Hyperliquid Mainnet launch allows permissionless Spot quoting assets

Headlines

▌Hyperliquid Mainnet Launches Permissionless Spot Quoting Asset, USDH Becomes the First Enabled Asset

Hyperliquid announced the launch of its mainnet with permissionless spot quoting assets. Stable asset deployers can enable the “quote asset” status as required on-chain. Any quote asset can be used as a quote asset in the first spot trading pairs of HIP-1; new trading pairs between existing underlying and quote assets can be deployed through permissionless Dutch auctions, independent of the HIP-1 token auction. Native Markets has deployed USDH as the first permissionless quote asset, and the HYPE/USDH trading pair is live, with plans to deploy more permissionless trading pairs as soon as possible.

▌Jump Crypto proposes to remove the computation limit on Solana blocks

The Firedancer team from Jump Crypto suggests removing the computation unit (CU) limit on Solana blocks after the Alpenglow upgrade, allowing block capacity to scale with the performance of validator nodes. High-performance nodes can process more transactions to earn more rewards, while low-performance nodes automatically skip overly large blocks using the skip-vote mechanism. Alpenglow will also reduce the final confirmation time for blocks from 12.8 seconds to 150 milliseconds, improving network resilience and data optimization. Anza's research director at Solana, Wattenhofer, supports this idea but warns that it may introduce risks of centralization and network stability.

Market

As of the time of publication, according to CoinGecko data:

The price of BTC is $112,115, with a 24-hour change of +2.3%;

The price of ETH is $4,134.07, with a 24-hour change of +2.9%;

The price of BNB is $991.64, with a 24-hour change of +2.3%;

The price of SOL is $210.39, with a 24-hour change of +3.3%;

The price of DOGE is $0.2366, with a 24-hour change of +2.5%;

The price of XRP is $2.86, with a 24-hour change of +1.9%;

The TRX price is $0.3358, with a 24-hour change of -0.3%;

The price of WLFI is $0.2214, with a 24-hour change of +7.1%;

The HYPE price is $47.18, with a 24-hour change of +3.8%.

Policy

▌Trump claims that the Middle East peace agreement “will definitely be reached”

U.S. President Trump expressed optimism on Sunday about reaching a ceasefire agreement in Gaza, stating, “The Middle East is at a real opportunity for a historic breakthrough.” He is set to meet with Israeli Prime Minister Netanyahu on Monday. Although Trump did not disclose the specific details of the hostage exchange for the ceasefire agreement, Vice President Pence revealed to Fox News Sunday that senior U.S. officials are engaged in “extremely complex” negotiations with Israeli and Arab leaders. “The Middle East is facing a once-in-a-lifetime opportunity. For the first time, all parties are coming together for a common goal, and we will reach an agreement,” Trump stated via his social media platform, Truth Social, while traveling in a convoy to a golf club in Virginia. According to U.S. government officials, Trump will meet with Netanyahu at the White House on Monday to finalize the framework of the agreement.

▌Wang Si stated that the United States is considering providing Ukraine with “Tomahawk” missiles

According to CCTV News, U.S. Vice President Pence confirmed in an interview with Fox News on September 28 that the U.S. is considering Ukraine's request for long-range “Tomahawk” missiles. Pence stated that U.S. President Trump will make the “final decision” on whether to approve the arms sale. From Pence's statements in the program, it appears that if the U.S. decides to provide “Tomahawk” missiles, European countries will also fund their purchase for delivery to Ukraine.

▌Trump decides to attend the US military global senior leaders meeting

According to a report by CCTV News citing The Washington Post, U.S. President Trump has decided to attend a gathering of senior U.S. military leaders in Quantico, Virginia. The meeting was called by U.S. Defense Secretary Hegseth on short notice. Originally, Hegseth was supposed to “address the senior leaders,” but no further details were disclosed.

Blockchain Applications

▌Telegram Founder: French Intelligence Agencies Pressured for Content Censorship, Telegram Will Commit to Freedom of Speech

Telegram founder Pavel Durov posted that about a year ago, when I was detained in Paris, the French intelligence agency contacted me through an intermediary, asking for my help in reviewing certain Telegram channels for the Moldovan government ahead of the presidential election. After reviewing the channels flagged by the French and Moldovan authorities, we found that some of them clearly violated our rules, so we deleted them. The intermediary then informed me that, in return for the cooperation, the French intelligence agency would have the judge who ordered my arrest last August “speak well” of me. This is unacceptable on multiple levels. If the agency indeed contacted the judge, it constitutes interference in the judicial process. If the agency falsely claimed to have contacted the judge, then it is using my legal situation in France to influence the political situation in Eastern Europe – we have observed similar patterns in Romania as well. Soon after, the Telegram team received a second so-called “problematic” list of Moldovan channels. Unlike the first, these channels were almost all legitimate and fully complied with our rules. Their only commonality was that they expressed opinions that the French and Moldovan governments disliked. We rejected this request. Telegram is committed to free speech. I will continue to expose any attempts to force Telegram to censor our platform.

