jakiro
How many types of assets are being traded on the chain?
Most of them are crypto-native tokens, stable coins, etc.This yearMany fast-growingRWA (Real World Asset)Such as bonds, stocks, gold, etc..
And innovation continues: Recently, the leading decentralized trading platform Hyperliquid launched the perpetual contract of the artificial intelligence unicorn OpenAI.
Yes, based on Hyperliquid HIP-3 infrastructure, the decentralized derivatives platform Ventuals deploys SpaceX, OpenAI, and Anthropic perpetual contracts.The platform provides 3x leverage, and the open interest cap is increased from US$1 million to US$3 million.
(*Hyperliquid allows builders to stake 500,000 HYPE to deploy custom perpetuals through the HIP-3 framework. It adopts an economic margin and validator supervision mechanism to prevent oracle manipulation through staking penalties, while providing deployers with up to 50% of the fee share to ensure security and encourage third-party innovation. Ventures can be regarded as a sub-project based on HIP-3.)
thisToken can be regarded as“Perpetual contractization” of Pre-IPO assets.
This definition is highly imaginative.In traditional financial markets, Pre-IPO equity transactions are strictly regulated and extremely restricted.Combining Pre-IPO with perpetual contracts does not involve real equity delivery, but a “contractual game of valuation”, allowing assets that originally lacked liquidity to “come out of nothing” and instead have a larger market space.
The good performance is: after going online, the trading activity of the contract has increased slightly, and the trading volume and price have fluctuated within a certain range, reflecting the certain market demand for Pre-IPO asset transactions.
(ventuals.com)
However, early-stage low-liquidity markets still face many challenges: Are oracles stable?Is the risk control mechanism reliable?These are key prerequisites for its continued development.
In any case, the PerpDEX track has accelerated significantly this year, and Pre-IPO Token has the potential to reshape the on-chain derivatives landscape.
Hyperliquid founder JeffPerpetual contracts for “any asset”Market estimates are: “As finance is fully integrated into the blockchain, mobile applications built for non-encrypted users will create a billion-dollar market opportunity.”
What do you think of “contractualized” Pre-IPO Token?
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Core: Authenticity and credibility of price data
The viability of being part of the RWA asset universe depends on how standardized the underlying assets are.Pre-IPO assets have reliable price sources to a certain extent. How to continuously, stably and verifiably give prices of Pre-IPO assets that are closer to true valuations” requires the oracle machine (A third-party service tool used to obtain, verify and transmit external information into smart contracts running on the blockchain) mechanism is also the key to the continuity of the entire track.
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Policy arbitrage space
The regulatory environment remains unclear.The US CFTC “Innovation Exemption” provides a regulatory sandbox for innovative derivatives; the EU MiCA mainly focuses on spot trading; perpetual contracts still have some room for innovation.
Hyperliquid provides liquidity to unlisted assets through the “contractual, non-physical delivery” method provided by HIP-3, which can be regarded as providing an on-chain alternative for “restricted transactions”.
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The “innovation” brought by crypto-native
The speculative valuation of on-chain contracts brought by Pre-IPO Token can, to a certain extent, reflect the views of retail investors on the valuation of private companies, thus having a wider impact.
If the market continues to develop, it has the potential to form a “shadow market for restricted trading objects.”It is a new market brought about by this Web3 technological innovation.
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PerpDEX track competition accelerates
Judging from the Perp DEX track, in order to compete for market share and liquidity, DEX is also constantly exploring new, high-growth trading targets to attract more users.
In the initial data, the transaction volume of Pre-IPO assets such as OpenAI is relatively limited, and the main impact is still concentrated on the level of innovation and experimentation.However, if RWA-type perpetual contracts continue to be introduced, it is possible that liquidity will be redistributed between crypto assets and traditional assets.
The wave of “sustainable contracts for all things”
2025 is a turbulent year. On the one hand, the crypto market is in a period of intensive events and is very turbulent; on the other hand, RWA is rising, and RWA + perpetual contracts are also evolving rapidly.
This is a trend of “comprehensive perpetual contracts” from crypto-assets to traditional financial instruments: Prior to this, the public chain Injective made efforts in the field of tokenized stock perpetual contracts. As of the first half of 2025, through its Helix DEX, the cumulative trading volume exceeded US$1 billion and was able to provide up to 25 times leverage.
Although the current trading volume of RWA perpetual contracts is relatively limited, it is proving that decentralized infrastructure has the ability to carry complex financial products, laying a technical and community foundation for larger-scale traditional assets to be put on the chain in the future.
This innovation will force traditional financial institutions to seriously consider how to use blockchain technology to reduce transaction costs and improve efficiency, and may ultimately promote the development of RWA tokenization and on-chain derivatives.
