HYPE has climbed to a new record, touching about $83.5 in late August and trading near $82, with a 37.5% gain over the past seven days and a year-to-date increase of more than 220%. The rally is being driven by a mix of supply reduction, policy expectations, and strong operating performance at Hyperliquid. On the supply side, roughly 99% of platform fees continue to be used to buy back and burn HYPE. According to hl.eco, the protocol has generated about $1.27 billion in cumulative net revenue and burned about 48.17 million HYPE on-chain. Hyperliquid also launched AQAv2 on Aug. 26, adding a new source of repurchase funding from income generated by USDC reserves. The first roughly $20 million transfer is expected on Oct. 3, with estimated annual incremental buybacks of $135 million to $160 million. That support is set against a near-term unlock. About 14.18 million HYPE, valued at roughly $1.1 billion, is scheduled to unlock on Aug. 29. Demand-side catalysts include expectations around a compliant U.S. path, spot ETF inflows of about $301 million since launch, and continued accumulation by treasury company PURR. At the same time, Hyperliquid’s fundamentals remain central: about $5.27 trillion in cumulative volume, roughly 1.71 million registered users, around $13.4 billion in open interest, and an estimated 40% share of the perpetual DEX market.

Ondo Finance has decided not to keep building a standalone blockchain for its tokenized real-world asset business, opting instead to retain Ethereum as the settlement layer while moving execution and verification off-chain into trusted execution environments. The shift marks a reversal from the earlier Ondo Chain vision, which had been pitched as a Layer 1 for tokenized assets with permissioned validators, staking rewards, and native bridging, and had already seen testing activity involving JPMorgan’s Kinexys and Chainlink on tokenized Treasuries. The article traces why Ondo made that change and places it in a broader market context. It argues that blockchains bundle consensus, replication, transparency, and final settlement into one system, and that this package can become a burden for order matching engines that need deterministic sequencing and low latency. It also compares Ondo’s redesign with traditional market infrastructure such as the NYSE, Nasdaq, and DTCC, and with crypto-native examples including Base, Robinhood Chain, dYdX, Hyperliquid, and Unichain. The piece also raises a second issue: whether trusted execution environments actually solve the trust problem. While Ondo plans to split code verification, key custody, and server hosting across separate parties and later add proof-of-stake and slashing, recent hardware attacks on secure enclaves show that the model still carries physical-world risk, even if final state remains posted on-chain.

The Australian Securities Exchange is facing a legal challenge from one of its own shareholders over the abandoned blockchain-based CHESS project. Rosherville Pty Ltd has notified ASX that it will seek permission from the Federal Court to file a statutory derivative action against certain former ASX officers and directors. If the court grants leave, Rosherville would pursue the case on behalf of ASX. ASX says the action does not allege wrongdoing by ASX itself, but it has not identified which former officials are involved, what obligations they allegedly breached, or what remedies would be sought. The Federal Court has not yet decided whether the case can proceed. The case comes after ASX spent years working on a blockchain replacement for its CHESS clearing and settlement system, suspending the project in November 2022 and abandoning the blockchain approach in May 2023. On July 3, 2026, the Federal Court ordered ASX to pay a civil penalty of $14.4 million and $2.1 million to cover the Australian Securities and Investments Commission's legal costs. Cointelegraph first reported the case.

Ondo Finance has decided it will not run both Ondo Chain and Ondo Network in parallel, with CEO Ian De Bode confirming the company has abandoned the blockchain-based execution model and will keep Ethereum as the settlement layer instead. The revised design moves execution into trusted execution environments, where approved code runs inside hardware-isolated enclaves and key material is split across operators, while asset transfers continue to settle on Ethereum. The argument behind the shift is straightforward: for order matching, Ondo sees blockchain as an expensive bundle of consensus, replication, transparency, and final-state settlement. In its view, consensus and replication add latency, while transparency exposes information that a trading venue does not want to publish in real time. The piece contrasts this approach with examples from traditional finance and crypto, including ASX’s failed CHESS replacement, DTCC’s tokenization push, Coinbase’s Base, Robinhood’s tokenized stock effort, dYdX’s app-chain move, Hyperliquid’s validator model, and Unichain’s struggle to capture Uniswap activity. The article also notes that trusted execution environments come with their own risks. Recent hardware attacks against Intel and AMD, including the TEE.fail research, showed that physical access can break assumptions around enclave security. Ondo’s next phase will separate code attestation, key custody, and server hosting across different entities, while posting final state on-chain and adding proof-of-stake and slashing later.