▌Aave's total deposits on the Plasma chain exceed $6.5 billion

Aave's official data shows that the daily deposit increase on the Plasma chain exceeds 1.5 billion USD, with the current total reaching 6.5 billion USD.

▌HyperLiquid has deployed the distribution of Hypurr NFT

HyperLiquid officially announced that the Hypurr NFT collection has been deployed and distributed on HyperEVM, totaling 4,600 NFTs. Of these, 4,313 NFTs were allocated to participants of the genesis event, 144 were allocated to the Hyper Foundation, and 143 were allocated to core contributors, including Hyperliquid Labs, NFT artists, and other contributors. The ownership and use of Hypurr NFTs are subject to the terms and licenses of Hypurr NFTs, and participants who chose to receive Hypurr NFTs during the genesis event will be screened according to the foundation's risk assessment program. Additionally, HyperLiquid conducted cluster analysis to prevent witching behavior and limit the total number of NFTs received by each user. The goal of the Hypurr NFT collection is to share a commemoration with those early believers who contributed to the development of Hyperliquid. As depicted by Hypurr, each NFT is unique, capturing the different emotions, hobbies, tastes, and quirks of the Hyperliquid community.

▌Derlin Holdings plans to acquire Bitcoin mining machines through the issuance of convertible bonds and warrants, and has signed a letter of intent with BM.

Derlin Holdings (01709.HK) announced that the company has entered into a formal agreement with the seller Evergreen Wealth for the acquisition of Bitcoin mining machines. Accordingly, the company has conditionally agreed to purchase, and the seller has conditionally agreed to sell, a total of 2200 S21XP HYD Bitcoin mining machines (, with a total cost of 21.8526 million USD. The payment for the Bitcoin mining machines will be made through the issuance of the following: convertible bonds with a principal amount of 21.8526 million USD; 40 million warrants; and 13.4425 million profit shares to be issued by the company upon the achievement of profit conditions. At the same time, a legally binding letter of intent has been signed with BM1 and BM2 to propose the purchase of an additional 1900 S21e Hyd. and 1095 S21e XP Hyd., with total costs of 8.349 million USD and 10.8766 million USD respectively. The above transactions require authorization from a special general meeting of shareholders and approval from the Stock Exchange.

Cryptocurrency

▌In the past 4 hours, the entire network has liquidated $131 million, mainly from short positions

Data shows that in the past 4 hours, the entire network has liquidated 131 million USD, of which long positions amounted to 8.1034 million USD and short positions amounted to 123 million USD, primarily liquidating short positions.

▌The US spot Ethereum ETF experiences the largest weekly outflow of funds since its launch

According to SoSoValue data, the US spot Ethereum ETF saw nearly $800 million in outflows last week, marking the worst single-week performance since its launch in July last year. The spot Bitcoin ETF also faced large-scale outflows last week, with net redemptions exceeding $900 million.

▌Citigroup: Expects the stablecoin market size to reach $4 trillion by 2030

Citibank released the report “Stablecoins 2030” indicating an upward revision of the stablecoin issuance scale forecast to a baseline of $1.9 trillion by 2030, with an optimistic scenario potentially reaching $4 trillion. The report also states that if the circulation speed is at 50 times (similar to the level of fiat payment speed), it is predicted that by 2030, stablecoins could support approximately $100 trillion in transaction activities annually, and in the best-case scenario, it could reach up to $200 trillion. According to DefiLlama data, the current total market capitalization of stablecoins is about $296.8 billion, with USDT accounting for 58.75%.

▌Analysis: Ethereum closed high in Q3, possibly indicating an increase in Q4

Cointelegraph stated on social media that the last time Ethereum (ETH) closed the third quarter with a gain of this level (+60.58%), the price nearly doubled in the fourth quarter, which may indicate a potential increase.

▌Michael Saylor releases Bitcoin Tracker information again

The founder and executive chairman of Strategy (formerly MicroStrategy), Michael Saylor, has once again released Bitcoin Tracker information on the X platform. Based on previous instances, he usually discloses Strategy's Bitcoin acquisition data the day after releasing the Bitcoin Tracker information.

