Today, we break down why your salary no longer determines whether you can afford a home — and who is really setting prices in the housing market.

Welcome! 👋 We are the Tonkeeper support team, a non-custodial wallet on the TON blockchain. Happy to answer any questions you may have.

Before we begin, please note:
• Our responses do not constitute financial, legal, or tax advice; 💰⚖️
• Please double-check important information — our replies may not always be fully accurate; ✅
• Consult a professional before making important decisions.

By continuing this chat, you agree to the terms and confirm you are of legal age. 📜

The printer is still on pause: the Fed is playing the waiting game

Yesterday, Powell and the crew decided 3.75% is the magic number and left it unchanged. Nothing has shifted since the January sit-down: rates are sitting at highs, cheap money is non-existent, and liquidity is tightening up

Forget about easy pumps out of nowhere. Without that cheap fuel, the market is struggling to find any real upward momentum. But here’s the kicker: it’s not the numbers doing the heavy lifting right now - it’s the hints. Everyone is starving for a single word about a future pivot

The second the rhetoric shows even a shadow of softness, markets are going to teleport up on pure anticipation

Until then, we’re just sitting here, staring at expensive hedges and waiting for the suits to finally blink

Most users don't truly think about how their crypto assets are stored. 🙈

In traditional wallets, all operations rely on a single private key.

One access point means one point of responsibility.

Simple Wallet uses a different architecture—MPC (Multi-Party Computation).

The private key is never generated in a single form.
It is split into multiple encrypted parts from the start.

Each part is stored separately:
🔸 On your device
🔸 In a secure server environment
🔸 In backup infrastructure

No single part can access your funds.

When you initiate a transaction, these parts participate in the signing process via encrypted protocols. ☝🏻

The signature is generated jointly, and the full private key is never stored centrally in one place. ❌

This brings a key advantage:
Control remains decentralized,
and the risk of a single point of failure is eliminated.

You simply use the app like any other fintech product,
while a more advanced security model works silently behind the scenes.

Save the date: the Hyperliquid annual event will take place on October 5, 2026 in Singapore during the Token2049 week. Details will follow closer to the event.

Sharing the date in advance so builders and users in the ecosystem can plan travel.

🚀 GFK × Amano Invest: A New Step Toward the Compliance Market for Global Tokenized Assets

💲 As the world's first RWA issuance and trading platform regulated by the Bahraini government, GFK Exchange continues to promote the secure on-chain circulation of real-world assets.

🏛️ Amano Invest is a regulated tokenized real-world asset (RWA) platform providing global investors with access to assets in real estate, infrastructure, energy, and commodities.

💼 This collaboration will enable GFK to connect to Amano Invest's global regulated asset market, further enriching RWA investment categories to include high-value assets such as real estate, infrastructure, and commodities.

🔥 When compliant RWAs meet high-quality global physical assets, the landscape of tokenized investment is being reshaped.

🐸 Token Chain: TYVq8Eqg2dqZvqCNg9p7zo9nr5UaZAA6PZ

https://web3.okx.com/ul/gOeD2p2?ref=DHDB88

💬 Twitter: https://x.com/dao880780?s=21

#GFKExchange #Amano #RWA #Web3 #AssetTokenization

Testnet only:

Becoming a spot quote asset will become permissionless on mainnet, pending testnet testing. Quote assets can be permissionlessly deployed as spot pairs against arbitrary base assets, as previously announced. Note that quote assets are currently only relevant for spot trading. Support for perps via HIP-3 is pending further implementation.

The requirements for becoming a permissionless spot quote asset are as follows:
1. Wei decimals of 8 and size decimals of 2
2. Zero deployer fee share on the quote token
3. 200k HYPE staked, subject to the following slashing criteria based on validator voting:
a. A peg mechanism to a price of 1 USD. A future network upgrade could increase the scope to other non-dollar stable assets
i. QUOTE/USDC should have 100k USDC size on both sides within the price range from 0.998 and 1.002, inclusive
ii. QUOTE/USDC should have 1M USDC size on both sides within 0.99 and 1.01, inclusive
b. A liquid HYPE/QUOTE book
i. HYPE/QUOTE should have 50k QUOTE size on both sides within a spread of 0.5%, inclusive

USDC and USDT are not subject to the staking requirement due to their longstanding track record and established scale.

The 200k HYPE staked by the deployer are subject to slashing based on validator vote for poor quality quote assets. Upon deployment, this stake is committed for 3 years, after which it can be unstaked. This gives builders and users some assurance when choosing a quote asset.

