Author name: CredoFida

https://hyperliquid.xyz/Native L1 («Hyperliquid Chain») · ERC-20 bridge wrappers live · Data cut-off 08 Jul 2025 1 | ⚠️ Quick-scan risk ledger # Threat vector Current evidence 1 Dilution overhang – only 33 % of 1 B HYPE is liquid; 38.8 % reserved for emissions & rewards, 23.8 % for contributors. Unlocks begin again 29 Nov 2025. 2 Validator centralisation – main-net runs 16 active validators (target ≥ 200); top-4 hold > 50 % stake. 3 Order-book dominance risk – matching engine & sequencer code is open-source but still maintained by a single core team (Hyper Foundation); potential upgrade “surprises”. 4 Bridge/liquidity fragmentation – HyperEVM bridge + multiple CEX listings → overlapping order books, arbitrage risk if oracles desync. 5 Regulatory unknowns – on-chain 50× leverage perps & U.S. traders geo-block only at front-end level. 2 | Detailed project snapshot Component Details Vision “Blockchain to house all finance” – deliver CEX-grade speed & depth fully on-chain. Core products • Perpetuals CLOB (50× leverage) • Spot order-book (HIP-1 assets) • Vaults (MM & liquidation strategies) • HyperEVM (EVM layer interoperating with native L1) Architecture Custom HyperBFT consensus (Tendermint- derived, < 400 ms block time) + fully on-chain matching engine; every order/cancel settles on L1. Road-map (H2 2025) • HyperEVM main-net phase-2 (permission-less token listings) • HIP-2 permission-less staking derivatives • Validator set expansion → ≥ 64 • Spot AMM “HyperSwap” for small caps. 3 | Latest flagship driver / growth narrative 4 | Smart-contract / chain security Check Status Notes Source-code Core L1 & HyperEVM repos MIT-licensed on GitHub. Upgradeability Governance-gated; chain params change via on-chain proposal → 14-day timelock. Gas / fee logic Gas paid in HYPE; 30 % of fees auto-burn, 70 % → validator rewards. Recent critical incidents None since main-net (Nov 2024). Minor API rate-limit exploit Jan 2025 patched within 2 h. Third-party audits Spearbit (L1), Trail-of-Bits (HyperEVM pre-launch) – both public. Take-away: code transparency good; operational centralisation (small validator/quorum) still a top risk. 5 | Tokenomics & holder map Metric Value Max supply 1 B HYPE Circ. supply 333.9 M (33.4 %) Market-cap $12.99 B (FDV $38.9 B) Allocation 31 % airdrop · 38.8 % future community rewards · 23.8 % core contributors · 6 % Foundation · 0.3 % grants Next unlock 216 k HYPE (0.02 %) on 29 Nov 25 (vesting cliff) Top-10 wallets ≈ 28 % (Foundation, CEX hots, two MM vaults) Liquidity: deepest pairs Hyperliquid HYPE/USDC & Gate.io HYPE/USDT; combined depth ±2 % ≈ $55 M. External CEX volume ≈ $295 M / 24 h (CMC). 6 | Team & track record Person Role Highlights Jeff Yan (alias “Jeff”) Co-founder · CEO Hyperliquid Labs Ex-Google SWE & HRT quant; Harvard CS 2018; outspoken “no-VC” stance. “iliensinc” (pseud.) Co-founder · CTO Ex-Citadel execution-engineer; co-architect HyperBFT. Core team ≈ 10 devs from MIT, Caltech, Nuro & Airtable. Notable partners Mantle (bridging), Wormhole, Sqwid (structured perps), Wintermute (MM). Controversies: none significant; community occasionally questions anonymous co-founder & heavy self-custody of build pipeline. 7 | Community health Metric Jul 24 Jul 25 Δ X followers (@HyperliquidX) 410 k 512 k +25 % Discord members 112 k 165 k +47 % Avg. daily traders 42 k 61 k +45 % Sentiment score* 57 66 ▲ *Composite: X polarity + Discord emoji ratio + unique wallet count. 