Note
Welcome to Sunday issue of the Boba Brief Newsletter. This is last 24hrs in crypto, macro, ai, tech world and little added topic with my thoughts.
UPCOMING BOBA to keep and eye on
SpaceX is preparing for one of the biggest IPOs (INITIAL PUBLIC OFFERING) in history so be prepared for some good trades
CRYPTO Brief
NYSE parent is in talks with Hyperliquid DEX for a potential collab, says CEO of Intercontinental Exchange, Jeff Sprecher; that its bigger then NASDAQ in daily perps futures volume.
Treasury Secretary of US confirmed that their government have seized about a billion dollar of Iran’s crypto.
Gravity Bridge was hacked and drained of $5.4M earlier today.
Hyperliquid $HYPE broke new ATH of $68.
Circle froze and locked $12.6M of a Zama Protocol user fund.
Coinbase now offers Global Crypto Perpertual Trading, becoming the first US Exchange ever allowed to do so.
MACRO & AI Brief
An anti-virus for AI agents has been launched by CertiK to manage risks.
In OpenAI IPO banking line up is Goldman Sachs, Morgan Stanley and now JPMorgan & Citigroup as well.
Per Fortune, Microsoft is building a super app that will combine chat, coding and other copilot AI tools.
TOP COINS in last 24hrs
Bonk, Hyperliquid, Stellar, LAB, Pudgy Penguins, Injective, Aster, Bitcoin and more.
COINS I am watching
HYPE $67
ZEC $532
TON $1.85
BIG BOBA BRIEF OF THE WEEK
Hyperliquid decoded : what it is, why $HYPE is at an all time high, while everything bleeds
There's a DEX currently doing $2.4 billion in daily trading volume and with $16.75B market cap. It has fewer than 20 employees, but generates more daily revenue than Ethereum. Its token just hit an all-time high on the same week the rest of crypto bled out.
That's not a hype narrative but real numbers.
But most people still don’t know what Hyperliquid actually is "is it a DEX or a price prediction thread?”
So let's start from zero and build this properly.
Most DEX are built on top of another blockchain; like Uniswap runs on Ethereum, Jupiter runs on Solana. They inherit the speed and cost of whatever chain is underneath them, also that’s why trading on most DEX feels clunky.
Hyperliquid built its own chain from scratch; specifically engineered for one purpose; that is trading. No general purpose smart contract bloat or any shared blockspace with NFT mints or memecoins. Just an order book, matching engine and settlement layer optimized entirely for trading performance. Super cool right ?
The result was 200,000 orders per second, sub-second finality and zero gas fees for placing or cancelling orders. That's not “slower than Binance” with extra steps; but genuinely competitive with centralized exchange infrastructure, without the centralized exchange risk.
“Just as electronic trading dramatically improved markets in the 2000s, Hyperliquid offers an opportunity for a massive technical upgrade of the existing financial system through a transparent, efficient and resilient blockchain.”
Hyperliquid Whitepaper
The other key difference would be : Hyperliquid uses a Central Limit Order Book, not an AMM. Most DEX use Automated Market Makers, liquidity pools where an algorithm sets prices. Hyperliquid uses the same order book model as every major CEX, real bids, real asks, real price discovery. Your funds never leave your wallet because the order book is fully onchain and verifiable by anyone.
Three technical layers make this work together; HyperBFT handles consensus and block finality, HyperCore manages all trading logic and the order book and HyperEVM enables programmable applications that tap directly into the onchain liquidity. Vertically integrated from the ground up, nothing outsourced to another chain.
Lets see some more analytics of the $HYPE token :
Current price : $67.75
All time high : $68.45
Market cap : $15,060,459,462
Fully Diluted Value FDV : $64,678,088,331
Circulating supply : 222,445,714
24hr volume : $1,196,549,999
All time low : $3.81
Some Hyperliquid activity in May 2026 :
Conflicting whale behavior at ATH - Onchain trackers documented sharply contrasting movements as HYPE hit $64, some wallets added millions while others cashed out. Classic distribution vs accumulation battle at new highs.
HYPE ETF inflow - The recently launched HYPE ETF saw inflows absorbing 1.04% of total market cap with $29M in net inflows just yesterday, spot ETF net inflows surpassing $100M in May.
Coinbase and Circle staking HYPE - Both companies committed to staking HYPE to activate AQAv2, a USDC treasury deployment mechanism.
SpaceX pre-IPO - A pre-IPO perpetual for SpaceX was launched on Hyperliquid where a synthetic contract was tied to SpaceX’s implied valuation.
Hyperliquid narrative watch :
ONDO Finance👀
RWA open interest on Hyperliquid just crossed $2.6 billion; traders using onchain perpetuals to get exposure to real world assets. ONDO is the most liquid pure play RWA token to look out for right now.
So $HYPE doing an all time high isn’t coincident, its fundamentals are getting too strong to ignore now, even by institutions.
Nothing i write, share is financial advice (NFA)
BOBA BRIEF
