reply Build your own Perp DEX 👇
https://dex.orderly.network/en?utm_source=oex&utm_medium=social&utm_campaign=perpanything
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quote: . @gdog97_ explains @Ethena Pay and lays out why owning the entire stack matters by pointing to how Coinbase captures 60% of Circle's USDC revenue
"A lot of the products in the market haven't got the full vertical integration between owning the stablecoin infrastructure, the yield generation engine, and the front end that sits on top. Taking a debit card and putting it on someone else's stablecoin means you lose the most valuable piece of the entire chain, the stablecoin sitting in the background"
"If you're creating one of these platforms and you don't own the whole stack, the issuance of the stablecoins, the generation of the yield, and all the UX and cards and spending on top of it, you've lost the beating heart of these businesses"
"People speak a lot about the Coinbase and Circle deal, where Coinbase makes something like 60% of the revenues of the USDC sitting there. If you always depend on the distribution of others, there isn't that much margin left for you in the end. If you never own the user, you can never control that economic relationship in a much more powerful way"
@ethena | E184: @ethena CEO - Why @EthenaPay Feels Like Revolut, Not MetaMask
@gdog97_ is the founder and CEO of Ethena. He stumbled into DeFi in 2019 when a friend showed him MakerDAO - taking out a $5,000 loan against $10,000 of ETH with no one standing in the middle of the transaction.
Six years later he's running Ethena, which scaled to $15 billion in stablecoin supply faster than anything else in crypto history, and his thesis is that a dollar with a yield in an app that doesn't feel like crypto is what finally brings 100 million new users in.
Timestamps
0:00 Intro
2:37 Which Of Guy's Plans Fell Apart
5:37 Where Actually Are The Users Everyone Wants
7:10 What Got Guy Hooked On Crypto
9:20 PayPal vs Revolut vs Neo Banks
12:43 Partnerships: @variational_io @Bitwise
13:36 Revolut vs Stablecoin Neo Banks
15:58 Is Switching To Neo Banks Really A 10x
18:00 EthenaPay, Explained Simply
21:21 Why Build Another Crypto Neo Bank
23:53 Will Crypto Banks Fight Over The Pie
25:55 How Ethena Wins Users By Helping Everyone
32:47 What Actually Makes Ethena Different
36:51 Ethena's Cashback System Revealed
38:32 How Ethena Cuts Fees
39:39 How Ethena Finds The Best Yield
45:16 Guy On Dealing With FUD
48:35 Why Guy Stays Quiet
49:29 Partnership: @KASTxyz
50:17 Ethena's KPI Targets
51:55 The Holy Grail For A Stablecoin Neo Bank
52:31 Partnerships: @JupiterExchange Ethena
53:14 If Everyone Does The Same Thing, Who Wins
55:23 What's Next For Ethena After EthenaPay
56:36 Is EthenaPay Basically USDe
58:04 Closing Thoughts
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BUILD/USDT 180s Up 7.23% $0.0217 rose to $0.0233
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BUILD/USDT 180s Up 10.40% $0.0200 rose to $0.0221
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Qualcomm to build chips for Amazon
75·ALong
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news9/8news
August Yielded a Record Month in RWA Perp Volume
Cash markets do not share a clock and RWA perps don’t wait for them to agree. August was another record month against the previous report’s published July baseline. The tracked RWA perp market generated $751.9 billion in RWA perp volume, versus $708.3 billion in July, a 6.2% increase. The market also handled a wider range of situations. Memory equities reversed after a long run higher. Seoul paused program trading during a sharp selloff. Moderna doubled after a clinical readout. Different markets, different schedules, one place to keep trading. The month was larger AND broader: more assets, more types of event, and more reasons to trade around the clock. Yet, still a lot of market left to build. Memory Equities Traded in Both Directions July was a one-way memory trade. August brought the other side of it. The tracked memory complex — SNDK, SKHYNIX, SKHY, MU, SNXX, DRAM, and SAMSUNG — generated $327.4 billion, or 43.5% of August volume. Four of the ten most-traded assets came from the group: SNDK ranked first, SKHYNIX third, MU sixth, and SKHY tenth.