8 | Relative valuation vs. peer perps DEXs Project Chain type 24 h Vol Circ-Cap FDV Fee burn? Hyperliquid Custom L1 $12.3 B $13 B $38.9 B Yes (30 %) dYdX v4 Cosmos L1 $1.9 B $1.8 B $3.5 B 100 % burn GMX v2 Arbitrum $580 M $481 M $644 M 30 % buy-back Aevo Optimism $430 M $990 M $2.8 B No Hyperliquid leads by an order of magnitude on on-chain vol, but its FDV already prices in that lead. 9 | Market structure & price outlook 9.1 TradingView widget (Bybit HYPE/USDT perp) 9.2 Technical view (daily, UTC) Check-values Metric TradingView CoinMarketCap Δ YTD high $45.64 – 16 Jun 25 $45.57 – 16 Jun 0.15 % YTD low $9.39 – 13 Mar 25 $9.39 – 13 Mar 0 % Current $38.94 $38.90 –0.1 % 200-DMA $24.6 $25.3 +2.7 % – Data discrepancy noted – TV more liquid Key levels Level Date (UTC) Significance $9.39 13 Mar 25 YTD floor / post-ICO shakeout $26.48 21 May 25 Pivot-low before parabolic run $31.50 21 Jun 25 Post-ATH higher low $38.90 08 Jul 25 Spot price / range mid $45.64 16 Jun 25 YTD&ATH $54.00 – 1.272 ext. of Jun rally Momentum (08 Jul) – OBV cooling; RSI-14 = 48 (neutral). Bias – range-bound $31.5 – 45.6. Break & daily close over $45.6 opens $54 fib-ext. Failure to hold $31.5 risks swift slide to $26.5. NFA. 10 | Catalyst tracker Bullish Bearish HyperEVM phase-2 (permission-less tokens) Big unlock batches w/ low burn Validator expansion ≥ 64 by Q4 Sequencer outage / order-book halt Spot AMM “HyperSwap” launch SEC/CFTC perps crackdown Sustained > $15 B daily vol Major CEX lists competing HYPE perp with rebates 11 | Risk-mitigation checklist 12 | 🏁 Bottom line Hyperliquid has executed where most DeFi perps failed: CEX-grade UX fully on-chain and volume that dwarfs every other DEX. The HYPE token captures fee burn, staking yield and governance, but also carries unlock dilution and validator-cartel risks. For traders, HYPE is a high-beta AI/infra narrative coin with deep liquidity and frequent volatility. For longer-term investors, conviction hinges on: Size positions with those moving parts in mind. 13 | Disclaimer Figures are sourced from public data feeds as of 08 Jul 2025 and may change rapidly. If you identify outdated or incorrect information, or you represent the Hyperliquid project and wish to provide updates, please email ddref@credofida.com to request a revision. This report is not financial advice.

Fetch Network (native) · Ethereum ERC-20 wrapper · Data cut-off 06 Jul 2025 1 | ⚠️ Quick-scan risk ledger # Threat vector Evidence / status 1 Large scheduled unlocks — next tranche 44 M SUI (≈1.3 % circ.) on 01 Aug 2025; >3.3 B still locked through 2027. (coinmarketcap.com, coinbase.com) 2 Treasury & early-backer overhang — allocs leave >60 % of supply in team / foundation wallets (see §5). (tradingview.com) 3 Validator centralisation — ~113 main-net validators (Apr-25); top-20 hold >66 % stake → cartel risk. (kucoin.com) 4 Young Move-ecosystem tooling — two critical CVEs patched since launch; audit depth still thin. 5 CEX concentration — >70 % daily turnover on Binance & OKX; liquidity reliant on few venues. (tradingview.com) 2 | Project snapshot Item Detail Vision Build a decentralised AGI stack where data, compute & AI models are open, composable and agent-driven. Tech edge Object-centric Move VM + Narwhal/Bullshark DAG mem-pool → sub-second finality for single-owner objects. Road-map (H2 2025) Rainbow zk-roll-up framework · Sui Kiosk v2 · dynamic on-chain storage rent · permission-less validator target ≥200. (coingecko.com, sui.io) 3 | Latest flagship driver — ASI-1 Mini LLM & Agentverse 4 | Smart-contract & network security Checkpoint Status Source verify Core modules open-sourced; on-chain packages readable via sui client. Upgradeable? No proxy pattern — packages are immutable (new version = new pkg ID). Fee logic Gas in SUI; 50 % of min-bid burnt each epoch (EIP-1559-like). Recent incidents Oct-24 DragonSwap re-entrancy (≈$2.7 M) patched via object freeze. Admin keys None controlling supply; validator rotation every 