DeFi & L1L2 Weekly — 📈 Hyperliquid’s trading volume grew by 32% MoM; Tether launched gold-backed stable XAUt0 on TON
DeFi & L1L2 Weekly — 📈 Hyperliquid’s trading volume grew by 32% MoM; Tether launched gold-backed stable XAUt0 on TON
Quick Take
Hyperliquid’s weekly trading volume surged by 32% month-over-month, accounting for 80% of the decentralised perpetuals trading market in the last week of May.
Tether launched XAUt0, an omnichain gold-backed stablecoin on TON, to facilitate cross-chain transfers without wrapping.
Consensys acquired Web3Auth to improve the user experience in the MetaMask Wallet and accelerate support for non-Ethereum Virtual Machine (EVM) chains like Solana and Bitcoin.
Sui validators approved a proposal to implement a hard fork of the Sui blockchain to recover US$162M after the Cetus Protocol was hacked.
Weekly DeFi Index
This week, the market capitalisation, volume, and volatility indices showed a decrease of -6.20%, -6.22%, and -14.38%, respectively.
Rocket Pool integrated with the Ronin blockchain via Chainlink, allowing for cross-chain transfers of its liquid staking token, rETH, between Ethereum and the network.
Chart of the Week
Hyperliquid’s trading volume totalled $248 billion in May, surging by 32% month-over-month. Its weekly trading volume accounted for about 80% of the on-chain perpetuals trades in the last week of May. Additionally, Hyperliquid’s total value locked (TVL) doubled from $751.54 million at the end of April to around $1.54 billion at the time of writing.
News Highlights
Tether launched XAUt0, an omnichain version of its gold-back stablecoin, on The Open Network (TON), allowing for cross-chain transfers. Backed by physical gold stored in a Swiss vault, the newly launched token competes with its Ethereum-based version, XAUt, Paxos’s Pax Gold (PAXG), and traditional gold ETFs.
Consensys, the developer of the MetaMask Wallet, acquired wallet infrastructure provider Web3Auth to enhance MetaMask's user experience. This integration is expected to speed up MetaMask's support for non-EVM chains like Solana and Bitcoin.
Sui validators voted to implement a hard fork of the blockchain to restore $162 million in stolen funds to the previously hacked Cetus Protocol. The vote ended within two days due to overwhelming support from validators representing 90% of the funds staked. The move has been compared to Ethereum’s hard fork following its hacking incident in 2016. Cetus Protocol aims to restart operations within a week.
Recent Research Reports
Research Roundup Newsletter [April 2025]: We present to you our latest issue of Research Roundup, featuring deep dives into ‘The Rise of Crypto Treasury’ and ‘Wall Street On-Chain Part 3: Trading & Liquidity’.
Alpha Navigator: Quest for Alpha [April 2025]: All asset classes had mixed performances in April, with BTC and gold taking the lead. US President Trump reduced tariffs on imports from most trading partners and China at the time of writing.
Wall Street On-Chain Part 3 – Trading & Liquidity: This report compares liquidity between popular traditional finance (TradFi) assets and major crypto assets, and delves into the development of crypto exchanges.
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Research and Insights Team
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