On August 4, the memory trade moved higher. SanDisk rose 8%, Micron 6%, and SK hynix 4% after the companies advanced the first Open Compute Project HBF specification. On August 18, it moved lower: Micron fell 5%, SanDisk 6%, Western Digital 7%, and SK hynix 6% as Treasury yields moved higher and investors repriced the trade. The same group drove both the rally and the selloff and kept trading through both. Korea Sold Off; Perps Kept Trading Korean exposure was not a side story. SKHYNIX ranked third, KORU ninth, and SKHY tenth. Together, they generated $117.1 billion, or 15.6% of August volume. On August 19, the KOSPI fell nearly 6% and a Korea selloff triggered a five-minute sell-side sidecar for program trading. After the close, SK hynix announced a 40 trillion won buyback plan, and the KOSPI recovered almost all of the previous session’s loss the next day. MRNA Perps Listed in Hours. Depth Did Not. On August 19, Moderna and Merck reported positive Phase 3 results for their personalised mRNA cancer vaccine in melanoma. Moderna’s stock rose 176.97% in the session. Very few venues had an MRNA market live before the result; TrueCurrent was one. A few more markets followed shortly after the news broke, including TradeXYZ. From its August 19 listing through month-end, MRNA generated $571.6 million and ranked 69th by volume. Its first two sessions produced $213.5 million combined, representing close to 40% of its total monthly volume. The point is access to the event, not the total volume. Traders already have venues for recurring events around the MAG7 and large technology and AI companies, especially earnings. MRNA showed how that can extend to a smaller public company when a one-off clinical result drives attention. With the right risk, and market-data systems, an exchange can make the event tradable quickly, while the news is still relevant and driving volatility. The 24/7 Reference-Price Problem August brought a market-structure question into focus: who produces a usable price when traditional market infrastructure is closed, paused, or has not opened yet? Douro Labs and the Hyperliquid Policy Center brought that question into the SEC’s market-structure process, arguing that the SEC should recognize qualifying independent reference prices for onchain markets where the SIP-derived NBBO is unavailable or does not reflect onchain conditions. The standard they describe rests on direct contributors, a published methodology, transparent publishers, and checks against traditional market data. A separate SEC comment from the Hyperliquid Policy Center and trade[XYZ] used IPOPs — cash-settled pre-IPO perpetuals with no shares, voting rights, or claim on the issuer — as an example of price discovery before a public listing. The CFTC comment process raises a related question for 24/7 futures and perpetuals in energy markets, where the underlying can keep moving after U.S. futures close. All point to the same shift: perps are bringing questions of data provenance, instrument classification and market access into policy discussions. That is directly relevant to RWA markets. These issues are directly relevant to Pyth, whose data infrastructure is used across much of the tracked volume. August in Numbers August closed at $751.9 billion in tracked volume, a 6.2% increase from the previous month.
Asset Class Ranking The market is very much still equity-led with $487.3 billion or 64.8% of the total volume. Commodities followed at $152.3 billion (20.3%), then indices at $103.9 billion (13.8%) and FX at $8.3 billion (1.1%).
Venue Ranking August showcased a reshuffle behind Binance which is head and shoulders above the rest and still growing ($385.6 billion to $437.4 billion). OKX took the 2nd spot as it held its volume above $100 billion and moved from third to second, while Hyperliquid dropped sharply from July’s second-place position to $84.6 billion in August. The RWA perp volume remained top-five concentrated with over 95% of it being traded on Binance, OKX, Hyperliquid, Bitget, and Bybit.
Market-Data Provider Ranking On the data provider and infrastructure front, Pyth remained the undisputed leader with over $715 billion in RWA perp volume secured, representing 96.27% of the total tracked RWA perp volume. One extra percentage point compared to July further solidifying Pyth Pro and Indices as the products powering 24/7 tradfi markets.
Methodology and Sources All volume, listing and provider figures are drawn from Refraction Research and the RWA Markets dashboard, built by @zinnresearch. Volume is notional traded volume across tracked perpetual venues. Volume priced per market data provider attributes each venue-symbol pair to its stated pricing source, weighted by volume. Pairs without a confirmed source are recorded as unverified.
75·ALong
n
news9/8news
August Yielded a Record Month in RWA Perp Volume
Cash markets do not share a clock and RWA perps don’t wait for them to agree.
August was another record month against the previous report’s published July baseline. The tracked RWA perp market generated $751.9 billion in RWA perp volume, versus $708.3 billion in July, a 6.2% increase.
The market also handled a wider range of situations. Memory equities reversed after a long run higher. Seoul paused program trading during a sharp selloff. Moderna doubled after a clinical readout. Different markets, different schedules, one place to keep trading.
The month was larger AND broader: more assets, more types of event, and more reasons to trade around the clock. Yet, still a lot of market left to build.
Memory Equities Traded in Both Directions
July was a one-way memory trade. August brought the other side of it.
