Two weeks ago, Kinto announced shutting down. Then a Stable war ensued next.

We returned from the $USDH Stable war last week, but the momentum doesn’t seem to have slowed. The new ‘Native Markets’ won the bidding war, amassing close to 70% HL validators votes.

Still around the Stables, there’s Multi-Collateral going live on Solana via Orderly Network, you can post both $SOL and $USDT as collateral for perps. This is a killer DeFi move, multi-collateral support to both Solana and EVM; which means more flexibility, and deeper liquidity for users navigating the next phase of market evolution.

This isn’t all there is to watch, though. 

If you’ve followed us long enough, you will know we spill news on Chain abstraction, because who wants to juggle tabs like it’s 2017?

Modularity is breaking infra too; execution here, DA there, sequencers everywhere. Proving systems with ZKs, while restaking is quietly booming up.

Put it all together and you get a market that’s faster, more composable, and finally starting to feel a little user-friendly.

And that’s exactly what we’ll be tracking here — The Current State of the Market.

Perp Wars, are you armed?  

$ASTER sounds a lot like Easter, but it's just another Perp DEX, the native token to the ASTER DEX on BNB. If you missed, news has it that Aster Genesis Stage 2 is live with more that 50% airdrop allocation. 

Is Aster the new Hyper? 

Hyperliquid's proven credibility vs Aster's leaning on CZ's backing for credibility. Is there more?

Hyperliquid is single-chain, with quite ultra-low latency while Aster spans multiple chains (BNB, Ethereum, Solana) with privacy features and even stock-based perp ambitions. Aster is definitely going all big on competing. 

Lighter is live on private beta with zero fees, hitting 1B in OI in 8 months. Is this the signal you don't want to ignore? 

edgeX has given a huge pointer, closely following Hyperliquid in app revenue with annualized total of $217m in volume.

Who parades <10ms latency for all orders? 

Extended does. 

It's a Perps for crypto traders, also relevant in TradFi. They stand out with a unified margin system that combines perps, spot, and lending markets into one. 

It's full blown, just stay armored. 

Data Availability Providers

If you missed it the first time, Celestia’s Matcha upgrade is a modular power-up. This is a thorough scaling of throughput to 128MB blocks, slashing inflation from 5% → 2.5% to strengthen TIA’s role as DeFi collateral. All ye traders, this is a big unlock for any asset to bridge in and out, and cutting light node storage by ~77% for faster syncs. 

Abstract Chain, now supported by BinanceUS, letting you on/off-ramp directly

Payy, the first onchain bank built with stablecoins on a privacy blockchain, has collaborated with Aztec and NoirLang to launch a card.

Movements labs is integrating Privy, the wallet infrastructure that lets users log in with Google, Apple, or socials. If you identify as a builder, this is a sleek plug-and-play wallet setup; for users, it’s lub-smooth onboarding. Intern typed that, not me. 

DIA Oracles are now live on Mantle Network. This brings verifiable $MNT price feeds to Mantle’s modular L2 ecosystem, enabling transparent pricing for DeFi protocols, and verifiable data for institutional-grade applications. 

MegaETH, now powered by Goldsky’s real-time indexing, giving developers one-click access to 10ms blocks and live updates. Two approaches to this: Subgraphs for high-performance queries and Mirror for real-time replication pipelines. This is a huge unlock for moving on-chain data while retaining app speed. 

There’s a blue guy in town powering USDC stuff. 

Morpho now powers USDC lending on Coinbase. Could this be the next yield unlock? Paired with $900M+ in crypto-backed loans, this creates Coinbase’s first full onchain lending and borrowing ecosystem.

ZK Stack

What in the ZK do we have?

We are in the ZK-powered week.  

zkSync now powers Grvt, fresh off a $19M Series A, co-led with Further Ventures, Eigen Cloud, and 500 Global. Grvt is a ZK-native, redefining onchain finance with private, fast, and scalable perps & strategies. 

Chain Abstraction 

1. SOCKET Surge is a month-long stress test for the new chain abstraction protocol, kicking off with Chain On Top; the first chain-abstracted social strategy game launching across 20+ chains.

1. Anoma announces Season 1 airdrop. Register here. 

1. SEDA publishes new updates: SEDA Sophon, ultra low latency oracle rollout, others. 

1. zkVerify ramps up on testnet participation numbers ahead of TGE, points being stacked up by playing ZK Space Invaders.

1. Initia launches a multichain wallet, seamlessly compatible with multiple different popular wallets: Rabby, Metamask, OKX, others. 

Now, to the part we all like more

Alpha Highlights

Early adopters heeded to Hyperliquid when it was first spotted. Now, it seems to be the most successful perp, until a new perp DEX chain lits the match. 

1. Who is the next Hyperliquid? DeFi Saint dives deep into perp markets, volumes, and signals in a long-form research you don’t want to miss. Catch the clues before the crowd does.

Many successful people in Crypto do not shy from long posts. The alphas are there too.

1. Yin and Yang; but for crypto. How do you stay positioned for W, long before it’s captured on mindshares?

Wrapping up,

Crypto just doesn’t slow down, it only compounds. As it does, it leaves a number in the dark.

Whether you’re here hunting alpha, or just trying to keep up, welcome aboard. This is only the beginning.

As you know, the market will keep moving, and we’ll be right here charting its pulse.

Till the next Edition,

Moduverse