Opinion: If Hyperliquid Addresses Regulatory Issues, Growth Potential Will Be Nearly Limitless, Global Margin Trading Market Will Be Disrupted
May 30th brought a high-profile debate between former Multicoin Capital co-founder Kyle Samani and leading DeFi researcher DeFi Monk over Hyperliquid’s future.
DeFi Monk is bullish on Hyperliquid, arguing that even with regulatory uncertainty and competitive risks, its long-term potential is massive. He points out that Hyperliquid is disrupting the global derivatives contract trading market—a space seeing roughly $1 trillion in daily nominal trading volume. Even in its current restricted state, Monk calls Hyperliquid a highly robust and attractive business. If regulatory issues are resolved, its growth upside is nearly limitless, potentially making it a mega corporation overnight. Monk frames the worst-case scenario as steady, status-quo growth, while the best case is explosive expansion.
Kyle Samani strongly pushed back hard against Monk’s optimism, asserting Hyperliquid is essentially “Binance 2.0 without a marketing team.” He claims the project made thousands of technical deci
11 minutes ago
Analysis: Circle blacklists Zama's cUSDC contract, with Patagon identified as the mastermind behind the scenes, who has filed a civil lawsuit against Overnight.
On May 30, on-chain investigator ZachXBT revealed new details: To his knowledge, Circle blacklisted the Zama cUSDC contract address, freezing roughly $12.6 million—this action stems from a U.S. civil lawsuit, and Circle is reported to have received an enforcement order from a U.S. court. Notably, the Zama team was not provided advance notice of Circle’s freeze, and the plaintiff may have misrepresented the connection between the frozen address and the Zama contract to the court.
The civil suit targets Overnight Finance, with one plaintiff being Patagon Management: a U.S.-based cryptocurrency-focused investment and trading firm founded by Diogenes Casares. Patagon specializes in "special situations investing," with a focus on decentralized autonomous organizations (DAOs). It is known for malicious DAO takeovers and Risk-Free Value (RFV) looting strategies: typically, it acquires large amounts of governance tokens, pushes proposals to return value to token holders (or itself), and trigg
11 minutes ago
Analysis: Approximately $12.6 million in Funds Suspected to be Frozen by Circle Linked to Overnight
May 30: On-chain investigator ZachXBT has further revealed that the Zama cUSDC contract—blacklisted by USDC issuer Circle—may be connected to the decentralized finance (DeFi) project Overnight Finance. The linked address tied to Overnight Finance previously deposited around $12.4 million in USDC into the Zama protocol on May 11. Notably, Overnight recently initiated a governance vote to discuss its treasury fund allocation plan; earlier, some users accused the project team of carrying out a rug pull, triggering community controversy.
Prior reports indicate that roughly seven hours ago, USDC issuer Circle seemingly blacklisted the privacy protocol Zama’s confidential USDC (cUSDC) contract address on the Ethereum network, with approximately $12.6 million in funds frozen in the contract. This freezes the locked assets, rendering them temporarily unable to be transferred or utilized.
11 minutes ago
U.S. Secretary of Defense: Trump Very Patient in Reaching Iran Deal, Any Deal Will Be Worth It
May 30 – U.S. Defense Secretary Hedges told the 23rd Shangri-La Dialogue that President Trump believes any deal with Iran would be a good, great deal, and is exercising great patience in securing such an agreement. "I spoke with President Trump this morning, and he tasked me to reaffirm how patiently he’s proceeding with this historic U.S. effort: 'Any deal with Iran will be a good deal, a great deal,'" Hedges said. (Xinhua News Agency)
11 minutes ago
Analysis: XMR's recent surge was driven by buying pressure from a $23 million hacker fund
May 30 — According to MLM Monitor, three days ago, an address suspected to be linked to a hacker group withdrew roughly $29.3 million in USDC from Coinbase and subsequently swapped those funds for DAI. The following day, that same address converted some of its DAI back to USDC before purchasing Monero (XMR) via multiple related wallets. The associated address accumulated approximately 23 million XMR, pushing Monero’s price up nearly 15%. Currently, these addresses still hold about $4 million in DAI on-chain, with no further XMR accumulation observed as of press time.
11 minutes ago
Circle has reportedly blacklisted the Zama cUSDC contract address, freezing approximately $12.6 million
May 30 — On-chain sleuth ZachXBT disclosed approximately seven hours ago that Circle, USDC’s issuer, is suspected of blacklisting Zama’s confidential USDC (cUSDC) contract address on the Ethereum network. About $12.6 million in funds held within the contract are currently frozen, and the related assets cannot be transferred or utilized at this time. As of this update, neither Circle nor Zama’s official team has released a detailed explanation for the incident.
11 minutes ago
App Store
Profile
Security
Sign Out
Feeds
Articles
Source
Add to Favorites
Download image
Share x
Copy link
