MAS Has No Clue If Hyperliquid Even Counts As Regulated 👀
According to a fresh Financial Times report dropped on October 7 the Monetary Authority of Singapore straight up says they have zero jurisdiction over this decentralized monster. They already warned folks that those perpetual futures? Not under MAS rules at all. People close to the regulator spilled that MAS sees the platform as not really based in Singapore because of its decentralized nature so even tho the company claims HQ there it might slip right out of their grip. Hyperliquid Labs told FT they are indeed set up in Singapore and job posts from just last week were still hunting for folks who can show up at the Singapore office. Company docs also list it as the registered spot. They made it crystal clear tho that Hyperliquid stays unregulated and has never claimed any MAS license while still playing nice with regulators overall. This matters big because the numbers are insane. Over the past 12 months through October 6 the protocol raked in 730.5 million in revenue and 723.7 million in operating net income. Q3 perpetual derivatives volume hit 716.4 billion with open interest chilling at 16.4 billion.HIP-3 Markets Are Eating Up More Volume 💀
All this drama hits right when HIP-3 is expanding the on-chain perp options like crazy. At TOKEN2049 Singapore founder Jeff Yan dropped that these deployer markets once made up 51 percent of trading volume back in July. Data shows they now sit at 36.6 percent of total Q3 volume up from 32.7 percent in Q2. Yan pointed out users are chasing on-chain versions of stuff like crude oil perps and pre-IPO plays because they used to be hard to touch. He framed it more like infrastructure than a regular trading app saying no one competes with the internet after all. Meanwhile HYPE the native token smashed past its August high of 82 and got super close to 98 on September 23 before pulling back over 7 percent off that ATH. Right now it sits near 91 after dipping around 2 percent in the last day. This whole decentralized HQ mystery feels kinda sinister but also kinda exciting if you ask me 🖤🌙🔮📉💸🕸️✨Just another echo from the void by iconofsin.eth 💖
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