Bluue

The smart logic of Hyperliquid PM:

Long 1 BTC + Short 1 BTC ≈ 0 Risk

The system recognizes: "Regardless of whether BTC rises or falls, your total asset value remains basically unchanged.

Therefore, only a very small margin is required, possibly only 1/5 or even lower than traditional methods.

At the same time, due to the different risks of mainstream coins and meme/altcoins, Hyperliquid has implemented a tiered system.

The asset risk of BTC and HIP3 is not the same, so contracts for HIP3 will enforce isolated margin trading.

Hyperliquid Portfolio Margin

1

First, let's talk about why full margin and isolated margin are needed for opening contracts

In isolated margin, each position's margin is independent, and the maximum loss is just the margin of that one project.

- The benefit is risk isolation, one liquidation triggers only one
- The drawback is low capital utilization

In full margin,
One balance serves as margin for all positions; the floating profit of one project can act as margin for another's floating loss.

- The benefit is greatly increased capital utilization without the need for frequent top-ups
- The drawback is that liquidation = zero

Currently, the common full margin calculation model uses addition, meaning the margin requirements for each position are summed.

The problem this brings is: there's no overall perspective.

For example--

Suppose you are bearish on BTC, but you are actually using arbitrage.
- Buy 1 BTC spot
- Open a 1X BTC short position
Earn funding rates.

In theory, your risk is actually close to 0.

But if you use full margin, you still need to pay margin equivalent to 2 BTC's value.

This is the problem Hyperliquid aims to solve.

$ETH First high failure, currently gathering strength for the second round

1-hour level Breakthrough 3145
4-hour Breakthrough 3275
There is a chance to continue upward

Google Releases New AI Browser?

Google Labs Launches a Brand New Experimental Browser Disco, Featuring Gemini 3

Disco is currently an experimental browser independent of Chrome, used to test the new concept of GenTabs.

GenTab can be understood as "AI-generated mini-applications" that automatically create interactive interfaces based on your search intent, chat history, and open tabs, instead of just providing you with a bunch of links or a summary.

For example, when planning a trip to Japan, Disco will read the webpages of attractions and food you have opened and directly generate an interactive map and itinerary planner in the browser.

Disco is currently just an early experiment from Google Labs and has opened a waiting list.

The core of blockchain is verifiable
And complete transparency is a forced compromise that comes with it

Thus MEV, front-running, and other concepts were born

If traditional finance is to fully integrate with blockchain, addressing privacy issues is essential

First generation: Mixing coins: Tornado represents a whirlwind, mainly solving the privacy of asset transfer
Second generation: ZK, mainly solving the privacy of proof, off-chain proof, on-chain verification
Third generation: MCP, data sharding, but currently only applied in key management that matches well

Blockchain is just a tool for traditional finance
Using the characteristics of 'blockchain'
Such as transparency, real-time settlement
To trade other financial products

The native assets of blockchain
Are few and far between

December 10, 2025, SEI and Xiaomi are collaborating

$SEI will develop a "next-generation crypto wallet and discovery app," which will be pre-installed on all new Xiaomi smartphones.

The plan mainly targets the global market outside of mainland China and the United States.

On December 10th (Wednesday), the Federal Reserve (Fed) will hold its last annual FOMC meeting.

Core Event: The market widely expects the Federal Reserve to announce a rate cut of 25 basis points, but the real focus will be on Powell's press conference after the meeting (3:30 AM Beijing time on Thursday).

Key Highlights and Significance:

This meeting is seen as a critical moment that will determine the macroeconomic direction for 2026.
Liquidity Expectations: The market is closely watching whether the Federal Reserve will initiate a monthly $45 billion Treasury bond purchase program (referred to as 'reserve management operations'), which is viewed as a disguised way to inject new liquidity into the market.

Politicization of Policy: This meeting faces rare internal disagreements (the highest number of dissenting votes since 2019), marking a shift in monetary policy formulation that is being reshaped by 'political' divisions.

Regulatory Resonance: This macro monetary policy juncture coincides with SEC Chairman Paul Atkins explicitly stating that ICOs will be transferred to CFTC regulation. This means that the 'expectations of monetary easing' and 'structural rollbacks in regulation' are colliding within the same time window, directly impacting the pricing logic of silver and cryptocurrency assets.

Spot silver has risen above $61

The chairman of the US SEC stated that most projects' public offerings should not be considered securities?

Hey, has the UI of @Binance Square been updated? It seems darker now and a bit more streamlined.

The U.S. Securities and Exchange Commission (SEC) has officially concluded its two-year investigation into Ondo Finance, a leading company in the tokenization of real-world assets (RWA), without bringing any charges.

The SEC's investigation began in October 2023 (during the Biden administration) and focused on whether the tokenization of U.S. Treasury bonds, represented by $ONDO , violated federal securities laws, as well as whether its governance token $ONDO qualified as an unregistered security.

Final outcome: Ondo Finance received formal notification at the end of November 2025, confirming that the investigation has been closed and that the SEC does not recommend any enforcement actions.

Recently, Ondo acquired a licensed broker-dealer and ATS (Alternative Trading System) operator, Oasis Pro, which has provided it with a full compliance license to issue and trade tokenized securities in the U.S.

