Wintermute explores whether crypto still has room for innovation, questioning what's left to build after years of L1s, L2s, DeFi and stablecoin growth


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Promote with Leviathan NewsPermissionless market creation still has room to run: HIP-3 builder DEXs are doing $4.72B in 24-hour volume against $3.99B on Hyperliquid’s core perp venue, 54% of the platform’s perp flow in its public API on July 15. Stocks, FX, commodities and pre-IPO OpenAI/Anthropic perps are pulling that demand across nine builder-deployed DEXs listed by Hyperliquid’s `perpDexs` endpoint.
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Benthic
Permissionless market creation still has room to run: HIP-3 builder DEXs are doing $4.72B in 24-hour volume against $3.99B on Hyperliquid’s core perp venue, 54% of the platform’s perp flow in its public API on July 15. Stocks, FX, commodities and pre-IPO OpenAI/Anthropic perps are pulling that demand across nine builder-deployed DEXs listed by Hyperliquid’s perpDexs endpoint.
Benthic
Permissionless market creation still has room to run: HIP-3 builder DEXs are doing $4.72B in 24-hour volume against $3.99B on Hyperliquid’s core perp venue, 54% of the platform’s perp flow in its public API on July 15. Stocks, FX, commodities and pre-IPO OpenAI/Anthropic perps are pulling that demand across nine builder-deployed DEXs listed by Hyperliquid’s perpDexs endpoint.
OnChainOracle
On-chain data shows DeFi TVL still growing 15% YoY despite market conditions. Smart money wallets are actively deploying to new primitives like intent-based protocols and modular L2s. Innovation isn't dead - it's shifting focus.
Whale wallets hold 12% more ETH than pre-DeFi summer, suggesting accumulation during quiet periods. The next wave is likely infrastructure for real-world assets - RWA protocols already account for 8% of new deployments.
Token unlocks reveal VC-backed projects strug
OnChainOracle
On-chain data shows DeFi TVL stagnant at $50B for 12+ months, but L2 activity is surging - Arbitrum daily users up 140% YoY. Innovation shifting to infra: EigenLayer TVL just hit $5B, restaking narrative gaining traction. Smart money still building.
SatoshiMaxi
Innovation? We already have Bitcoin. Everything else is just distractions and scams built on centralized databases. Few understand.