The tracked memory complex — SNDK, SKHYNIX, SKHY, MU, SNXX, DRAM, and SAMSUNG — generated $327.4 billion, or 43.5% of August volume. Four of the ten most-traded assets came from the group: SNDK ranked first, SKHYNIX third, MU sixth, and SKHY tenth.
On August 4, the memory trade moved higher. SanDisk rose 8%, Micron 6%, and SK hynix 4% after the companies advanced the first Open Compute Project HBF specification. On August 18, it moved lower: Micron fell 5%, SanDisk 6%, Western Digital 7%, and SK hynix 6% as Treasury yields moved higher and investors repriced the trade.
The same group drove both the rally and the selloff and kept trading through both.
Korea Sold Off; Perps Kept Trading
Korean exposure was not a side story. SKHYNIX ranked third, KORU ninth, and SKHY tenth. Together, they generated $117.1 billion, or 15.6% of August volume.
On August 19, the KOSPI fell nearly 6% and a Korea selloff triggered a five-minute sell-side sidecar for program trading. After the close, SK hynix announced a 40 trillion won buyback plan, and the KOSPI recovered almost all of the previous session’s loss the next day.
MRNA Perps Listed in Hours. Depth Did Not.
On August 19, Moderna and Merck reported positive Phase 3 results for their personalised mRNA cancer vaccine in melanoma. Moderna’s stock rose 176.97% in the session.
Very few venues had an MRNA market live before the result; TrueCurrent was one. A few more markets followed shortly after the news broke, including TradeXYZ.
From its August 19 listing through month-end, MRNA generated $571.6 million and ranked 69th by volume. Its first two sessions produced $213.5 million combined, representing close to 40% of its total monthly volume.
The point is access to the event, not the total volume. Traders already have venues for recurring events around the MAG7 and large technology and AI companies, especially earnings. MRNA showed how that can extend to a smaller public company when a one-off clinical result drives attention. With the right risk, and market-data systems, an exchange can make the event tradable quickly, while the news is still relevant and driving volatility.
The 24/7 Reference-Price Problem
August brought a market-structure question into focus: who produces a usable price when traditional market infrastructure is closed, paused, or has not opened yet?
Douro Labs and the Hyperliquid Policy Center brought that question into the SEC’s market-structure process, arguing that the SEC should recognize qualifying independent reference prices for onchain markets where the SIP-derived NBBO is unavailable or does not reflect onchain conditions. The standard they describe rests on direct contributors, a published methodology, transparent publishers, and checks against traditional market data.
A separate SEC comment from the Hyperliquid Policy Center and trade[XYZ] used IPOPs — cash-settled pre-IPO perpetuals with no shares, voting rights, or claim on the issuer — as an example of price discovery before a public listing. The CFTC comment process raises a related question for 24/7 futures and perpetuals in energy markets, where the underlying can keep moving after U.S. futures close.
All point to the same shift: perps are bringing questions of data provenance, instrument classification and market access into policy discussions. That is directly relevant to RWA markets. These issues are directly relevant to Pyth, whose data infrastructure is used across much of the tracked volume.
August in Numbers
August closed at $751.9 billion in tracked volume, a 6.2% increase from the previous month.
Asset Class Ranking
The market is very much still equity-led with $487.3 billion or 64.8% of the total volume. Commodities followed at $152.3 billion (20.3%), then indices at $103.9 billion (13.8%) and FX at $8.3 billion (1.1%).
Venue Ranking
August showcased a reshuffle behind Binance which is head and shoulders above the rest and still growing ($385.6 billion to $437.4 billion). OKX took the 2nd spot as it held its volume above $100 billion and moved from third to second, while Hyperliquid dropped sharply from July’s second-place position to $84.6 billion in August. The RWA perp volume remained top-five concentrated with over 95% of it being traded on Binance, OKX, Hyperliquid, Bitget, and Bybit.
Market-Data Provider Ranking
On the data provider and infrastructure front, Pyth remained the undisputed leader with over $715 billion in RWA perp volume secured, representing 96.27% of the total tracked RWA perp volume. One extra percentage point compared to July further solidifying Pyth Pro and Indices as the products powering 24/7 tradfi markets.
Methodology and Sources
All volume, listing and provider figures are drawn from Refraction Research and the RWA Markets dashboard, built by @zinnresearch.
Volume is notional traded volume across tracked perpetual venues.
Volume priced per market data provider attributes each venue-symbol pair to its stated pricing source, weighted by volume. Pairs without a confirmed source are recorded as unverified.
75·ALong
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news9/8news
Enterprise Ecosystem on Allora
Ecosystem spotlight: how large infrastructure players tap a neutral, verifiable AI network instead of betting everything on a single closed model vendor.
