “priced-in” by smart-money flow.
Watch test-net volumes – Ventuals’ pre-IPO cohort and Global Compute’s GPU perp are generating > USD 100 m daily paper volume; that is the early signal that seed-round valuations may be mis-priced.
No token yet = potential retro – Sekai, Flow, Volmex and Nunchi have not released governance tokens; main-net launches are slated before 2026.
Narrative timing – Real-world-assets (RWA), AI compute, and volatility trading are the three themes institutions have openly telegraphed for 2026 allocations. HIP-3 has functional perps in all three buckets while Ethereum L2s are still on Power-Point.
8. Bottom Line
HIP-3 is still a sandbox, but the toys inside are already producing measurable traction. If Hyperliquid keeps its no-VC ethos, the first wave of tokens will mostly hit the open market via community claims—not private rounds. That means the next 100× move is unlikely to come from chasing Kinetiq’s TVL leaderboard; it will come from quietly staking the underlyings, test-trading the exotic markets, and waiting for the retro-drop that turns early users into early shareholders.
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