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Entropy

5 pieces · Aug 2026 to Oct 2026 · 3 flagship

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Hyperliquid5 Perps5 AI3 Market structure1 Tokenized stocks1

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52026

Start here · the strongest pieces on Entropy

Breakdown20 Aug 2026Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueSeven-part recap of two weeks on Hyperliquid: US regulatory signals, xStocks and spot equities on HyperCore, HIP-3 deployer competition, HIP-4 rollout, AQAv2 yield accrual, HyperEVM and distribution via Coinbase. Concludes no other ecosystem has this level of activity.Thesis17 Oct 2026Pearl: matrix-multiplication proof of useful work as the Bitcoin of the AI agePearl's PoUW noises matrix multiplications so GPU inference doubles as mining at 1+o(1) overhead, verified by a Plonky2 SNARK. It sells inference below Together AI on four shared models; PRL at ~$594M mcap still lacks proof that paid demand runs through mining.Thesis20 Oct 2026Entropy thesis: HIP-3 deployer pricing pre-IPO and exotic perps on HyperliquidEntropy prices markets without spot (ANTH, OAI, PRL) with an oracle blending its order book and private-market data. It holds 2.2% of HIP-3 OI ($86M) and did >$1.25B in 30D volume, but growth mode limits deployer revenue to ~$49K a month.

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2026 5

21 Oct 2026Pearl thesis update: Coinbase roadmap listing, new ATH and the io:PRL perpPRL went from $594M to ~$815M mcap in four days after a Coinbase roadmap listing, and io:PRL OI on Entropy tripled to $9.3M. The bull case still lacks proof of paid demand through mining and faces ~1M new PRL a day.ThesisAIHyperliquidPerps40 likes

20 Oct 2026Entropy thesis: HIP-3 deployer pricing pre-IPO and exotic perps on HyperliquidEntropy prices markets without spot (ANTH, OAI, PRL) with an oracle blending its order book and private-market data. It holds 2.2% of HIP-3 OI ($86M) and did >$1.25B in 30D volume, but growth mode limits deployer revenue to ~$49K a month.ThesisHyperliquidPerpsMarket structure33 likes

17 Oct 2026Pearl: matrix-multiplication proof of useful work as the Bitcoin of the AI agePearl's PoUW noises matrix multiplications so GPU inference doubles as mining at 1+o(1) overhead, verified by a Plonky2 SNARK. It sells inference below Together AI on four shared models; PRL at ~$594M mcap still lacks proof that paid demand runs through mining.ThesisAIHyperliquidPerps34 likes

20 Aug 2026Entropy's ANTH pre-IPO perp on Hyperliquid: $1.83T implied valuationEntropy's HIP-3 ANTH perp prices Anthropic at about $1.83T, roughly 90% above the $965B Series H but about 9% below the $2T+ IPO target reported by the FT. Compares the setup to the Unitree pre-IPO perp.DataHyperliquidPerpsAI24 likes

20 Aug 2026Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueSeven-part recap of two weeks on Hyperliquid: US regulatory signals, xStocks and spot equities on HyperCore, HIP-3 deployer competition, HIP-4 rollout, AQAv2 yield accrual, HyperEVM and distribution via Coinbase. Concludes no other ecosystem has this level of activity.BreakdownHyperliquidPerpsTokenized stocks49 likes

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Hyperliquid113 trade.xyz9 Coinbase11 Ventuals5 Anthropic11 Papertrade6

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