For any of the conditions above, if there is a three-day period during which the condition is not satisfied for a majority of uniformly-spaced 1 second samples, the quote asset will be considered slashable. Validators will vote on the amount to slash when such conditions are violated.

Becoming a quote asset is now permissionless on testnet, where the staking requirement is 50 HYPE for ease of testing. Once the requirements above are met, the token deployer sends an enableQuoteToken transaction to convert the token into a quote token. This deployer action is irreversible and has no gas cost. See Docs for more information: https://telegra.ph/Telegram-%E7%9F%A5%E8%AF%86%E5%BA%93-donghuanggongqun-05-10

Any feedback is appreciated. Note that the conditions above have not been finalized and community suggestions are welcome.

HyperCore will support outcome trading (HIP-4). Outcomes are fully collateralized contracts that settle within a fixed range. They are a general-purpose primitive that are useful for applications such as prediction markets and bounded options-like instruments. There has been extensive user demand in both of these areas, and builders will likely think of novel applications as well.

Outcomes bring non-linearity, dated contracts, and an alternative form of derivative trading that does not involve leverage or liquidations. The outcome primitive expands the expressivity of HyperCore, while composing with other primitives such as portfolio margin and the HyperEVM.

Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.

The Hyperliquid blockchain will introduce portfolio margin in an upcoming network upgrade. This feature is live on testnet in pre-alpha mode.

Under portfolio margin, a user’s spot and perps trading are unified for greater capital efficiency. Furthermore, portfolio margin accounts automatically earn yield on all borrowable assets not actively used for trading.

Portfolio margin unlocks functionality such as the carry trade where a spot balance is offset by a short perps position, collateralized by the spot balance. Spot and perp pnl offset each other, protecting against liquidation on the perp position. More generally, spot and perps trading can be performed from a single unified balance. For example, a user could also hold HYPE and immediately buy ETH on the ETH/USDH book. All HIP-3 DEXs are included in portfolio margin, though not all HIP-3 DEX collateral assets are borrowable. Future HyperCore asset classes and primitives will support portfolio margin as well.

Users can supply eligible quote assets to earn yield. This synergizes and composes with HyperEVM lending protocols. In a future upgrade, CoreWriter will expose the same supply action for smart contracts. Portfolio margin intentionally does not bring a full-fledged lending market to HyperCore, as that is best built by independent teams on the EVM. For example, HyperCore lending is not tokenized, but an EVM protocol could do so by launching a fully onchain yield-bearing ERC20 token contract through CoreWriter and precompiles. Portfolio margin introduces organic demand to borrow and should expand the value proposition of teams building on the HyperEVM.

IMPORTANT: Portfolio margin is a complex technical upgrade and requires bootstrapping the supply side for borrowable assets. Therefore, portfolio margin will launch in pre-alpha mode where borrowable asset caps are extremely low. Users should test with new accounts or subaccounts with <$1k in value. Portfolio margin accounts will fall back to non-portfolio margin behavior when caps are hit. In pre-alpha mode, only USDC is borrowable, and HYPE is the only collateral asset. USDH will be added as borrowable and BTC as collateral before the alpha phase. Details will be added to the Docs.

The Hyper Foundation is proposing a validator vote to formally recognize the Assistance Fund HYPE as burned, removing the tokens permanently from the circulating and total supply.

For context, the Assistance Fund converts trading fees to HYPE in a fully automated manner as part of the L1 execution. The Assistance Fund uses the system address 0xfefefefefefefefefefefefefefefefefefefefe. Similar to the zero address, the Assistance Fund system address has never had a private key with control over its funds. Funds are mathematically irretrievable without a hard fork.

By voting “Yes,” validators agree to treat the Assistance Fund HYPE as burned. No onchain action is required, as the tokens are already in a system address with no private key. This vote is binding social consensus to never authorize a protocol upgrade to access this address.

Voting process:
+ Validators should signal their intent in the governance forum by December 21 at 04:00 UTC (i.e., reply with Yes or No)
+ Users can stake to a validator who matches their view by December 24 at 04:00 UTC
+ The result will be based on stake-weighted consensus as of December 24 at 04:00 UTC

Building a transparent financial future requires a foundational commitment to ethical conduct and legal clarity. Hyperliquid Labs maintains a rigorous Trading Policy designed to ensure our team operates with a level of accountability that sets a benchmark for the industry.

All individuals associated with Hyperliquid Labs, including employees and contractors, are bound by strict ethical standards regarding the HYPE token:
+ Ban on Derivatives Trading: We strictly prohibit any team member from engaging in derivatives trading involving HYPE, which includes shorting or longing the token.
+ Zero Tolerance for Insider Trading: Trading based on material non-public information is fundamentally prohibited. This extends to sharing such information with third parties.