▌ A dormant address containing 400 BTC was activated after 11.9 years

According to Whale Alert monitoring, a dormant address containing 400 BTC (worth approximately $44,322,294) has just been activated after 11.9 years (originally worth about $236,880 in 2013).

▌Tether CEO: The technology and strategy of USDT have become an industry template

Tether CEO Paolo Ardoino posted on X platform that imitation is the sincerest form of flattery, and the technology and strategy of USDT are being used as a template by other dollar-pegged stablecoins.

▌ Hyperliquid platform whale current position is 9.417 billion USD, with a long-short position ratio of 0.87

According to Coinglass data, the current holdings of whales on the Hyperliquid platform are $9.417 billion, with long positions of $4.374 billion, accounting for 46.45% of the total holdings, and short positions of $5.043 billion, accounting for 53.55%. The profit and loss for long positions is -$226 million, and for short positions, it is $36.8671 million.

▌Cathie Wood: Hyperliquid reminds me of early Solana, which has already proven its value

According to Cointelegraph, ARK Invest CEO Cathie Wood stated in the Master Investor podcast that Hyperliquid reminds her of the early stages of Solana. Wood said: “This is exciting, it reminds me of early Solana, and Solana has proven its worth.” Despite the growing number of tokens in the market, Wood believes the future of cryptocurrency belongs to a few dominant networks. She emphasized: “We believe there won't be many cryptocurrencies, Bitcoin dominates the pure cryptocurrency space.”

▌Apple CEO Tim Cook admits to personally holding cryptocurrency, stating “this is a reasonable allocation strategy”

Apple CEO Tim Cook gave an affirmative answer when asked in an interview whether he holds cryptocurrencies like Bitcoin or Ethereum. Cook also stated that crypto assets can be a part of a diversified investment portfolio, which is a reasonable allocation strategy. He has been paying attention to this field and has spent time researching it. He said: “I think it's very interesting.”

▌Falcon Finance will open the FF token distribution on September 29

Falcon Finance officially announced that the $FF token will be available for claiming on September 29, 2025, at 12:00 UTC, with a deadline of December 28, 2025, at 12:00 UTC. Users can choose to stake tokens to receive $sFF during the claiming process, and a staking ratio of 80% will enjoy a 25% Miles reward bonus.

Important Economic Dynamics

▌Trump posts cartoon image on social media threatening to “fire” Powell

On the 27th local time, U.S. President Trump released a cartoon image depicting himself firing Federal Reserve Chairman Powell. It is reported that this image is believed to be AI-generated (or digitally drawn). In the image, Trump points at Powell, saying “You're fired!”, while the latter stands holding a cardboard box filled with personal belongings. Behind them is the emblem of the Federal Reserve. Currently, the White House has not responded.

▌The probability of the Federal Reserve lowering interest rates by 25 basis points in October is 89.3%

According to CME's “FedWatch”: The probability of the Federal Reserve maintaining interest rates in October is 10.7%, while the probability of a 25 basis point rate cut is 89.3%. The probability of the Federal Reserve maintaining interest rates in December is 2.9%, with a cumulative probability of a 25 basis point rate cut at 32.2%, and a cumulative probability of a 50 basis point rate cut at 64.9%.

Golden Encyclopedia

▌What is a multi-signature cold wallet?

A cold wallet is a method of storing cryptocurrency that remains offline and disconnected from the internet. This setup makes it more difficult for hackers to remotely access the funds. Cold wallets reduce the risk of network attacks (such as phishing or malware) by keeping private keys stored offline. Multi-signature technology requires multiple private keys to approve a transaction, while single-signature wallets only need one key. It can be viewed as a joint bank account, where any withdrawals require two or more signatories to approve. This additional layer of security means that even if one key is compromised, an attacker cannot unilaterally transfer funds. Multi-signature cold wallets require multiple private keys from trusted parties to approve and authorize transactions, enhancing security by preventing single points of failure.

Despite the security advantages of multi-signature wallets, they are not immune to attacks. Hackers often exploit vulnerabilities in implementation, human behavior, or third-party services. To make multi-signature cold wallets more secure, it is advisable to use a higher signing threshold, implement multi-factor authentication, and store keys in secure, geographically distributed locations. For those looking to protect their cryptocurrency assets from theft and fraud, multi-signature cold wallets remain one of the best options. However, their complexity and potential vulnerabilities should not be overlooked, especially in the case of supply chain attacks.