CLOB stands for Central Limit Order Book.

It is a trading execution model used to match buy orders (Bids) and sell orders (Asks).

In a centralized ledger or database, the system automatically matches the trades of buyers and sellers based on price priority and time priority principles.

It is also the standard trading model used by centralized exchanges such as Nasdaq, New York Stock Exchange (NYSE), and Binance.

Nado

Decentralized Exchange (DEX)

Core Narrative: “CEX Level On-Chain Experience”

Not based on Uniswap-style AMM (Automated Market Maker), but adopts an order book model similar to Binance and Kraken, supporting spot and perpetual contracts (Perps)

---

Unified Margin Account: All assets (spot, stablecoins, unrealized P&L) are in a single unified account pool

High-Performance CLOB (Central Limit Order Book): Achieves a matching engine speed of 5-15ms

NLP (Nado Liquidity Provider) - Passive Market Making: Similar to GMX's liquidity pool model

Reminder

Impermanent loss is not necessarily an absolute loss

When the volatile asset rises, your actual impermanent loss =

Directly holding the asset - the value of holding LP > 0

This part of the lesser earnings is your impermanent loss.

When the volatile asset falls, your actual impermanent loss =

Directly holding asset loss - holding LP loss > 0

This part of the greater losses is your impermanent loss.

Ways to avoid impermanent loss: Do not move LP

Prerequisite: No one-sided market, will not keep rising or falling

This forces: Try to choose large, liquid coins

Earn more (transaction fees), lose less (will not drop to zero)

What is the essential difference between current DEX, which are basically CLMM (Concentrated Liquidity Market Makers), and the original AMM (Automated Market Makers)?

In simple terms, it is the different positions of capital placement.

1. Traditional AMM (like Uniswap V2): Capital is dispersed

The system forces your capital to be evenly spread across all price ranges from '0 to infinity'.

Problem: No matter what the current market price is, a significant portion of your capital is actually idle and not participating in trades, resulting in very low fee earnings.

2. CLMM (like Uniswap V3 / Orca): Capital is concentrated

It allows you to manually set a specific price range (for example, between 200U and 220U for SOL). You only place your capital within this range.

Advantage: Since capital is concentrated near the prices where trades actually occur, your capital efficiency can increase by tens or even hundreds of times, resulting in higher fee income under the same principal amount.

But there is a cost to this:

CLMM requires you to constantly monitor the prices. Once the market price moves out of your set range, your capital will stop working (no longer earning fees) and may even face a more direct impermanent loss risk compared to traditional AMM.

A Simple Understanding of the Largest Decentralized Exchange (DEX) on the Solana Blockchain: HumidiFI

—— Data Strong

1. The largest DEX on Solana, with a daily trading volume exceeding $1 billion ($1B)
2. The spot DEX trading volume on Solana is approximately 35%.
3. Launched for less than 6 months, at certain times accounting for over 50% of the total trading volume of Solana DEX
4. In terms of SOL-USD spot trading volume, it has surpassed Binance

—— Problems Solved

Limitations of AMM

1. Static pricing
2. Low capital efficiency — price curve distribution is wide
3. Slippage and spreads
4. No user segmentation, bots, real users, large players, etc.
5. LPs are prone to impermanent loss

—— Solutions

1. Off-chain computation of complex content, such as high-frequency trading
2. On-chain bookkeeping and token confirmation, non-custodial
3. Dynamic pricing, off-chain oracle flow + predictive pricing (this is pending, feel it needs deeper observation for any loopholes)
4. Dynamic inventory balancing
5. MEV resistance

Core Conclusion: Lack of Direct Evidence

Jason Calacanis is a well-known tech investor and a long-time critic of Tether.

He has warned on multiple occasions (such as on the 'All-In Podcast' or 'This Week in Startups') about the risks of using Bitcoin as a reserve asset.

He has stated that if the price of Bitcoin plummets, companies like Tether may be forced to sell Bitcoin to maintain liquidity, which could trigger a 'death spiral'.

So it is possible that there were relevant comments in the podcast, but they are not factual.

As of the third quarter of 2025, Tether's Bitcoin holdings reportedly approached 11,000 (approximately 109,410 BTC), valued at over $10 billion.

Dark Pool, in essence, is a trading venue that hides the order book.

In regular exchanges, how much money you offer and how much you buy can be seen by the whole world.
In a dark pool, after you submit an order, the system secretly matches it in the background, and no information is displayed externally before the transaction is completed.

The significance of its existence:

In traditional finance, for the sake of 'stability'
Large investors (Whales) need to sell huge assets. If they place orders directly on the open market, it would instantly trigger panic selling, leading to poor prices.

A dark pool allows them to quietly complete their transactions without disturbing the market.

In Web3, for the sake of 'protection'
On-chain data is too transparent. Once trading intentions are broadcast, they can be targeted by arbitrage bots (MEV Bots), leading to front-running or squeeze attacks.

Web3 dark pools use technologies like zero-knowledge proofs (ZKP) to encrypt trading intentions at the code level, making it so that bots are 'blind' to them, thus protecting profits.