Hyperbeat - Building blocks for tokenised funding rates

> dnTokens represent tokenized delta-neutral positions on Hyperliquid, enabling new financial products with improved capital efficiency and risk isolation while building on Hyperbeat USDT's $120 million in stablecoins.

> hbUSDT functions as a master vault that allocates funds to top-yielding strategies across HyperCore and HyperEVM, shifting between funding rate-based dnTokens, DeFi protocols like Hyperlend, or HIP-3 vaults based on market conditions.

> Hyperliquid's funding rates provide a scalable yield source for composable DeFi, with Hyperbeat tokenizing them as foundational elements to drive global financial innovation and real-world applications.

https://x.com/degennQuant/status/1960052455124975627

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5M cap filled up real quick, cap should be raised by team soon

https://app.hyperbeat.org/earn?referral=EBAB3A55

Lynn Alden: Precious Metals and Commodities Update

Bitcoin:
> $BTC had a sell-off in late Sep, largely attributed to its correlation with global liquidity, specifically the domestic liquidity drain caused by the Treasury refilling its cash account back to $800B.

> $BTC likely hasnt topped as there are no major signs of speculative froth in the bitcoin market. High premiums for bitcoin treasury companies have decreased considerably in recent weeks + MVRV Z-score well below 2022 highs.

Precious Metals & Commodities
> $XAU remaining in overbought status for unusually long periods of time is not unreasonable.

> We’re going through major long-term changes (the end of a four-decade structurally declining interest rate cycle, a global shift in sovereign interest from US Treasuries to gold around the margins in an increasingly multi-polar world, and persistent US fiscal dominance which fuels the attractiveness of hard assets).


Equities
> The S&P 500 priced in $USD is pretty close to its ATHs, but priced in gold it remains below its Dotcom-bubble peak.

> Market valuations by many metrics are the highest they’ve ever been (such as the Mcap to GDP ratio or by cyclically-adjusted P/E ratio)

> During fiscal dominance, asset bubbles can persist longer than one might expect, because the currency itself is part of the bubble. When the denominator itself is weakening rather persistently, the numerator (prices of assets) can levitate and find a new higher equilibrium.

Current Opportunities
> Equities: Certain US value sectors (e.g. financials) are cheap, as are emerging markets (e.g. Brazilian and Chinese equities are quietly doing well this year from a very low base).

> Commodities: Energy-related commodities are out-of-favor now. The gold-to-oil ratio is the highest it has ever been outside of March 2020 when the global economy basically shut off.

> Oilfield services and drillship owners as interesting places to deploy capital. Mentioned tickers - Schlumberger (NYSE: SLB), Haliburton (NYSE: HAL), and Valaris (NYSE: VAL)

@MarketsDistilled | @ForexDistilled