Quick Take

• Hyperliquid achieved $315 billion in trading volume, which accounted for a 79% share of all decentralized perpetual platforms.
• Circle plans to launch a new Layer-1 (L1) blockchain called Arc later this year. 
• Stripe is reportedly building a payments-focused L1 blockchain called Tempo in partnership with crypto venture firm Paradigm. 
• Paxos announced its application to convert its trust charter into a national trust charter under the supervision of the Office of the Comptroller of the Currency (OCC).
• Chainlink partnered with Intercontinental Exchange (ICE) to integrate ICE's Consolidated Feed into Chainlink Data Streams.
• Galaxy Digital is exploring the tokenisation of its own shares.
• Monero is facing a serious security challenge due to a 51% attack by L1 blockchain Qubic.

Weekly DeFi Index

This week, the market capitalisation and volume indices surged by +31.96% and +64.04%, respectively, while the volatility index dropped by -27.61%.

• Chainlink (LINK) partnered with Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), to integrate ICE's Consolidated Feed into Chainlink Data Streams. This collaboration will provide real-time foreign exchange (FX) and precious metals data to Chainlink-powered applications.

Chart of the Week

Decentralised perpetuals exchange Hyperliquid generated over $90 million in revenue in July and processed a record high of $315 billion in trading volume, growing by 42% month-over-month. Hyperliquid dominated the decentralised perpetuals market with an estimated 79% share in trading volume. 

News Highlights

• Circle, the issuer of the USDC stablecoin, plans to launch a new L1 blockchain called Arc later this year. The network will be compatible with the Ethereum Virtual Machine (EVM) and feature USDC as its native gas token, enabling users to pay transaction fees with the stablecoin.
• Fintech firm Stripe is reportedly building a new blockchain called Tempo in partnership with crypto venture firm Paradigm. Tempo is described as a high-performance, payments-focused L1 blockchain that will run Ethereum-compatible code.
• Paxos, a blockchain infrastructure and tokenisation platform, announced its application to convert its trust charter into a national trust charter under the supervision of the Office of the Comptroller of the Currency (OCC). This move aims to place Paxos under federal oversight, reinforcing its commitment to maintaining the highest global standards for safety and transparency.
• Galaxy Digital is exploring the tokenisation of its own shares, which would allow investors to hold and trade shares in the company in a digital format. 
• Monero, a privacy-focused cryptocurrency, is facing a serious security challenge due to a 51% attack by L1 blockchain Qubic. The latter claimed that it controls 51% of Monero's hashrate, prompting a chain reorganisation that discarded 60 valid blocks. Some developers dispute Qubic's claim of a successful 51% attack, stating that a six-block-deep network reorganisation does not necessarily mean a successful attack. A 51% attack occurs when a single entity gains control of more than half of a blockchain's mining power or stake, enabling it to manipulate or alter transactions, or even prevent them from being processed altogether.

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