Aggregated open interest on Hyperliquid's HIP-3 markets climbed to a record $1.43 billion on Saturday, marking more than a 100x increase in six months. Trade.xyz, developed by Hyperliquid's tokenization unit Hyperunit, now accounts for around 90% of HIP-3 open interest and daily volumes of $22 billion, driven largely by 24/7 trading in tokenized equities and commodities. In parallel, the HYPE token is up over 50% year to date while Bitcoin has fallen by roughly 15%, and Hyperliquid has introduced HIP-4 to enable permissionless prediction market listings.

On February 5, Hyperliquid's HIP-3 permissionless perpetual markets processed $5.2 billion in trading volume, marking their strongest single-day performance since going live in October 2025. Activity was driven largely by TradeXYZ's precious metals contracts, with silver alone accounting for a substantial share amid sharp price swings in gold and silver.

Prediction market platform Kalshi raised $1 billion at an $11 billion valuation in a funding round led by Sequoia and CapitalG. The financing follows a $300 million Series D round in October that valued the company at $5 billion. Rival platform Polymarket is exploring funding at a $12 billion to $15 billion valuation.

Ethena's USDe stablecoin saw total value locked decline from $14.8 billion in October to $7.6 billion, a contraction exceeding 50%. The drawdown occurred as annual percentage yields compressed to approximately 5.1%, falling below the 5.4% cost of borrowing USDC on Aave. The shift triggered unwinding of leveraged carry-trade positions that had previously driven growth.

Bitcoin transaction fees have dropped to their lowest level in 12 months, generating approximately $300,000 daily for miners. This represents less than 1% of total miner income, with the 3.125 BTC block subsidy contributing around $45 million per day. The figures highlight the network's current reliance on inflation-based rewards rather than transaction fees.

Pump.fun launched Mayhem Mode as an optional feature deploying an AI agent to trade newly created tokens during their first 24 hours. Daily token launches averaged 17,800 after the feature's debut, compared to 17,300 in the preceding week. Platform revenue fell during the period despite the new mechanism.

Uniswap generated over $985 million in protocol fees from January through October 2025, averaging approximately $93 million monthly. The decentralized exchange protocol recently introduced a governance proposal implementing fee burns and protocol revenue capture mechanisms, according to The Block's Data and Insights newsletter analysis.

ZCash's shielded pool now accounts for 23% of total ZEC supply, up from 18% in October, according to The Block's Data and Insights newsletter. The growth reflects increased privacy adoption on the network. ZEC price climbed from around $400 in early November to $750, with trading volume on Coinbase reaching $345 million over 24 hours, surpassing Ethereum's $288 million.

Stablecoin issuers account for 60% to 75% of total daily revenue across major crypto protocol categories. Tether's CEO Paolo Ardoino stated the company is projected to generate $15 billion in profit this year with a 99% margin. Rising competition is prompting some issuers to explore new value-sharing models, with platforms like Coinbase offering 3.85% APY on USDC holdings.