# On-Chain Related Articles

HTX News Center provides the latest articles and in-depth analysis on "On-Chain", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

HYPE (briefly) hits $10 billion, flips ADA to enter crypto’s top 10 – Details

Hyperliquid (HYPE) briefly entered the top 10 cryptocurrencies by market cap, reaching a valuation of approximately $10.06 billion and overtaking Cardano (ADA). This surge was supported by a strong weekly performance, with HYPE gaining over 4% compared to ADA's 1.4%. Year-to-date, HYPE has climbed nearly 57%, while ADA declined over 23%. The rally is attributed to Hyperliquid's partnership with S&P Dow Jones Indices to introduce an on-chain perpetual contract for the S&P 500, offering traders continuous access to the index with official data backing. This innovation is seen as a major credibility boost, attracting significant market interest.

ambcrypto03/20 06:07

HYPE (briefly) hits $10 billion, flips ADA to enter crypto’s top 10 – Details

ambcrypto03/20 06:07

Hyperliquid Launches The First Official S&P 500 Perpetual

Hyperliquid has launched the first officially licensed S&P 500 perpetual contract in partnership with S&P Dow Jones Indices, exclusively on its Trade[XYZ] platform. This marks a significant endorsement from traditional finance and underscores Hyperliquid's evolution beyond a typical crypto derivatives exchange. The platform is increasingly used for 24/7 trading of real-world assets like oil and gold, with its RWA framework now accounting for up to 30% of its daily volume. The move is framed as a major step in migrating core global markets onchain, providing non-US investors with continuous, leveraged exposure to the flagship US equity benchmark. Hyperliquid's native token, HYPE, has rallied over 37% in the past 10 days amid this growth.

bitcoinist03/19 17:31

Hyperliquid Launches The First Official S&P 500 Perpetual

bitcoinist03/19 17:31

Hyperliquid "Invades" Wall Street: A Playground for On-Chain Whales, Facing Compliance Pressure Head-On

Hyperliquid, a leading decentralized exchange (Perp DEX) for perpetual futures, is gaining significant traction by expanding into traditional asset trading through its HIP-3 market, which includes commodities like WTI crude oil and stock indices. With a monthly trading volume of $173.4 billion and over 4.11 trillion in total volume—81% of which comes from the top 100 addresses—it has become a hub for institutional and professional traders rather than retail users. Recent geopolitical tensions, such as the U.S.-Iran conflict, have accelerated adoption, as Hyperliquid offers 24/7 price discovery even when traditional markets are closed. This growth occurs amid a broader shift of liquidity from centralized exchanges (CEX) to DEXs, with Perp DEX volumes surging 346% in 2025. However, Hyperliquid faces mounting regulatory challenges. The CFTC is expected to introduce policies for crypto perpetual futures in the U.S. within a month, which may force platforms like Hyperliquid to adopt stricter compliance measures, including KYC—potentially undermining their permissionless appeal. To navigate these issues, Hyperliquid established a policy center in Washington D.C., led by crypto lawyer Jake Chervinsky, aiming to shape DeFi regulation and ensure long-term legitimacy. The platform’s founders emphasize building a sustainable, financially neutral infrastructure, recognizing that compliance is essential for broader adoption in traditional finance.

marsbit03/17 01:15

Hyperliquid "Invades" Wall Street: A Playground for On-Chain Whales, Facing Compliance Pressure Head-On

marsbit03/17 01:15

BTC Market Pulse: Week 12

Spot market signals are mixed but constructive, with a return of aggressive buying pressure though overall volume remains subdued. Derivatives show rising but cautious engagement, with increased open interest and negative funding rates. ETF inflows accelerated, indicating renewed institutional demand. On-chain activity is muted with lower active addresses and stable fees. Capital flow and profitability metrics are gradually improving, pointing to reduced market stress. Overall, conditions show signs of stabilization and recovery, though broader conviction has yet to fully return.

insights.glassnode03/16 17:57

insights.glassnode03/16 17:57

Ethereum Approaching Major Capitulation Zone — On-Chain Metrics Hint At Impending Shift

Following a period of underperformance, Ethereum has found some stability around the $2,000 level. However, on-chain analyst Boris warns that multiple metrics suggest the market is under significant stress and may be approaching a major capitulation phase. Key indicators signaling potential trouble include the Net Unrealized Profit/Loss (NUPL) metric, which is negative, indicating investors are holding unrealized losses. Furthermore, Ethereum's price is currently trading below its realized price of $2,200, meaning the average investor is at a loss. The network has also recently ended a 1,340-day streak during which most ETH tokens were in profit—a signal that often coincides with the end of a market cycle and bear market bottoms. For a market bottom to form, Boris notes the NUPL would need to move deeper into the capitulation zone. If another sell-off occurs, it could force investors to surrender their positions, creating a potential opportunity for long-term holders. At the time of writing, Ethereum's price is approximately $2,092, down over 1% in the past day.

bitcoinist03/15 12:01

Ethereum Approaching Major Capitulation Zone — On-Chain Metrics Hint At Impending Shift

bitcoinist03/15 12:01

Cardano Generational Buying Opportunity Emerges Amid On-Chain Activity Spike

Amid ongoing market volatility, Cardano (ADA) remains below $0.30, yet on-chain data suggests a potential generational buying opportunity. Analysts note ADA is oversold and positioned at a favorable risk-reward level. On-chain activity has surged significantly, with transactions increasing by 63.6% in a recent epoch, reflecting growing engagement and robust network performance without congestion. Founder Charles Hoskinson emphasizes Cardano’s differentiation through privacy-focused features like private DEXs and stablecoins, rather than competing on user count or fees. This combination of strong fundamentals and low prices may catalyze a major ADA rally in the near future.

bitcoinist03/13 23:02

Cardano Generational Buying Opportunity Emerges Amid On-Chain Activity Spike

bitcoinist03/13 23:02

Kyle Samani Is Back: This Time, We're Outperforming CEX in Efficiency!

