BTC $77,356.32 -3.44%
ETH $2,427.03 -3.02%
BNB $687.99 -3.10%
XRP $1.38 -4.73%
SOL $103.63 -4.65%
TRX $0.3416 +1.20%
DOGE $0.0847 -4.34%
ADA $0.2014 -5.76%
BCH $248.31 -7.91%
LINK $11.35 -4.45%
HYPE $79.72 -6.01%
AAVE $121.38 -4.76%
SUI $0.7375 -5.15%
XLM $0.1780 -4.78%
ZEC $794.34 -2.34%
BTC $77,356.32 -3.44%
ETH $2,427.03 -3.02%
BNB $687.99 -3.10%
XRP $1.38 -4.73%
SOL $103.63 -4.65%
TRX $0.3416 +1.20%
DOGE $0.0847 -4.34%
ADA $0.2014 -5.76%
BCH $248.31 -7.91%
LINK $11.35 -4.45%
HYPE $79.72 -6.01%
AAVE $121.38 -4.76%
SUI $0.7375 -5.15%
XLM $0.1780 -4.78%
ZEC $794.34 -2.34%

pe

All
Article
Flash

HyENA announces the cessation of operations, and all markets will be gradually removed from August 31 to September 2

HyENA announced that it will cease operations and close all markets, with user funds unaffected. The official statement indicated that HyENA was built on the Hyperliquid HIP-3 standard and Ethena's USDe, allowing traders to earn profits while using USDe as margin for trading perpetual contracts, processing a cumulative trading volume of over $4 billion, serving more than 12,000 traders, and distributing nearly 2.5 million USDe rewards to margin users.The official statement noted that with the further alignment of Hyperliquid and USDC, the development space for USDe margin on the platform has changed, leading to the decision to terminate HyENA. Markets will be delisted in the order of one market per hour from August 31 to September 2, with positions automatically settled at the final marked price, and margins returned to the spot balance. HLPe deposits can be claimed at a 1:1 ratio along with accumulated rewards and withdrawn via Upshift, with the final reward distribution date set for August 27 and the final affiliate commission payment date on September 9.Additionally, the Ethena exchange reward program ended in June 2026, and HyENA points will remain in their final state, with no snapshots, conversions, or distributions taking place, and they hold no monetary value. The official emphasized that HyENA has no tokens and no issuance plans.

Short-term yields on U.S. Treasuries have risen, as the market expects the Federal Reserve may need to raise short-term interest rates

U.S. short-term Treasury yields rose. Federal Reserve Chairman Waller emphasized in a highly anticipated speech that the Fed needs to curb rising consumer prices, alleviating some market concerns about its ability to combat inflation.During Waller's speech, short-term U.S. Treasuries were sold off, while long-term Treasuries rose. The yield on the two-year Treasury increased by 5 basis points to 4.28%, while the 30-year yield decreased by 1 basis point to 5.19%. These changes indicate that the market expects the Fed may need to raise short-term rates. Since Waller held his first press conference in June, bond traders have had doubts about his policy stance. At that time, Waller emphasized the need to lower inflation and showed a hawkish stance.Since the global economy reopened from the pandemic in 2021, U.S. inflation has remained above the Fed's 2% target. However, in July, the Fed again kept rates unchanged, and Waller did not indicate whether a rate hike might occur this year. Subsequently, long-term Treasury yields surged as traders demanded higher returns to compensate for the risks posed by rising inflation.Waller warned on Friday that inflation has not shown meaningful signs of slowing and stated that policymakers must be confident that inflation is improving; otherwise, the central bank "has work to do." He also reiterated that policymakers will bring the inflation rate back to the 2% target and emphasized that this goal is clear and fixed.

