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Managing Editor’s Note (May 9, 2025 at 6:30 pm ET):
This report has been retracted for falling short of Blockworks’ editorial standards. The headline and body have been updated to reflect this retraction.
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HIP-3 is scaling Hyperliquid beyond crypto, with TradFi instruments now 31% of venue volume and daily notional above $5B. Silver is the most important of these flows, and last Friday’s violent move gives a stress test of HIP-3 market health. Using high-frequency trade/quote/order-book data and benchmarking against CME/COMEX Micro Silver futures, we find that for smaller, retail-weighted clips HIP-3 Silver delivered tighter pre-crash spreads and better execution. Finally, we present a novel 24/7 use case: positioning and pricing into the Sunday reopening auction.
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Breaking headlines across our core coverage categories.
BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower
DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory
In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?
Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity
Maybe tokenholders don’t need the rights that corporate shareholders have come to expect
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