Hyperliquid Prepares to Launch HYPE Token

Hyperliquid Prepares to Launch HYPE Token & HyperEVM

Hyperliquid has announced it will issue its native token, HYPE, ahead of the upcoming HyperEVM launch on mainnet. This token will be crucial for the HyperBFT proof-of-stake consensus and future developments on the platform. Although the exact date of the HYPE token airdrop has not been disclosed, users must accept the Genesis Event Terms before November 11, 2024, to participate.

The decentralized perpetual exchange has an average daily transaction volume exceeding $1 billion, making it the leader in recent months. With the launch of HyperEVM, projects built on Hyperliquid will access deep liquidity and other native financial tools. Eligible users of the platform will also have the opportunity to claim a Hypurr NFT in commemoration of the upcoming mainnet launch.

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SUI Token Rallies Despite $400M Insider Selling Concerns

Sui token has climbed over 120% in the past month, despite allegations of insider selling. The token is currently trading at around $2.25, with a crypto analyst claiming that wallets associated with Sui’s ICO sold $400 million during the rally. Sui's foundation has denied these claims, stating the selling could be from infrastructure partners who are still under lockup schedule.

On November 3, an additional $181 million worth of SUI tokens will be unlocked, potentially adding more selling pressure. Despite these concerns, the token's price remains strong, fueled by growing interest in the SUI ecosystem. Analysts warn that continued insider selling could negatively impact new investors, even as SUI continues to show bullish momentum.

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Tether Explores New Commodities Trading Opportunities

Tether CEO Paolo Ardoino revealed the company is exploring opportunities in traditional finance and commodities trading but emphasized that these ventures will remain separate from its stablecoin business. The company’s newly created Tether Investment vehicle will handle these operations, ensuring there is no impact on Tether's USDT stablecoin reserves.

This exploration comes after Tether reported a record net profit of $5.2 billion in the first half of 2024. Tether’s investment arm has also recently ventured into other areas, including a $200 million investment in biotech company Blackrock Neurotech, further diversifying its portfolio beyond stablecoins. This is expected to boost Tether’s financial standing while maintaining stability in its core business.

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Deutsche Bank to Partners With Crypto-Native Market Maker

Deutsche Bank has partnered with crypto firm Keyrock to provide multi-currency accounts and foreign exchange services. This collaboration is designed to help Keyrock optimize its market-making and over-the-counter (OTC) crypto trading services while reducing counterparty risks. Keyrock operates in over 400 markets and is looking to expand its services across EMEA, APAC, and LATAM regions.

Keyrock’s CEO, Kevin de Patoul, praised the collaboration with Deutsche Bank as a major step forward in providing greater efficiency in global digital asset markets. Keyrock, which raised $72 million in 2022, is now positioned to further expand its fiat on/off-ramp services following regulatory approval in Switzerland, giving more opportunities to European crypto investors.

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Data of the Day

Bitcoin's open interest-weighted perpetual futures funding rate has hit a multi-month high, signaling potential short-to-medium-term bullish sentiment. The funding rate reached 0.012%, a level last seen in late July when Bitcoin briefly surged to $68,000. However, analysts warn that while the funding rate suggests optimism, it should be interpreted with caution due to crypto's volatility.

Over the past 24 hours, more than $147 million worth of Bitcoin short positions were liquidated, further driving upward momentum. The rally coincides with positive US inflation data, which has lifted market sentiment, potentially paving the way for Bitcoin to hit new highs before the end of the year.

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More Breaking News

• World Liberty Financial hosted a live stream discussing its upcoming DeFi project and token launch, with Paxos co-founder joining the team as its stablecoin lead.
• Decentralized prediction market betting volume rose 565% to $3.1 billion in Q3, from $463.3 million in the second quarter of the year.
• Kamala Harris is seen as more crypto-friendly than President Biden but less pro-industry than Donald Trump, with a mixed stance on blockchain and crypto taxes.
• Bitcoin miners and crypto-linked stocks surged as Bitcoin briefly hit $66,400, with CleanSpark and Coinbase leading gains, while MicroStrategy dipped slightly.
• The Financial Crimes Enforcement Network (FinCEN) fined TD Bank $3 billion for failing to report suspicious crypto transactions tied to "Customer Group C."

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