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GM friends. Here’s what I’ll cover today:
🔎3 major DeFi launches in Q4
📊 Crypto chart of the week
🗞️ The latest DeFi news
🔎3 major DeFi launches in Q4
Q4 is finally here.
And it’s definitely going to be a big quarter for crypto with so many upcoming token and protocol launches scheduled for Q4.
In this issue, I thought it would be interesting to cover some of the biggest upcoming DeFi product launches that are on my radar.
Let’s dive in 👇
1. Flying Tulip
If you’re a DeFi OG, you probably heard of Andre Cronje.
He is one of the most popular builders in the crypto space, known for creating Yearn, Solidly, and being a co-founder of Sonic.
His latest project is called Flying Tulip, which is basically an all-in-one DEX built on Sonic L1, that aims to bring a Binance-like CEX experience on-chain.
Using it, users will be able to:
trade spot
trade perps
trade options
lend and/or borrow
access structured yield products
All of these user interactions will happen on-chain, but things like paying gas fees and wallets will be fully abstracted. Flying Tulip launch is expected in Q4.
It remains to be seen whether it will live up to the hype, but the idea of building a full-stack DEX with a CEX-like UX seems interesting to me.
2. Hyperliquid’s HIP-3
One of the most exciting Hyperliquid upgrades is expected in Q4.
HIP-3 (Hyperliquid Improvement Proposal 3) will allow anyone to permissionlessly create perpetual futures markets on Hyperliquid exchange.
The staking requirement for this will be 500k HYPE.
That means that all products that want to utilize Hyperliquid’s proven infrastructure will need to stake $23.5M worth of HYPE at today’s prices (at the time of writing).
And there are already a few very cool projects that have announced plans to build on top of Hyperliquid using HIP-3:
Hyena
Hyena is a product developed by Ethena that is rumored to deploy USDe-margined perps on Hyperliquid exchange via HIP-3.
This could help increase USDe adoption.
Ventuals
Ventuals is a Hyperliquid ecosystem dApp that will allow trading pre-IPO companies.
This will enable betting on the valuations of private companies like OpenAI and SpaceX, which are highly successful but aren’t listed on the stock market yet.
Nunchi
Nunchi will turn yield rates into perpetual markets.
Using it, users will be able to trade with leverage Hyperliquid funding rates, borrowing rates, US Treasury bill yields and more.
In total, these three projects alone will stake ~$70M worth of HYPE, which will be taken out of circulation, increasing the demand for HYPE.
3. MegaETH
MegaETH is the most anticipated upcoming Ethereum L2.
It promises to be able to process 100,000 transactions per second, with a <$0.01 transaction fee and a sub-second finality.
The project raised over $37M in funding, and Vitalik Buterin also invested in it.
But the most interesting thing about it in my view is its economic model. Most L2s tokens have been going down only as they barely generate revenue from tx fees.
MegaETH recently announced MegaUSD as a solution to this - the native stablecoin of MegaETH developed in partnership with Ethena, that will be backed by BlackRock’s tokenized U.S. Treasury funds.
Thanks to this, the L2 will have two different revenue sources:
transaction fees
The yield generated by the MegaUSD stablecoin collateral (US T-bills)
Stablecoins are one of the most profitable businesses, so if MegaETH’s stablecoin gets enough traction, launching a native stablecoin may prove to be a bright idea.
I think we’re going to see more and more L1 and L2 blockchain projects building in-house apps exclusively on their chains over the next years.
Together with OpenEden
The biggest RWA token launch of the year
Over the past few months, OpenEden has established itself as a leading project in the real-world assets sector.
It offers 24/7, on-chain access to tokenized US Treasury securities to anyone around the world in just a few clicks.
In case you haven’t heard of it, here are a few quick facts about OpenEden:
OpenEden is trusted by 200+ institutions
The protocol surpassed over $370M in TVL at its peak
YZi Labs, formerly known as Binance Labs, invested in it
The protocol is now entering its next chapter with the launch of EDEN.
EDEN is the utility token powering the OpenEden ecosystem: from governance and preferential fees to staking and ecosystem incentives.
Eligible users can claim the EDEN airdrop.
7.5% of the total EDEN supply has been allocated to the airdrop. If you participated in its points program and accumulated over 10,000 bills, you’re probably eligible.
Furthermore, Rich Teo, the Co-Founder of Paxos, one of the world’s most trusted crypto infrastructure providers, has just joined OpenEden as an advisor.
This will accelerate OpenEden’s mission to bring institutional-grade RWAs on-chain.
Crypto chart of the week
Solana’s app revenue is greater than Ethereum and Hyperliquid’s app revenue combined
Crypto Meme😂
The latest developments in DeFi
Pendle went live on Plasma L1
Flying Tulip, Andre Cronje’s DEX project for Sonic L1, raised $200M in seed funding
Lighter public mainnet and S2 points program went live
Hyperliquid launched permissionless spot quote assets on its mainnet
Phantom introduced Phantom Cash - one place for all your money
DeFi Saver released AAVE DeFi explore, a dashboard enabling to track Aave v3 stats, position history, and protocol activity in real-time
OpenEden launched its token EDEN and the airdrop claim portal
Solstice, a delta-neutral strategies stablecoin protocol, went live on Solana
Falcon Finance released its token called $FF and its airdrop claiming portal
Stripe announced Open Issuance - a new platform that enables anyone to launch and manage their own stablecoin with a few lines of code
Lido Finance’s proposal to implement a LDO buyback mechanism passed
Eigenlayer introduced EigenCompute and EigenAI - two new services for building verifiable apps and AI agents
SWIFT announced the development of a blockchain-based ledger with 30+ banks
Huma Finance joined the Circle Payments Network as the first credit solution
Sonic announced that Mitchell Demeter is the new CEO of Sonic Labs
Meteora announced the upcoming launch of its token on Oct. 23
VisionSys AI, a Nasdaq-listed firm, announced a $2 billion SOL treasury strategy
The SEC is exploring a plan to allow on-chain stocks to trade on exchanges
Monad started teasing an upcoming airdrop
That’s all for this week!
Until next time,
The DeFi Investor
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thank you ser ! Really appreciated your content!