SharpLink Activates $1.5B Buyback, Repurchases 1M Shares as $SBET

Acting CFTC Chair Caroline D. Pham said the agency is exploring whether overseas crypto platforms operating under strong, crypto‑specific regimes, such as the EU’s MiCA, could be recognized under existing U.S. cross‑border rules. The aim is to give compliant foreign venues a clearer pathway to serve U.S. participants without waiting for new laws. This move aligns with recent efforts to clarify recognition routes for non‑U.S. exchanges and signals closer coordination on spot crypto oversight between U.S. market regulators.

Key takeaways:

• Hyperliquid processed around $330 billion in trading volume in July 2025, briefly surpassing Robinhood.

• A split-chain design enabled CEX-like speed while keeping custody and execution onchain.

• The HLP vault and Assistance Fund buybacks aligned traders, market makers and token holders in a reinforcing loop.

• A large airdrop, Phantom Wallet integration and self-funded operations helped attract users and sustain adoption.

A year after launching its own layer 1 (L1), Hyperliquid has become one of decentralized finance’s (DeFi) top perpetuals venues, logging about $319 billion in trading volume in July 2025. Remarkably, the core team behind it is believed to consist of only 11 people.

This guide looks at the technical design and operational choices that enabled such scale.

What is Hyperliquid?

Hyperliquid is a decentralized perpetuals exchange built on a custom layer 1.

Its chain is divided into two tightly connected components: HyperCore, which manages the onchain order book, margining, liquidations and clearing; and HyperEVM, a general-purpose smart contract layer that interacts directly with exchange state.

Both are secured by HyperBFT, a HotStuff-style proof-of-stake (PoS) consensus that enforces a single transaction order without relying on offchain systems. HyperEVM launched on mainnet on Feb. 18, 2025, adding programmability around the exchange core.

Did you know? Hyperliquid achieves a median trade latency of just 0.2 seconds (with even 99th‑percentile delays under 0.9 seconds) and can handle up to 200,000 transactions per second, rivaling centralized exchanges on speed.

The $330-billion month: What the data shows

July was Hyperliquid’s strongest month yet. Data from DefiLlama shows the platform processed about $319 billion in perpetuals trading volume. That pushed DeFi-wide perpetuals to a record $487 billion — a 34% jump from June.

At the same time, industry trackers highlighted a combined $330.8 billion figure, which included spot trading as well. Headlines noted this meant Hyperliquid briefly surpassed Robinhood.

Robinhood’s July metrics provide the basis for comparison: $209.1 billion in equities notional plus $16.8 billion in crypto trading, along with $11.9 billion at Bitstamp (a Robinhood subsidiary), totaling around $237.8 billion.

Several outlets noted that July marked the third straight month Hyperliquid’s volumes topped Robinhood’s, which is a striking outcome for a team of only 11. And these are monthly figures, not cumulative totals. That means the platform is showing sustained high-frequency activity rather than a one-off spike.

The trend of exposure reduction by major Bitcoin network players continues to deepen even as Bitcoin awaits its next major move.

According to Capriole Investments founder Charles Edwards, Bitcoin miners are "puking" Bitcoin at a rate not seen since the cryptocurrency traded at $19,000. This trend of Bitcoin liquidation typically happens for one of two reasons, which include a margin squeeze whenever they need cash, but this might not be the case at present. The second reason stated by Edwards could be that they are bearish despite being in profit.

Bitcoin’s mining difficulty, a measure of how difficult it is for miners to solve cryptographic puzzles in Bitcoin mining, has recently hit a new all-time high, coinciding with an increase in the hash rate.

This strength alleviates fears about miners’ net outflows or the lack of profitability gains across the sector.

Silver lining

Despite the concerns, there is no evidence that miners are under immediate pressure to liquidate positions.

In his tweet, Capriole Investments Founder Charles Edwards posted a Bitcoin price chart alongside his tweet, which also showed Bitcoin miner inflows.

A trend is deduced when Bitcoin miner netflows dip into the red, and the price reverses direction, often climbing, hinting at a bullish divergence.

Edwards added that in cases where Bitcoin miners' outflows soared, the price was often higher a month later, indicating a hidden bullish signal.

This shows that when Bitcoin flows out from miners, it is being taken up by corporate reserves, which often counter the negative effects. At press time, Bitcoin was up 1% in the last 24 hours to $112,931.

Hyperliquid is shaking up the crypto world with a bold move: it’s launching its own stablecoin, USDH, and letting the community vote on who will issue it. With $5.6 billion in deposits and potential annual revenue of $220 million, the announcement has drawn top stablecoin issuers into a high-stakes scramble.

Things are getting interesting. Not familiar with what’s happening? Here’s the scoop.

$220M on the Table

Hyperliquid currently relies on USDC, but all the interest earned on these deposits goes to the external issuer. By launching USDH, the exchange could capture the returns itself. 

At a short-term Treasury yield of around 4%, the $5.6 billion in reserves could generate roughly $220 million a year – almost three times the revenue of Hyperliquid’s HLP vault.