Kyle Samani, former co-founder of Multicoin Capital, has returned to advocate for PropAMM, a breakthrough in market microstructure innovation on Solana. He argues that PropAMM could surpass traditional centralized exchanges (CEXs) in efficiency by hosting market maker algorithms directly on the blockchain, eliminating latency from bidirectional communication between exchanges and market makers. In CEXs, market makers co-locate servers and constantly exchange data with the exchange, leading to delays. In contrast, PropAMM runs algorithms on the same physical hardware as the Solana blockchain, allowing price updates to occur almost instantaneously within the same silicon chip. This reduces latency significantly compared to traditional systems. Currently, PropAMM already offers narrower spreads for SOL-USDC spot trading than major CEXs. Samani expects it to dominate on-chain trading this year, including spots, perpetuals, and prediction markets. Challenges remain in ensuring best execution for takers due to private algorithms and non-deterministic routing, but solutions from aggregators like Jupiter and dFlow are anticipated. Upcoming Solana upgrades—such as higher compute limits, reduced slot times, and lower network latency—will further enhance PropAMM performance, solidifying its advantage over CEXs.

marsbit03/12 03:51

Kyle Samani Is Back: This Time, We're Outperforming CEX in Efficiency!

marsbit03/12 03:51

Self-Directed Insider Trading: How He Manipulated Prediction Markets to Pay for His Bugatti?

A prominent X user, @Euanker, has accused former kickboxing champion Andrew Tate of orchestrating an elaborate insider trading scheme on the prediction market platform Polymarket. The allegations claim that Tate controlled at least seven accounts to profit from markets predicting his own weekly tweet activity, earning a total of $52,286. On-chain evidence reveals a consistent funding path: deposits from exchanges like Duelbits and Bybit were bridged via a specific address, then used to place bets on Polymarket. Profits were ultimately funneled to a Gnosis Safe wallet controlled by Tate, which holds over $1.3 million in assets. The betting patterns closely aligned with Tate’s actual tweet activity, indicating manipulation. Andrew Tate, a controversial influencer known for his luxury lifestyle and previous involvement in meme coin promotions, is alleged to have used this scheme to fund expenses like his rented Bugatti. The incident highlights significant regulatory gaps in prediction markets, where outcomes controlled by a single individual create inherent insider risks. Polymarket, which approves all markets on its platform, faces scrutiny over its lack of safeguards against such manipulation.

比推03/11 13:27

Self-Directed Insider Trading: How He Manipulated Prediction Markets to Pay for His Bugatti?

比推03/11 13:27

The Limits of Finance, The Channel Value of Global Markets

This article explores the evolving relationship between traditional finance and decentralized finance (DeFi), focusing on the growing institutional interest in on-chain vaults and real-world assets (RWA). While major asset managers like BlackRock and Apollo are investing heavily in DeFi tokens, the sector faces challenges, including liquidity crises and structural limitations. A central theme is the absence of a native DeFi risk-free interest rate. Despite multiple attempts—from algorithmic stablecoins to liquidity staking tokens—DeFi has largely adopted USDT and USDC for their scale, effectively making U.S. Treasury bonds the de facto benchmark. However, this dependency creates vulnerability, as DeFi cannot interact bidirectionally with traditional finance. The article argues that the next phase of DeFi will revolve around vaults—on-chain repositories that aggregate assets and yield. These vaults, managed by "curators," aim to offer fixed-rate products and credit systems but currently lack mechanisms for asset price inflation and clear risk management. The piece concludes that while vaults and curators are gaining traction, the true innovation lies in creating efficient "channels" or broker-like systems that enhance global capital flow. These could eventually replace centralized exchanges as the primary liquidity hubs, enabling a more integrated and efficient financial system without relying on traditional tokenomics.

marsbit03/10 13:23

The Limits of Finance, The Channel Value of Global Markets

marsbit03/10 13:23

Bitcoin rainbow chart’s undervaluation signal vs supply overhang – Which one wins?

Bitcoin has reclaimed the $70k level, yet remains significantly below the miner cost range of $89k-$91k. On-chain metrics, such as the Inter-exchange Flow Pulse, show a bullish crossover, suggesting potential accumulation. However, the Bitcoin Rainbow Chart indicates that BTC is in an extremely undervalued, or "Bitcoin is dead," zone. Analysis of holder behavior reveals short-term holders are realizing losses, with 140k BTC leaving this cohort, indicating possible capitulation. The substantial 21.3% gap between the market price and the realized price of $89k creates a supply overhang. This suggests short-term holders may sell into any price rallies to break even. The LTH/STH SOPR ratio of 0.89, far from the lows seen at previous bear market bottoms, indicates that calling a structural low may be premature. In summary, while the Rainbow Chart signals undervaluation, on-chain data points to significant selling pressure up to $89k.

ambcrypto03/10 07:05

Bitcoin rainbow chart’s undervaluation signal vs supply overhang – Which one wins?