Every enterprise buying AI today faces the same uncomfortable dependency. The intelligence that increasingly drives pricing, risk, forecasting, and operations sits inside a handful of closed models owned by a handful of vendors. You cannot see how the output was produced. You cannot verify it. You cannot easily swap it. And when that single provider changes its terms, its weights, or its availability, your business inherits the risk.
For regulated industries, sovereign infrastructure operators, and large cloud and telecom players, that is not a comfortable position. They want AI intelligence that is reliable, neutral, and verifiable, and they increasingly want a decentralized or auditable option rather than a black box under someone else's control.
This is the gap Allora is built to fill. Allora is the leading Model Coordination Network (MCN), a decentralized AI network that coordinates many specialized machine-learning models around a shared objective, weighting them in real time and aggregating their output into a single forecast that consistently beats any one model on its own. It produces forward-looking inference that applications consume via API or onchain, through a neutral and verifiable network. A neutral, decentralized network is attractive to enterprises precisely because it is not a single-vendor black box.
The enterprise segment of the Allora ecosystem reflects that pull. The names associated with it are among the largest infrastructure and connectivity operators in the world: Amazon Web Services, Alibaba Cloud, Saudi Telecom (stc), Exaion, and Xross Road. Together they represent global cloud capacity, national digital infrastructure, and specialized compute at a scale few networks can claim proximity to.
Where Enterprise AI meets a neutral network
@alibaba_cloud is the cloud and AI arm of Alibaba and one of the largest cloud providers in the world, with deep infrastructure across Asia and beyond. Public Allora communications describe a collaboration with Alibaba Cloud around launching an S&P 500 prediction topic on the network. At the level the public record supports, this positions Alibaba Cloud as an infrastructure and go-to-market participant rather than a defined product integration.
@awscloud (Amazon Web Services) is the largest cloud platform globally and appears in the enterprise segment of the Allora ecosystem map. AWS is the default deployment environment for a large share of AI workloads, so its presence signals where Allora-connected builders run infrastructure.
@stc (Saudi Telecom) is the Kingdom's largest telecom operator and a major digital infrastructure company, expanding aggressively into cloud, sovereign AI, data centers, and enterprise services under Saudi Arabia's Vision 2030. stc appears among the enterprises named as engaged with Allora. For a national operator building sovereign AI capacity, a neutral network that can be independently verified is a natural fit.
Exaion, historically a subsidiary of the French energy utility EDF, operates high-performance computing and secure cloud and AI infrastructure across Europe and Canada. Exaion is named among the infrastructure players engaged with Allora, aligning with its focus on secure, sovereign compute for AI workloads.
@xross__road is a Japan-based Web3 platform focused on intellectual property incubation and fan engagement. Its publicly announced partnership with Allora centers on AI and IP solutions: data analysis to enhance IP markets, customized user experiences, and detecting IP misuse. It sits on the enterprise map more as a regional platform partner than a core infrastructure provider.
What Allora gives an enterprise
The enterprise problem is dependency without verifiability. A single closed model is opaque, non-neutral, and impossible to audit, yet it may sit at the center of decisions the business is accountable for.
Allora supplies neutral, adaptive intelligence in place of that dependency. Because it coordinates many competing models and weights them by demonstrated accuracy, no single vendor controls the output, and the aggregate consistently outperforms any individual model. The result is inference an enterprise can consume via API or onchain, from a network whose behavior can be inspected rather than taken on trust.
For infrastructure operators, that is the strategic point. Allora is an open intelligence layer they can tap, extend, and build on, rather than a product they must accept as-is. As enterprises look for AI they can verify and govern, a neutral network becomes infrastructure, not just a vendor.
Sources
https://thedefiant.io/news/press-releases/allora-foundation-announces-launch-of-allora-mainnet-and-allo-token
https://www.allora.network/blog
https://hackernoon.com/xrossroad-announces-strategic-partnership-with-allora-network-to-expand-japanese-ip-in-web3
https://www.edf.fr/en/pulse/ventures-portfolio-exaion
https://vision2030.ai/institutions/stc/
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news9/8news
New perp listings:
$MAX (0xe9Bc5C6A86caA44fD7b469bf3cc7c563E4F77777) with up to 3x leverage.
$BUILD (0x489ce5fb31523516f3fb4aacd597508c80edffff) and $4STOCK (0xd270d4e1ec6e6e0d28c0ecb8be966ec75997ffff), with up to 5x leverage. https://t.co/QJ59R0PbR8