Lower trading fees on spot pairs and improved liquidity are part of the plan. Hyperliquid hopes this will boost its spot trading volume, strengthen order books, and make the platform more competitive.

Who’s in the Race?

Hyperliquid’s public bidding process is unusual. Normally, stablecoin issuers are pre-selected or in-house. Here, Paxos, Frax Finance, Agora, Native Markets, and Sky (formerly MakerDAO) are competing through a validator vote.

Each brings something different to the table:

• Paxos: NYDFS-regulated, offers HYPE token buybacks, links to PayPal infrastructure. This is the proposal most have welcomed. 
• Frax Finance: 100% of Treasury yields passed directly to users, no fees.
• Agora: Custody with State Street and VanEck, pledges all “net” income to the community.
• Native Markets: Hyperliquid-native team, contributes yield to a buyback fund.
• Sky: $2.2 billion liquidity offer, 4.85% yield, projecting $250 million annual revenue.

Governance or Preselection?

Not everyone is convinced the vote is fair. Some community members call it “governance theater,” pointing out that Native Markets submitted its proposal within an hour of the announcement, and Frax followed just ten hours later. 

The short, five-day review window leaves questions about how detailed the evaluation can be.

What This Means for Hyperliquid

USDH could bring a major revenue boost and strengthen Hyperliquid’s ecosystem. It could reduce reliance on USDC and improve spot market liquidity.

But replacing USDC won’t be easy. Its long track record and deep liquidity make it the stablecoin of choice for many traders. For now, this remains a high-stakes experiment!

Recently, the MYX price has taken the spotlight in the crypto market. After a strong pump in early September, it again recorded a remarkable surge of nearly 190% in a single day and 1700% on the weekly scale.

At the time of writing, it is trading now above $17.38, MYX crypto has rapidly climbed into the top 100 altcoins, which no expert imagined such a parabolic move would be a rare sight. The growth was directly linked with its bullish momentum fueled by listings, demand, and speculation.

MYX Price Today: Rally Extends With Fresh Listings Today

The MYX price today reflects an extraordinary run, amplified by major listings and increased liquidity.

Similarly, this parabolic rally is possible from a series of bullish factors. These includes the early September WLFI token listing on the MYX exchange and debate around the unlocking of nearly 39 million MYX tokens.

However, the earlier sparked debate over a potential correction when the token traded below $10 has now been delayed, with strong demand observed on the daily chart.

However, the persistent buying momentum and FOMO defied expectations, driving MYX price toward the $20 level, and, most recently, the addition of MYX to the GATE exchange on September 9 elevated the bullish sentiment. These developments have attracted strong speculative inflows, as the MYX price chart continues to trend steeply upward.

Leveraged Traders Amplify MYX Price Momentum

In parallel with its spot gains, the derivatives market for MYX crypto has exploded. Open interest has surged to record highs, and liquidation data reveal that a massive wave of short positions was wiped out, further accelerating the MYX price USD breakout.

A recent Node Package Manager (NPM) attack stole just $50 worth of crypto, but industry experts say the incident highlights ongoing vulnerabilities for exchanges and software wallets.

Charles Guillemet, the chief technology officer of hardware wallet company Ledger, said in a Tuesday X post that the attempted exploit was a “clear reminder” that software wallets and exchanges remain exposed to risks.

If your funds sit in a software wallet or on an exchange, you’re one code execution away from losing everything,” he said, adding that supply-chain compromises remain a powerful malware delivery vector. 

Guillemet took the opportunity to advocate for hardware wallets, saying that features like clear signing and transaction checks would help users withstand such threats. “The immediate danger may have passed, but the threat hasn’t. Stay safe,” he added. 

Largest NPM attack stole only $50 in crypto 

The attack unfolded after hackers acquired credentials using a phishing email sent from a fake NPM support domain. 

Using their newly acquired access to developer accounts, the attackers pushed malicious updates to popular libraries. This included chalk, debug strip-ansi and more. 

The code they injected attempted to hijack transactions by intercepting wallet addresses and replacing them in network responses across several blockchains, including Bitcoin, Ethereum, Solana, Tron and Litecoin. 

TON CTO breaks down NPM attack

Anatoly Makosov, the chief technology officer of The Open Network (TON), said that only specific versions of 18 packages were compromised and that rollbacks were already published. 

Breaking down the mechanics of the attack, Makosov said compromised packages functioned as crypto clippers, which silently spoofed wallet addresses in products that relied on the infected versions.

This means web apps interacting with the aforementioned chains risked having their transactions intercepted and redirected without the knowledge of the users. 

He said that developers who pushed their builds within hours of the malicious updates and apps that auto-update their code libraries instead of freezing them to a safe version were the most exposed. 

Makosov shared a checklist on how developers can check if their apps were compromised. The main sign is whether the code is using one of 18 versions of popular libraries like ansi-styles, chalk or debug. He said if a project relies on these versions, it’s likely compromised. 

He said the fix is to switch back to safe versions, reinstall clean code and rebuild applications. He added that new and updated releases are already available and urged developers to act quickly to clear out the malware before it can affect their users.