🟪 The future of Web3 lies in the Asia-Pacific
In a year when global investment in Web3 seemed to be slowing down, APAC investment has been accelerating.
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The future of Web3 lies in the Asia-Pacific
In a year when global investment in Web3 seemed to be slowing down, APAC investment has been accelerating. Read More
Top Stories
Funding Wrap: 2024 kicks off with Solscan deal, Saylor sales — Read
Grayscale, Fidelity join expanding fray in final stretch for a possible spot bitcoin ETF — Read
DCG repays all short-term loans to Genesis — Read
26 months after bitcoin futures ETFs launch, traders brace for a spot product — Read
BlackRock, Valkyrie inch closer to potential spot bitcoin ETF decision — Read
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This week, Mike & Mark discuss the Bitcoin ETF ahead of an expected SEC decision next week. Mark makes the case that the Bitcoin ETF will unlock billions of dollars of capital from institutional investors who otherwise wouldn't have access to the asset. To hear all this & more, you'll have. to tune in!
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Research
Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.
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