💍 One blockchain to rule them all?

The blockchain to house all finance

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.

The economics of scarcity

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.”

“Decentralization doesn’t matter”

“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US Treasuries are the lifeblood of our financial system, providing collateral to support transactions, but outdated legacy systems hinder collateral mobility.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.

With over $8T tokenized transactions flowing on Canton every month, including over $350B of on-chain US Treasuries moving daily, Canton is building the scalable, always-on capital markets infrastructure of the future.