Author: Morning Minute
Compiled by: Deep Tide TechFlow
Deep Tide Insight: Hyperliquid just proved itself with $50 billion in prediction market volume in June. Now, it's opening this business to everyone—as long as you dare to stake $30 million. This is classic crypto world play: using real money as a substitute for licensing, letting the market rather than the platform decide who survives.
Hyperliquid is turning prediction markets into a business anyone can participate in.
The exchange stated that upcoming enhancements following its recent HIP-4 upgrade will allow anyone to deploy prediction markets on the platform. HIP-4 introduced "outcome trading" in May, but currently, these markets are entirely controlled by validators. Hyperliquid said that in the future, "ideally," fewer than 10 markets per year will be run by validators, with the rest open to everyone. The feature will first launch on testnet before going to mainnet.
Anyone wanting to launch a market must stake 500,000 HYPE tokens (approximately $30 million). This is a serious collateral that could be slashed if validators deem the market poorly defined or settled incorrectly. In exchange, deployers can earn up to 50% of the trading fees generated by that market. This mirrors the economic design of its permissionless perpetual contracts: put real money at stake, profit if the market succeeds, lose the stake if it fails. This stands in stark contrast to the models of Polymarket and Kalshi, where each market is defined top-down by the platform.
This is a timely move, as prediction markets just experienced their hottest summer ever. The FIFA World Cup helped the industry reach $50 billion in betting volume in June, and July is currently on track to be even higher (so far, $37 billion). Of that $50 billion, Kalshi was the clear market leader, accounting for $33 billion (66% market share). Hyperliquid only managed $176 million—so they have a long way to go to make a substantial mark in this space.
Hyperliquid's answer is to open-source the category, turning prediction markets into another piece of permissionless infrastructure rather than a curated product. But they are not a platform to be underestimated. Hyperliquid is already breaking DEX volume records, prompting JPMorgan warnings about its threat to Circle, and lobbying both the SEC and CFTC simultaneously. If the permissionless model works, it could help them truly make waves. We'll find out soon.
Macro, Crypto & Markets
Crypto majors closed the week up 2-5%; BTC +3% to $64.6K; ETH +6% to $1,885; SOL +1% to $76.60; HYPE -7% to $60.80
PUMP (+27%), INJ (+10%), and VVV (+9%) led weekly gainers
Oil -4% to $80 after progress in Iran talks; Gold +1% to $4,024
Equity futures higher as oil sells off; Dow +0.2%, Nasdaq +0.7%
Michael Saylor calls Bitcoin's BIP-110 proposal "a bad idea," arguing this anti-spam plan sets a precedent for censorship, "the proposed cure is more dangerous than the disease."
Galaxy Digital signs a 15-year naming rights deal to rename Texas Tech's football stadium "Galaxy Stadium," continuing crypto's push into college sports
Project Eleven launches tech allowing users to prove wallet ownership even after quantum computers could derive private keys
GENIUS Act turns one year old, regulators missed rule-making deadlines, though the framework will be fully effective by July 2028
Corporate Capital & ETFs
Bitcoin ETFs saw $132M net inflows Friday, $75M for the week; Ethereum ETFs saw $37M inflows Friday, $105M net for the week
Meme Coin Tracker
Meme leaders mostly flat or up over the past week; DOGE flat, SHIB -1%, PEPE +5%, PENGU +4%, TRUMP +1%, BONK -23%
Robinhood Chain led by Stonkbroker (+160%), REAL (+200x), and FOX (+70%); Cashcat +22% to $72M
Solana leaders include AVA (+30%) and Cubeman (+85%); ANSEM +5% to $198M
Tokens, Airdrops & Protocol Tracker
Pump Fun's PUMP token leads altcoin gains, up 26% this week as unlock wave begins
Cross-chain protocol Allbridge pauses after a $1.65M flash loan attack that manipulated its Solana pool ratios, the latest in a wave of DeFi exploits
NFT Update
NFT leaders slightly down; Punks flat at 32 ETH, BAYC -2% to 8.65 ETH, Pudgy -5% to 4.06 ETH; Hypurr's flat at 188 HYPE
Stonkbrokers (+125%) and Funkari (+30%) led gains
Pudgy Penguins officially launches plush toys in Target stores across the US