Integrity is non-negotiable at Hyperliquid Labs. Any violation of these policies is grounds for immediate termination and potential legal proceedings.

To address recent community inquiries regarding the address 0x7ae4c156e542ff63bcb5e34f7808ebc376c41028: this address belongs to an ex-employee who was terminated in Q1 2024. This individual is no longer associated with Hyperliquid Labs, and their actions do not reflect our team’s standards or values.

We believe the community deserves a team that is fully aligned with the long-term health of the ecosystem. We are committed to these principles and will continue to take decisive action to protect the integrity of Hyperliquid.

The following post is from Hyperliquid Labs.

Thanks to everyone who shared thoughtful responses to the proposed aligned stablecoins proposal.

As a reminder, offchain conditions are ultimately voted upon by validator quorum, as any such conditions are not able to be reflected directly in protocol execution. Like on most other blockchains, independent validators on Hyperliquid achieve consensus on a self-contained state machine’s execution. This state machine’s evolution is entirely onchain. In the case of the offchain conditions for an aligned stablecoin, this evolution is driven by validator vote. The following reflect views expressed by Hyperliquid Labs after careful consideration about the best outcome for the protocol and users.

There was pushback on each one of the offchain criteria. Before discussing the detailed points, it is helpful to refine the overarching purpose of the proposal. At its core, Hyperliquid is a permissionless protocol. Unlike a centralized entity that can enter into contracts and agreements, a protocol can only reflect neutral rules. Hyperliquid's rules should optimize for the long-term prosperity of users, while adhering to the principles of fairness and transparency.

The grand vision:

Stablecoins are increasingly recognized as an important development and significant opportunity, with traditional finance embracing the technology as an upgrade to the digital dollar. It's unclear what the exact outcome will be: payments, neobanks, corporate treasuries, or something else entirely. But it is clear that there is an opportunity to leverage Hyperliquid's unique distribution to become the stablecoin chain of choice for the next billion users.

Alignment as a protocol feature is to ensure that stablecoin empires built on Hyperliquid do not simply take advantage of Hyperliquid as a stepping stone, but rather build and grow with the protocol in perpetuity. Alignment should carefully thread a needle. It should not unnecessarily box out deployers of other stablecoins or other assets who want to expand into Hyperliquid as part of a multifaceted growth strategy. It should preserve a level playing field for compliant alternatives. However, it should be firm, opinionated, and take a bold stance, given what is at stake for the protocol. The blockchain that houses the future of finance should also be the premier stablecoin chain.

The general feedback, not tied to specific points:

1. Offchain requirements are overly restrictive. The protocol should only enforce strictly onchain requirements such as staking requirements and yield share.

Onchain requirements are almost always preferable to offchain ones. They are simpler, objective, and do not require validator enforcement. However, the real world is inherently nuanced and complex. Given the opportunity size of becoming the premier stablecoin chain and the difficulty with associated yield being fully offchain, the protocol must compromise with a system that accomplishes the goal of true alignment. The only obvious way to accomplish this goal is through validator quorum enforcing offchain conditions. That being said, the feedback is duly noted that conditions should be as simple as possible while accomplishing these goals.

2. The requirements are too strict and will dampen the quality of projects ready to immediately deploy on Hyperliquid.

Two responses. Firstly, the benefits of aligned stablecoins are substantial but by no means a requirement for a successful stablecoin deployment. Furthermore, many stablecoins that may not qualify for alignment will naturally have their own incentivization opportunities coming out of a much higher top-line yield. The opportunity exists for many stable assets to thrive and synergize. Secondly, even if a project insists on "aligned or nothing" and deprioritizes deployment on Hyperliquid as a result, the tradeoff can still be worthwhile for the protocol. The sheer size of the stablecoin opportunity as part of housing all finance is worth more than any short term metric boosts such as trading volume or TVL incentivized by specific stablecoin deployers. As I once tweeted, “When you see a 100x, you drop everything to make that a reality.” I hope that as Hyperliquid grows, we continue to dream big and recognize that the largest growth opportunities involve taking bets on talented new teams building in uncharted territory.

