🟪 One blockchain to rule them all?
Plus, why financial hazing might be good
💍 One blockchain to rule them all?
This report by SmartestXYZ considers Hyperliquid’s broader ambition to become the blockchain for all finance, now supported by a rapidly expanding ecosystem and a 2025 that saw “extraordinary acceleration” in the realm of decentralized perp-futures exchanges. SmartestXYZ covers HIP-3 deployers, trading frontends, and the growing set of projects building on Hyperliquid.
In Thursday’s newsletter, Byron drew attention to an interesting principle as explained by economist Michael Munger: When demand exceeds supply, costs go up — even if prices do not.
To illustrate the point, Munger uses the UNC-Duke basketball rivalry: Duke offers its students free tickets to the coveted home game, and solves the problem of high demand by making the students line up…in tents…for six weeks…in a tent encampment known as Krzyzewskiville.
This eccentric hazing arrangement is actually beneficial for the University: Munger says the students who tent are more likely to get good grades and become lifelong donors. He adds: “It is the severity of the initiation that creates a sense of solidarity and belonging.”
“The line ‘decentralization doesn't matter’ is getting repeated more and more these days,” writes Haseeb Qureshi. But is that true?
At ETH Denver, a panel discussion on prediction markets examined the structural role of decentralization in crypto-native financial applications, using Polymarket and Hyperliquid as primary case studies. The conversation explored why end users demonstrate consistent indifference to decentralization as a feature, even though (to quote Qureshi) decentralization remains critical “to prediction markets existing at all.”
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US Treasuries are the lifeblood of our financial system, providing collateral to support transactions, but outdated legacy systems hinder collateral mobility.
A new white paper from the ValueExchange dives into the future of collateral mobility, RWA tokenization, and what we can learn from a recent series of on-chain repo transactions conducted on Canton, the only public blockchain built for institutional finance.
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Neobanking is evolving from a category defined by digital banking features into a broader battle for the user’s primary financial relationship, where stablecoin-first platforms may have the greatest edge in cross-border and emerging-market use cases.