DeFi
Protocols, yield, and DeFi infrastructure.
What Is Hyperliquid? The On-Chain Perpetuals Exchange With 70 Percent DEX Market Share, Zero VC Funding, and a SpaceX Synthetic
Hyperliquid commands approximately 70 percent of all on-chain perpetual futures volume in 2026, processes over $208 billion monthly, raised zero venture capital, distributed 31 percent of HYPE supply directly to users via airdrop, and on January 26 surpassed Binance in BTC perpetual liquidity. HYPE reached an all-time high near $77 in June 2026. The Bitwise BHYP ETF is live. Here is the complete explainer.
What Is Ethena USDe? The Synthetic Dollar That Pays You to Hold It, Explained
USDe is not backed by bank deposits like USDC. It is not backed by crypto collateral like DAI. It is backed by a delta-neutral hedge: long staked ETH and BTC, short an equal amount in perpetual futures. The funding fees from that short position pay out to holders of sUSDe. As of April 2026 sUSDe yields 9.4 percent APY on a 7-day trailing average. Supply stands at $5.5 to $6 billion. Here is a plain language explanation of how it actually works and what the risks are.