Ventuals Shuts Down: On-Chain Pre-IPOs for High-Profile Tech Stocks Are Not All Good Business.

Pre-IPO perpetual contracts sit at the intersection of two events that, until recently, were almost entirely closed off to most people. Now, the crypto track has pried open both doors.

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The SK Hynix perpetual market on TradeXYZ demonstrated precise price discovery capabilities before the stock market opened.

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Those who get in early can feast on the fattest portion of the meat.

Institutions are even more FOMO than retail investors, with a16z becoming the largest external holder.

Old assets thrive, cultivating a new path on-chain; the era of native asset inflation is over, and perpetual contracts carry the torch forward.

The strength of HYPE has fueled the HyperEVM ecosystem.

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The median margin of liquidated positions was only $31, with 3x leverage, almost entirely retail investors.

The HYPE token has risen approximately 150% year-to-date, significantly outperforming Bitcoin over the same period.

Bridging CEX assets with on-chain markets, the industry enters an era where "everything is a market."

The largest IPO in human history, with allocation open to everyone.

Behind the HYPE surge, what changes are occurring in the Perp DEX赛道?