DWF Ventures: The rapid rise of social trading, platform competition is shifting from trade execution to social networks and information advantages

DWF Ventures released a report stating that as trading fees continue to approach zero, social trading is becoming a new direction for financial trading platforms to compete for users and build moats.The rise of social trading stems from users seeking validation from others and references for investment decisions. From early brokerage copy trading to investment communities like Reddit and Stocktwits, and now to platforms that combine real position verification, trading signals, and social relationships, social trading is evolving from a simple copy trading tool into a product form that integrates trading, content, and social interaction. As trade execution becomes increasingly homogenized, the future competitive advantage of platforms may come more from network effects, resources of well-known traders, and exclusive information and distribution capabilities.Analysis suggests that social trading platforms are forming a clear growth flywheel: platforms attract well-known traders and their fans, traders build reputations through public trading, fans amplify market influence by following trades, which in turn increases the visibility of traders and the user base of the platform. Public calls for trades may even generate a certain "self-fulfilling" effect in this process.Platforms also lower the entry barriers for users through one-click trading, low-threshold acceptance, trading competitions, and fee incentives, and leverage the social influence of top traders to facilitate user migration. In the future, the social trading ecosystem in the cryptocurrency and traditional stock sectors may further integrate, and platforms that master trader, user attention, and information flow are expected to form stronger network effects.However, social trading also faces significant structural risks. Data shows that among approximately 292,000 wallets analyzed by the Fomo platform over the past three months, only 6.16% achieved profitability based on realized gains. Followers lack independent investment logic and are easily influenced by herd behavior, while there may also be conflicts of interest between traders and followers.Furthermore, even if platforms can verify public positions, traders may still establish undisclosed positions through other wallets, making information asymmetry difficult to eliminate completely. Analysis suggests that as the boundaries between trading and entertainment continue to blur, platforms that can establish unique information layers, gather quality traders, and form network effects may gain an advantage in the competitive social trading market.

a16z raises $1.1 billion for a new fund: focusing on the construction of a full set of infrastructure for AI operations

Silicon Valley's renowned venture capital firm a16z has announced that it has raised $1.1 billion for its latest fund, the Machine Age Fund, which will focus on investing in the full suite of computing infrastructure that supports AI operations, including chips, memory, networking, storage, as well as complete systems such as data centers, robots, and home AI devices.a16z stated that over the past year, there has been a significant turning point in the growth of AI in terms of application capabilities and types of work. As AI expands from chat and reasoning further into programming and other knowledge work, the demand for computing power and tokens is experiencing exponential growth, and machine intelligence is accelerating its deep development.a16z indicated that its team possesses extensive experience in hardware, data centers, chips, networking, and large-scale computing systems. They have also established a resource network covering market expansion, talent recruitment, marketing, customers, suppliers, and American manufacturing, which will further support the next generation of AI hardware entrepreneurs. a16z mentioned that we are currently at an important juncture in the transformation of computing paradigms and look forward to collaborating with entrepreneurs dedicated to reconstructing AI hardware and advancing the arrival of the "Machine Age."

first_img Ethena expands basis trading to stock perpetual contracts, expecting that RWA perpetuals will surpass crypto derivatives within 12-24 months

The cryptocurrency protocol Ethena, which issued $4 billion in synthetic US dollars (USDe), announced plans to expand its basis trading strategy to stock perpetual contracts. According to Ethena's data, the open interest in stock perpetual contracts has grown tenfold to $6.2 billion since March. Over the past few months, the funding rates on Hyperliquid and Binance averaged approximately 14% and 17.5%, respectively, while the Bitcoin funding rate during the same period was only in the low single digits.Ethena pointed out that the average Bitcoin funding rate was 11% in 2024, 4.9% in 2025, and has dropped to 2.2% as of August 11 this year. In contrast, stock perpetual contracts had positive funding rates on 94% of trading days on Hyperliquid and 97% on Binance, with a median funding rate of 13.9%, while Bitcoin's was 3.9%. Co-founder Guy Young stated that stocks tend to rise in the long term, creating a continuous demand for leveraged longs to pay fees, and that the funding rate for stocks has almost no correlation with Bitcoin, providing USDe with a revenue source that relies less on the crypto market.The global stock market had a market capitalization of approximately $166.5 trillion in July, far exceeding the crypto market's approximately $2.2 trillion. This expansion is one of Ethena's initiatives to seek new revenue sources after the supply of USDe fell from a peak of about $15 billion to below $5 billion. Last week, it also announced a $1 billion financing arrangement with FalconX.
app_icon
ChainCatcher Building the Web3 world with innovations.