Guys, the boss of the NYSE actually reached out to an on-chain exchange this time. My first thought after reading this was: Wall Street isn’t here to pick a fight—it’s here to copy the playbook.
On October 29, ICE, the parent company of the NYSE, announced a partnership with Trade[XYZ] on Hyperliquid to build a U.S.-based perpetual futures market called ICE[XYZ]. It will list contracts on stocks, indices, commodities, foreign exchange, and crypto, and they also plan to build a new exchange and clearing system. Trade[XYZ]’s markets on Hyperliquid have racked up over $650 billion in trading volume in just over a year. Until now, Americans have mostly been able to watch from the sidelines.
It’s like a night-market stall that’s been operating for years at the entrance to your neighborhood suddenly getting invited into a shopping mall to open a proper storefront. It’s still selling the same stuff, but all the rules have changed.
What I’m unsure about is this: after the news broke, HYPE briefly rose about 7%, climbing to around $87, as if the market were voting in favor. But there’s some strong counterevidence too: the launch is still subject to approval from the U.S. Commodity Futures Trading Commission, and they haven’t said when it might happen or who will be eligible to participate. Neither company has said how much revenue from this market will go to HYPE, either. The last rally on news of U.S. access faded within six weeks.
Do you think this means on-chain exchanges are really being brought into the fold, or is Wall Street just borrowing their engine to start a separate table?
These are just my personal views and not investment advice.
$HYPE #Hyperliquid #PerpetualFutures
On October 29, ICE, the parent company of the NYSE, announced a partnership with Trade[XYZ] on Hyperliquid to build a U.S.-based perpetual futures market called ICE[XYZ]. It will list contracts on stocks, indices, commodities, foreign exchange, and crypto, and they also plan to build a new exchange and clearing system. Trade[XYZ]’s markets on Hyperliquid have racked up over $650 billion in trading volume in just over a year. Until now, Americans have mostly been able to watch from the sidelines.
It’s like a night-market stall that’s been operating for years at the entrance to your neighborhood suddenly getting invited into a shopping mall to open a proper storefront. It’s still selling the same stuff, but all the rules have changed.
What I’m unsure about is this: after the news broke, HYPE briefly rose about 7%, climbing to around $87, as if the market were voting in favor. But there’s some strong counterevidence too: the launch is still subject to approval from the U.S. Commodity Futures Trading Commission, and they haven’t said when it might happen or who will be eligible to participate. Neither company has said how much revenue from this market will go to HYPE, either. The last rally on news of U.S. access faded within six weeks.
Do you think this means on-chain exchanges are really being brought into the fold, or is Wall Street just borrowing their engine to start a separate table?
These are just my personal views and not investment advice.
$HYPE #Hyperliquid #PerpetualFutures