Rosherville Pty Ltd, a shareholder of the Australian Securities Exchange (ASX), has notified the exchange that it plans to ask the Federal Court for permission to bring a statutory derivative action against some former ASX officers and directors. If the application succeeds, Rosherville would pursue the litigation on behalf of ASX. ASX has said the proposed proceedings do not target ASX itself. However, the exchange has not disclosed the identities of the former officials, the specific duties allegedly breached, or the remedies that would be sought. The Federal Court has not yet ruled on whether the case can proceed. The development follows ASX's long-running effort to replace its CHESS clearing and settlement system with a blockchain-based platform. That project began in 2016, was paused in November 2022, and saw the blockchain approach abandoned in May 2023. On July 3, 2026, the Federal Court ordered ASX to pay a $14.4 million fine, plus $2.1 million in costs to the Australian Securities and Investments Commission (ASIC).

Hyperliquid’s token HYPE has remained under pressure since peaking around mid-June, but the platform’s ecosystem has kept expanding, with RWA-linked trading through HIP-3 becoming a larger part of overall activity. Data cited in the report shows Hyperliquid’s share of the global perpetual futures market reached 10.1% on a 14-day rolling average of open interest by Aug. 3, up from 7.1% six months earlier. As of Aug. 1, HIP-3-related RWA names accounted for 41% of perpetual trading volume on the platform, and that figure had recently climbed as high as 74%. The report says Trade.xyz remains the dominant gateway in the HIP-3 ecosystem, backed by first-mover advantage and large trading volumes, while new entrants such as Paragon are trying to gain ground by bidding for tickers and targeting assets with stronger thematic appeal. At the same time, HYPE has fallen 26.8% over the past 30 days, with ETF flow cooling, large on-chain unstaking and exchange transfers by institutional wallets, and weaker buybacks all cited as near-term pressure points. The article also argues that team token unlocks have not become the main source of selling pressure, pointing instead to demand-side changes as the bigger issue for HYPE in the current market.

U.S. stocks ended mixed on Tuesday as stronger-than-expected earnings from companies including Coca-Cola and a pullback in crude prices helped lift the Dow Jones Industrial Average by more than 500 points for a third straight gain. The broader tone was less stable in technology, where chip shares remained under heavy pressure. The Philadelphia Semiconductor Index fell nearly 5% after earlier selling in Asian and European chip stocks spread to the U.S. market, weighing on the Nasdaq. Oil moved lower as the U.S. and Iran maintained the pause in hostilities seen since the weekend. West Texas Intermediate crude fell about 4% to $79.26 a barrel, while Brent crude dropped 4.8% to $84.09. Investors are now watching the Federal Reserve’s rate decision due Wednesday. Market expectations point to no change this meeting, while CME FedWatch data showed the possibility of a 25 basis-point rate increase in September. In crypto, Bitcoin traded at $63,775, down 0.20% over 24 hours, while Ether changed hands at $1,911, up 0.81%. Traders are also watching earnings from Microsoft, Meta, Amazon and Apple this week, with attention centered on AI spending, cloud growth and profit outlooks.

The FTSE Mondo Visione Exchanges Index slipped slightly in December 2025, while fourth-quarter trading showed stabilization. Annual returns varied sharply, with Nairobi, Zagreb, and Dar es Salaam leading gains and Saudi Tadawul, ASX, and LSEG trailing.