Encryption Morning Report: Hyperliquid activates HIP-3 upgrade, Huaxing Capital plans to raise $600 million investment in BNB

Author: Deep Tide TechFlow

Market dynamics yesterday

This morning, spot gold first stood at $4130 per ounce, setting a new historical high.

According to Jinshi data reports, this morning spot gold first reached 4130 USD/ounce, setting a historical high, and has now fallen back to 4124 USD.

CME has launched SOL and XRP options trading.

According to Solid Intel, CME has launched options trading for Solana (SOL) and XRP.

Hyperliquid will activate the HIP-3 upgrade, supporting the creation of permissionless perpetual contract markets.

According to The Block, the decentralized perpetual contract exchange Hyperliquid is expected to activate the HIP-3 protocol upgrade today, which will support permissionless creation of perpetual contract markets.

The Hyperliquid administrator announced in the project's Discord channel that the network upgrade on October 13 will include the activation of the HIP-3 feature. The administrator stated: “HIP-3 will be enabled in this network upgrade. Users will not see changes immediately. Deployers who meet the on-chain requirements will be able to deploy perpetual contracts for trading once they are ready.”

Garrett Jin responded to “the previous high-profile shift to ETH”: it has nothing to do with the Trump family, there is no insider information regarding the shift, the fund belongs to the clients.

The BTC whale Garrett Jin, who previously made a high-profile switch to ETH, responded to market rumors in a post on his personal X account. The specific content is as follows: “Hi, CZ, thank you for sharing my personal information. To clarify, I have no connection to the Trump family or Donald Trump Jr. — this is not insider trading. This fund does not belong to me — it belongs to my clients, for whom we run nodes and provide internal research and insights. I would like to simply share three points: First, I will explain our bearish stance we published at that time; second, my views on the 1011 incident; third, my thoughts on how the entire industry can do better.”

Earlier news reported that analysts stated, “The whale that sold over $4.23 billion in BTC to switch to ETH” is suspected to be linked to former exchange executive Garrett Jin.

Kalshi announced a partnership with Pyth Network to become a data provider for the prediction market.

Prediction market platform Kalshi has partnered with Pyth Network to become the latest data publisher for Pyth, distributing its prediction market data to over 100 blockchains through Pyth. The real-time markets from Kalshi currently distributed by Pyth include the New York City mayoral election, F1 driver championship, MLB championship, and the number of interest rate cuts in 2025.

This collaboration marks the first time that regulated event data is being recorded on-chain in a large-scale real-time manner. Developers, institutions, and protocols will be able to build entirely new innovative applications based on the real-time probabilities of future outcomes. For example, DeFi protocols can directly link products to political, sports, or economic outcomes, while institutions can incorporate auditable, regulated event data into risk models, portfolio strategies, and research frameworks.

The collaboration between Kalshi and Pyth sets a new benchmark for bringing prediction market data on-chain, ensuring that the prediction data provided by Pyth is innovative, reliable, auditable, and suitable for enterprise-level adoption.

Through this collaboration, the scope of Pyth market data expands from asset prices to include events in areas such as politics, economics, sports, crypto, and culture, further advancing Pyth's core vision of achieving a “globally universal pricing layer” and partnering with Kalshi to unlock a new dimension of financial infrastructure.

HyperSwap: Airdrop query tool is now available, but claiming has not yet been launched.

According to the official announcement, the Hyperliquid ecosystem DEX project HyperSwap has launched an airdrop query tool, but the claims are not yet open. Previously, HyperSwap had tweeted a date of “October 20,” which may hint that the TGE date is October 20.

Aster: Transferring 4% of ASTER tokens to the treasury contract in preparation for the second phase airdrop.

According to official disclosures from Aster, the project is currently undergoing on-chain fund transfers in preparation for the upcoming second phase of the ASTER token airdrop application. The team will transfer 4% of the total ASTER token supply from the airdrop reserve to the Aster treasury contract.

STBL will launch a buyback plan at the end of October.

STBL founder and CEO Avtar Sehra announced that the company plans to launch a buyback program at the end of October 2025, with repurchases to be paid in USST tokens. Holders can stake the USST they receive in the upcoming Multi-Factor Staking (MFS) module to enhance their returns. At the same time, STBL will also announce USST liquidity channels, where users can choose to withdraw or continue staking.

IoTeX: Proposed Token Buyback and Launch of Community Reward Program

According to the official IoTeX Twitter, Binance has clarified that the IOTX token price displayed as “0.0000” on October 10 was due to a user interface display and system issue, and not a reflection of real market activity. The price chart is being corrected, which is the first step in fully resolving the issue.

IoTeX expresses its commitment to stand with community members affected by recent market fluctuations and has announced its follow-up plans: to enhance liquidity through coordinated efforts with centralized exchanges and market-making partners; to initiate foundation-led initiatives, including token buybacks; and to launch community reward programs to incentivize community supporters through token rewards, restore value, and grow together with the network.

Hyperliquid co-founder Jeff stated that Binance has issues with user liquidation data misreporting.

Hyperliquid co-founder Jeff stated on social media, “The complete on-chain settlement of Hyperliquid cannot be compared to the underreported CEX settlement. Hyperliquid is a blockchain where all orders, transactions, and settlements occur on-chain. Anyone can verify the execution of the chain without permission, including all settlements and their fair execution for all users. Moreover, anyone can verify the entire system's solvency in real-time. Transparency and neutrality are key reasons why fully on-chain DeFi is an ideal infrastructure for global finance.”

Some centralized exchanges publicly state that they severely underreport user liquidation situations. For example, at Binance, even if there are thousands of liquidation orders within the same second, they only report one. Since liquidations are sudden events, in some cases, the underreported amount can easily reach 100 times. The source is as follows. I hope the industry can regard transparency and neutrality as important features of the new financial system, and encourage other industries to follow suit.

Huaxing Capital plans to raise $600 million to invest in BNB, and YZI Labs will be involved.

According to Bloomberg, China Renaissance Bank is in talks with investors to raise approximately $600 million to establish a special investment vehicle for investing in BNB, with YZI Labs expected to participate in the project.

Citibank plans to launch cryptocurrency custody services in 2026.

According to CNBC, Citibank plans to launch a cryptocurrency custody service in 2026. Biswarup Chatterjee, the bank's global head of service partnerships and innovation, stated that the bank has been developing its cryptocurrency custody service for 2-3 years and has made progress.

Chatterjee stated: “We hope to launch a credible custody solution to the market in the coming quarters, serving asset management companies and other clients.” This custody service will involve Citibank holding native cryptocurrencies.

Market Dynamics

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