3. Users will naturally choose the most aligned stablecoins, so the offchain conditions are not necessary.

While this would be true in an ideal state of the world, it's important to be realistic about the probability of it playing out. Such an outcome depends on 1) competent deployers choosing to remain aligned with the protocol and 2) users doing research, correctly identifying the most protocol-aligned stablecoin, and actively choosing to use it. Neither of these conditions are guaranteed. The protocol unfortunately does not have the luxury of experimentation here, and given the size of the opportunity, it would be too risky to leave this level of uncertainty in the outcome. Any aligned stable that achieves massive success will owe its initial distribution to the protocol. It is only fair that deployers seeking this benefit should recognize and commit upfront to sharing back with the protocol and community.

4. The requirements kill the prospect of alternative stablecoins.

This is not the intention and should have been clearer in the first draft of the proposal. The projected market for regulated stablecoins is orders of magnitude larger than that for alternative stablecoins. Of course, there is no guarantee on this outcome, but much of Hyperliquid's success has come from building infrastructure with real-world, practical context. Furthermore, alternative stablecoins usually have different yield characteristics that can offset the lack of trading benefits from alignment.

Given this context, here are some point-by-point criticisms, responses, and revisions to the offchain conditions:

1. Fiat USD-backed stablecoin

Several teams want to deploy delta-neutral strategies or other forms of higher yielding synthetic dollar assets. While Hyperliquid as a protocol does not have value judgment on various assets, regulatory conditions do. The payments, banking, and other regulated dollar opportunities at the moment are anchored by the GENIUS Act. Regulation is fluid, though, so the condition will be revised to account for this.

Other teams suggested clarification that "fiat" may include US treasuries in addition to cash. Any revisions expanding the allowed yield-bearing backing assets would require an update to the protocol’s alignment rules to ensure that 50% of the deployer’s offchain reserve income continues to flow to the protocol.

As noted above, higher yielding stable assets inherently have more incentives available to share for each unit of additional supply.

Revised condition: The stablecoin is 1:1 backed by cash, short-term US treasuries, and tokenized US treasury or money market funds to the extent permitted under applicable regulatory frameworks. Aligned issuers must also provide par redemption at all times, with a publicly disclosed and timely redemption service consistent with their applicable regulatory regime. These conditions can be revisited by the validators, in the spirit of building a regulatorily compliant chain for payments and banking opportunities. The guiding requirement is that a large percentage of the world's circulating dollars could compliantly be converted to the aligned stablecoin in the context of existing businesses and use cases in the financial world.

2. Full supply natively minted on HyperEVM. Any supply on other chains or offchain must first be minted on HyperEVM as the source chain.

There was feedback here that this is overly restrictive technically. To clarify, crosschain transfers through any bridging protocols would not violate this requirement, as long as the supply is first minted on HyperEVM. Many chains use a designated source chain for minting, while offering a seamless multichain experience for users. The motivation behind the requirement is not restriction, but rather ease of technical accounting on the protocol level. It is difficult for validators to report the crosschain supply of a token, but it is more straightforward to slash on the condition that all supply must be minted first on HyperEVM. As long as this requirement is met, the protocol yield share can be computed as part of onchain execution.

3. The issuer exclusively issues this one asset. The issuer may work on other products, but they must synergize with the aligned stablecoin. Examples include neobanks and payments denominated in the stablecoin.
&
4. The issuer cannot benefit from any other form of yield income or asset issuance.

One clarification here is that "issuer" can be distinct from the "deployer." Many teams will build on top of technical infrastructure for issuance. Here and elsewhere, "issuer" has been replaced with "deployer" to broaden the scope.

The intention behind this requirement is that the deployer shares half of its yield income with the protocol, and focuses its entire effort on supporting the aligned stablecoin.

Revised condition (for 3&4): The deployer can only deploy assets that directly support the aligned stablecoin. For example, the underlying treasuries could be issued onchain. The net effect is that the deployer must share half of its yield income through the existence of the aligned stablecoin. The deployer and its affiliates may not receive any economic benefits tied to conversion of the aligned stablecoin into another asset. "Benefit" includes but is not limited to revenue share, order-flow payments or any form of rate-linked compensation.

In sum, the updated requirements would be as follows:

Onchain requirements:
1. Enabled as a permissionless quote token
2. 800k additional staked HYPE by deployer, meaning a total of 1M staked HYPE including the 200k staked HYPE for the quote token deployment. This is to give builders and users assurance to use the aligned stablecoin.
3. 50% of the deployer’s offchain reserve income must flow to the protocol. Validators may vote to update the calculation methodology as regulatory standards evolve. There will be follow-up work on the precise definition of risk-free rate, which will be updated according to an onchain stake-weighted median of validator reported values. A CoreWriter action will allow the deployer to reflect the exact minted balance from HyperEVM directly to HyperCore, which will allow a fully automated fee share mechanism as part of L1 execution.