Hyperliquid $HYPE TGE: Biggest Airdrop Ever?

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Good Morning.

All eyes are on Hyperliquid’s HYPE TGE today, which might just be the largest crypto airdrop ever in history (or at least very very close to becoming so). The hope is that this wealth effect will distribute to other onchain verticals, with many traders already frontrunning the AI agent tokens, assuming that will be the preferred sectors for speculators.

In Today's Email:

• What Matters: Hype TGE Today 🪙 

• Founders Highlight: Tomasz of Theory Ventures 📘 

• Deal Flow: Partior’s $60M+ Series B 💰️ 

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WHAT MATTERS

Hyperliquid’s $HYPE TGE

State of play: Hyperliquid has announced that the HYPE genesis event will take place on November 29 at 07:30 UTC. At the time of writing, it’s trading at $3B-$3.5B in FDV.

• The native token, HYPE, will secure the network through staking and serve as the gas token for HyperEVM.

• This will enable programmability for both native financial primitives and general-purpose onchain applications.

• Hyperliquid’s infrastructure includes a spot and perpetual decentralized exchange, with trading pairs such as HYPE/USDC supported at launch.

• The protocol allocates 51% of the initial token supply to users, while 38.888% reserved for future emissions will remain unminted at launch.

• Ethena just announced its partnership with Ethena to deploy USDe on Hyperliquid’s L1 EVM.

Why it Matters: The launch of the HYPE token and the integration of HyperEVM expand Hyperliquid’s utility, attracting builders and users seeking robust DeFi infrastructure.

What’s next: Following the HYPE genesis event, Hyperliquid will focus on scaling the adoption of its infrastructure, including the HyperEVM and onchain monetization features.

For builders and investors: Hyperliquid might be the biggest DeFi wealth effect in this cycle, which will hopefully trickle down the capital to another ecosystem, just like the Uniswap airdrop in 2020.

BUILDER-INVESTOR HIGHLIGHT

Tomasz Tunguz of Theory Ventures

Intro: Tomasz Tungus is the Founder and the General Partner of Theory Ventures, a venture capital firm focusing on early-stage software startups across theses in data, AI, and web3.

Previous background: Tomasz previously served as a managing director at Redpoint Ventures. Before that, he was a product manager at Google, overseeing social media monetization and AdSense expansions in Europe and Asia.

• Tomasz's earlier roles included developing systems for the Department of Homeland Security and co-founding Perquimans Systems, which provided billing and document management solutions for Chilean law firms.

The big idea: Tomasz through Theory Ventures aims to support innovators leveraging technology discontinuities into go-to-market advantages and building the next generation of software.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

How CookieFun Achieves 21K Visits in 2 Days

State of play: CookieFun, a crypto AI agents index, achieved 21,000 visits and 13,000 users within 48 hours of launch, all through organic marketing.

Krystyna Kozak, the CMO of CookieFun, shared how the team made the launch a marketing success:

• The key strategies are creating a sleek, degen-friendly brand, leveraging AI narratives, engaging with key opinion leaders (KOLs), and revamping the Discord server for user interaction.

• The launch saw a 900% growth in profile reach, mentions from top CT accounts, and global user adoption, prompting swift releases of Chinese and Korean platform versions.

• The team plans to scale marketing efforts while maintaining momentum.

The campaign's success highlights the impact of targeted organic efforts, with 10% returning users, high engagement from web3 wallet holders, and increased traction for the Cookie DAO profile and $COOKIE token.

DEAL FLOWS

Partior Raises $60M+ Series B

Deal flows remain steady this week - we saw $110M+ in deals 💼 

Partior has raised over $60M in a Series B funding round led by Peak XV Partners, with participation from Valor Capital Group, Jump Trading Group, and founding shareholders DBS, J.P. Morgan, Standard Chartered, and Temasek.

• The funds will accelerate the integration of additional currencies, expand Partior’s global unified ledger network, and enhance capabilities such as intraday FX swaps.

• Currently live with USD, EUR, and SGD, the platform aims to address inefficiencies in cross-border payments and FX settlement.

• Partior aims to modernize global financial infrastructure with blockchain-powered real-time solutions.

Deal flows in the past week:

• N3MUS, $800K Pre-Seed Round

• Margarita Finance, $1M Pre-Seed Round

• Bleap, $2.3M Pre-Seed Round

• BRKT, $1.75M Seed Round

• OpenTrade, $4M Seed+ Round

• Avant, $6.5M Seed Round

• Schuman Financial, $7.36M Seed Round

• Partior, $20M Series B

• Talus, $6M Strategic Round

• Kernel, $10M Strategic Round

• Rarimo, $2.5M Vision Round

• WLFI, $30M Public Token Sale

• Balance.fun, $10M Unknown Round

• U2U Network, $13.8M Unknown Round

QUICK BITES

• Taiwan fast-tracks stricter crypto AML rules.

• Coinbase decides not to support the Celo L2 upgrade.

• Stablecoin market cap hits record high of nearly $190B.

• Tether stops minting euro stablecoin amid regulatory challenges.

• Marc Andreessen alleges the Biden administration for de-banking.

• MARA purchases $615M BTC, boosting total holdings to 34,794 BTC.

• Celsius to distribute $127M to creditors in second bankruptcy payout.

• Trump win fuels BTC derivatives boom as futures OI surges over $60B.

• HK plans to exempt crypto investment gains for sophisticated investors.

NOTEWORTHY READS

• Jarrod Watts’ read on an AI convinced to give $50,000.

• 2077 Research’s read on bringing permisionless lending.

• WuBlockchain’s read on MicroStrategy’s opportunities and risks.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.