RaaS #484: 21Shares Launch Hype ETP!

AI Revenue Engines, Clave V2 Launches On Arb & Base, and Moar!

Prediction markets are in their 2019 DeFi era: tons of markets, barely any depth. Only 314 out of 9,800+ Polymarket questions have more than $100K in liquidity. Feels inevitable that pro market makers and terminal-style apps will turn Polymarket & Kalshi into liquidity hubs.

Mitch turned 1 SOL into $8M, never sold, got banned, and now it’s worth $500K. He memed his way to the top, built a cult following, then vanished under platform bans and controversy. In memecoins, the exit is just as important as the entry.

Solace’s new hardware companion brings AI into your pocket, offering tactile, emotional, and persistent. A small step for wellness apps, a big one for embodied agents. The agent economy isn’t just online anymore.

Most early Web3 AI plays were noise, Idols, DAOs, and agents with no users. What’s left is what works: infra that turns intelligence into capital. Decentralized compute, privacy-preserving training, & trust layers. The shift from speculation to utility has begun. Intelligence is now an asset class.

The drama writes itself. X allegedly farmed Eliza for tech insights, slapped on a $600K paywall, then banned their GitHub repo when they wouldn’t pay. Now Shaw’s suing for anticompetitive behavior. The repo still works, just not officially.

AI infra is finally earning. From token-gated models and GPU DePIN to agent launchpads and workflow APIs, DeAI is shifting from noise to revenue. As rates fall and speculation fades, protocols with real cash flows will lead the next cycle. Intelligence is the new yield.

Ethereum’s Protocol Update 003 focuses on fixing UX through fast cross-chain messaging, intent-based infra, and faster finality. Key upgrades like Open Intents Framework, Interop Layer, and shorter slots aim to make Ethereum feel like one seamless chain again.

Hyperliquid has generated $648M+ in fees since Nov 2024, 85% from perps alone. Most of it ($563M) is allocated to buybacks via the Assistance Fund. ETH and BTC dominate inflows, but the engine runs on perpetuals. This is one of crypto’s cleanest fee machines.

Kinetiq isn’t just Hyperliquid’s LST; it’s the coordination layer for launching new perps. By crowdfunding HIP-3 bonds, aggregating yield, and turning exchanges into micro-equity, Kinetiq unlocks fee streams far beyond staking.

Please interact with the intern; otherwise, I am gonna get fired.

Google building an L1? XRP credit cards? M&A season heating up? On the Radar Vol. 3 with Adi from FlyTrade, Luki, and Oli decoding logins, liquidity, and lowkey power plays. If normies come onchain, this might be why.

Prediction markets are maturing fast. What started as niche bets now spans sports, AI, politics, and finance. With deeper liquidity and better UX, players like Polymarket, Kalshi, and Bayes are shaping a more serious, diverse ecosystem.

Plasma is teaming up with EtherFi to supercharge stablecoin-based savings. At launch, $500M from EtherFi’s ETH staking vault will move to Plasma, unlocking deep USD₮ liquidity, ETH-backed yield, and new DeFi collateral options.

Lighter has quietly become the most used ZK app in the world, handling over 5B txns in 7 months, by skipping ZKVM bloat and building custom circuits just for perps. Blazing speed, escape hatches, verifiable market making. ZK infra disguised as a DEX.

Perps power 90%+ of crypto volume, but most don’t get how they work. They’re futures with no expiry, kept in check by funding rates. You get leverage, 24/7 trading, and mark-to-market simplicity in one instrument. Invented by BitMEX, now the beating heart of crypto markets.

21Shares’ new HYPE ETP gives TradFi investors exposure to Hyperliquid, crypto’s most profitable perp DEX, directly from their brokerage. Backed by $56M/month in fees and $1B+ buybacks, HYPE’s now listed with over 10 brokers. A DeFi-native juggernaut breaking into public markets.

Clave V2 turns Ethereum into a unified, user-friendly experience, starting with Base and Arbitrum. Seedless login, one balance across chains, seamless swaps, native yield, and real-world spending via Rain. A full-stack fintech layer for self-custodial crypto, now live.

Euler and Fluid take opposing design paths for credit-backed DEXs. Euler is modular and customizable, allowing tailored credit markets but splitting liquidity across isolated vaults. Fluid consolidates all liquidity into a central layer, optimizing for DEX execution, liquidation efficiency, and depth in blue-chip assets, giving it a current edge in usable TVL.

Pudgy Party, a Web3 mobile game by Pudgy Penguins and Mythical Games, is now live globally. It auto-onboards users into wallets via Mythos Chain, blending meme culture, NFTs, and mainstream UX. CEO Luca aims for tens of millions of downloads and streamer-led virality.

Top Gainers: UCN, MITO, PEP, PYTH, EDGE.

We’re hiring at Radarblock across growth, ops, and creative roles. If you or your frens are a fit, tag them and slide into our DMs. If your role’s not listed but you vibe with us, reach out anyway.

Aave’s Horizon hit $51M in deposits within 48 hours, letting institutions borrow stablecoins against RWAs. Built on Ethereum and backed by Circle, Centrifuge, and Superstate, it bridges TradFi and DeFi, just ahead of Aave V4, and is powered by the GHO stablecoin.

Sam Kazemian is joining Stable as CTO while still leading Frax, raising major conflicts; he now oversees two stablecoin ecosystems with overlapping ambitions. Unless Frax is aligning deeper with Tether, it’s hard to reconcile dual leadership across potential competitors.

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That’s all for today!