Bloomberg reported Hyperliquid Labs is in advanced talks with Payward — Kraken's parent, which owns CFTC-licensed exchange and clearinghouse Bitnomial — to offer a subset of crypto perps to US traders. The structure matters: Hyperliquid itself can't register because it's permissionless with no central operator, so the CFTC licenses the wrapper instead. A former SEC counsel told The Block the timeline is 10-12 months minimum, a reality check Tyler flagged: the token pops on headlines, then sells off before any fees actually flow. HYPE traded 84.40 during the discussion, effectively at highs after a wick to 87, and Tyler bought the news for a 25% trade. 'This feels like the path to 100,' he said. LIT ran with it too at 377 — up 107% relative to HYPE by his stat.
The August close is the story: Bitcoin printed its biggest monthly candle since November 2024, from a $62K bottom to a 78.5-78.6K close. Tyler's quant Rain had set a hard bar — close above 78.5 or no next leg — and called it passed, sharing a roadmap that reads 82.5 as fake resistance, 93.4 as the real ceiling, and 102.5 as fake again. Ansem posted a near-identical doodle 20 hours earlier: a breakout to the high 90s, pullback to 88. Quantmando stays maximal: 200K by Christmas, with the group noting he called the bottom well. ETH ETF flows turned green again at $217 million yesterday plus $88 million today; ETH traded 2,450, SOL lagged at 102.40, and ZEC kept grinding at 8.60 toward what the crew expects to be a fast trip to the $900s and beyond.
The chain's second act is infrastructure, not just memes. AI — the long.xyz ecosystem token — was the story of the day at 185 after an 88% move, having doubled since Saturday and 6X'd in a week; Tyler made the case it is also an infrastructure play, with long.xyz holding 16% of Nvidia open interest on LIDAR and fees from its tokens flowing back into AI. OWNER ran $2 million Sunday to $58 million with two wicks to 80, painting a one-hour bull flag Farokh said he bought 'a lot' of. MANSUR pumped 75% yesterday to a $6 million cap on turning its limit-order DEX live — the 'Jupiter of Robinhood Chain' — with its NFT staking yield (60,000 tokens a week per holder) flagged as future sell pressure. CASHCAT moved up 12% to 214 and STONKBROKER kept rebounding.
The pump.fun app's own fees went from $5,000 to $150,000 a day in the first eight days of the FOMO Hour boys running on it, but the fundamentals case came from Austin Barak: the protocol is running $435 million in annualized buybacks at a discounted fair value of just 3.9X earnings — his math says an average earnings multiple prices the token 150% higher. Tyler compared the setup to the last leg: 'It chopped at 28 cents for a week, then went 28 to 56 in seven sessions. I don't know if we go 44 to 88, but I think it'll clear six for sure.'
OSF's contrarian weekend play: buy tokenized-stock pairs now, at a discount to the underlying, because a three-day US holiday weekend with thin liquidity is the exact setup that sent CINEMA parabolic — tokenized AMC ripped to 20X its value over the past weekend as market makers ran out of inventory, before collapsing to an $880K cap. BONER, his top pick, already accounts for 14% of HEMS volume on day two of the meme, and he compares it to the FARC fractal — $50 million in five to seven sessions, pullback to 30, then the next leg. 'If HEMS reports good earnings in September, think about how much higher BONER is going to go,' he said. 'It's going to go absolutely through the roof.' The crew's read: load up Wednesday and Thursday, run deep into the weekend, take profits Sunday — the 2021-era NFT rhythm, back.
The boardroom view: Robinhood the stock is up 75% off its lows — 66 on March 27th, now roughly 70% higher — and Tyler's case is that the chain is becoming the reason the company thrives. The numbers on stream: on-chain revenue went from $200,000 a week a week ago to $2 million a week now, and against Robinhood's $4.5 billion total revenue in 2025, a sustained $2 million a day would add roughly $700 million a year — close to a 20% revenue bump. OSF, ever the empiricist, wanted the receipts before endorsing the narrative, but the crew noted Vlad has already said developers ran with the tokenized-stock primitives 'in ways we had not imagined.' The teaser — a cat, 'something new is growing,' and Vlad's 'it's better with friends' — had the room guessing social features for the app.
Asked whether PONS grinding higher makes PUMP look cheap, OSF was measured: PUMP has two years of revenue data and PONS is annualizing two months, so the multiple gap is real but young; PONS's edge is the tokenized-stock and RWA narrative PUMP doesn't carry. 'As it stands I still think PONS is cheap to pump, but if it compresses further, then PUMP starts to look cheaper.' He also flagged the social-trading fragility — 'as soon as one person flinches, it can all come down' — and left the homework: take profits, hold a bag of stables, and buy the next dip. He plugged his own stream and the Rec Traders game at traders.rec.com, live since yesterday.