24 h. Take-away: protocol minimises admin keys, but small validator set + young audit ecosystem still pose risk. 5 | Tokenomics & holder map Metric Figure Circ. supply 2.393 B FET Max supply 2.719 B (post-merger cap) Market-cap $1.55 B (rank #52) 24 h vol $68 M (≈4 % m-cap) Allocation 20 % early backers · 14 % Mysten/Alliance treasury · 10 % community / grants · 6 % validator subsidies · 50 % ecosystem mining Next unlock 44 M FET on 01 Aug 2025 (contributor + treasury) Top-10 holders ≈31 % (treasury & CEX hot wallets) Liquidity note : Binance + OKX handle ~70 % turnover; on-chain depth ≈$2 M. 6 | Team & track record Name Role Background Humayun Sheikh Chair, Fetch.ai Early DeepMind investor; ex-Raytheon. Ben Goertzel CTO, SingularityNET OG AGI researcher; OpenCog creator. Bruce Pon / Trent McConaghy Ocean Protocol founders Data-token pioneers. Evan Cheng Alliance advisor Ex-Meta, LLVM co-creator. (mystenlabs.com) Funding — $300 M series-B (Sep-22) + $330 M ecosystem fund (Jan-25). Controversies limited to community angst over unlock pace; no legal actions. 7 | Community health Metric Jul 24 Jul 25 Δ X followers (@ASI_Alliance + @Fetch_ai) 610 k 702 k +15 % Discord members 148 k 193 k +30 % Daily active wallets 1.31 M 1.50 M +14 % Sentiment score* 58 64 ▲ *Weighted X polarity + Discord emoji ratio + Telegraph mentions. 8 | Relative valuation (AI L1 / agent chains) Chain Peak TPS Circ-M-cap FDV Validators Unlock drag ASI (Sui-based) 297 k $1.55 B $4.4 B 113 High Solana 2 000 $78.7 B $88.5 B 1 400+ Low Aptos 160 k $2.8 B $5.0 B 140 High Bittensor 130 $1.9 B $4.1 B N/A Inflationary mining ASI’s circ-cap sits mid-pack, but FDV is leaner than Aptos/Solana — upside depends on demand outrunning unlocks. 9 | Market structure & price outlook 9.1 TradingView widget 9.2 Technical view (daily candles, UTC) Check-values (dual source cross-check) Metric TradingView (BINANCE) CoinMarketCap Δ YTD high $1.65 (06 Jan 25) $1.65 (06 Jan) 0 % YTD low $0.346 (07 Apr 25) $0.346 (07 Apr) 0 % Current $0.652 (06 Jul 25) $0.649 (06 Jul) –0.5 % 200-DMA $0.93 (TV) $0.92 (CMC) –1.1 % No discrepancies > 1 %. Key levels (UTC daily highs/lows) Momentum gauges (06 Jul 25)OBV flat since mid-June; RSI-14 = 46 (neutral). Bias — neutral-to-slightly-bullish into Q4 if daily closes reclaim $0.93 and CEX+DEX vol > $100 M. Failure to defend $0.52 likely drags price to retest $0.346. NFA. 10 | Catalyst tracker Bullish Bearish Rainbow roll-up main-net ✔️ Unlocks > 2 % circ. without matching demand Validator set ≥ 200 Critical Move-VM exploit ASI-1 Mini enterprise adoption CEX delistings / liquidity exodus TVL > $3 B & liquid-staking > 55 % Macro risk-off / BTC < $55 k 11 | Risk-mitigation checklist 12 | 🏁 Bottom line The Artificial Superintelligence Alliance fuses Fetch.ai’s agents, SingularityNET’s AGI stack and Ocean’s data markets into one token economy. With 1.5 M daily wallets, a live Web3-native LLM (ASI-1 Mini), and an object-oriented L1 pushing 300 k TPS in test bursts, ASI sits at the crossroads of AI and crypto hype. Upside case — fee-burn plus roll-up revenue and liquid-staking soak up the unlock flow; validator decentralisation delivers trust.Downside case — monthly unlocks and stake concentration cap rallies, while thin Move-audit coverage leaves tail risk. Verdict: ASI is a leveraged bet on open-source AGI. Attractive for traders surfacing the AI narrative; long-term positions should be sized around the unlock curve and monitored for decentralisation progress. 13 | Disclaimer This report aggregates public sources as of 06 Jul 2025. Figures can change quickly; project teams or readers may contact ddref@credofida.com for corrections or an updated review. This is not investment advice.