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On-chain Market Momentum: How Aptos Captures Emerging Trends
Recorded: May 27, 2025 Duration: 1:03:10Space Recording
Short Summary
In a recent discussion, leaders from Hyperion, Aptos, and OKEx highlighted significant partnerships and funding rounds aimed at enhancing the Aptos ecosystem. They discussed trends in on-chain liquidity, the importance of liquidity providers, and the upcoming launch of the XBTC token, all pointing towards a robust growth trajectory in the DeFi space.
Full Transcription
Thank you. so
jm claire can you hear yes i can hear you can you hear me yeah this works right now cool okay
sounds good yep let's uh give a little bit of time as rela is here uh let me bring her on
give me one second. Approve, Lucas. So looks like Ash. Okay, Ash is here. Cool. Let me bring Ash on.
Lukas, check.
Can you hear us?
Yes.
Can I hear you and can speak?
Perfect.
Estrella, check.
Can you hear us?
Yes.
Cool.
Ash, how are you doing?
Hello, hello, GM GM.
Morning.
Cool.
Right.
Sorry for the delay.
Sorry for the technical issue.
So I think we can just start.
It's five minute pass uh welcome everyone uh it's a first
space was like hyperion itself um we have uh claire our ceo ash from aptus also lucas and uh and Lucas from Mountstorm and Estrella from OKEx.
For tonight or this morning, US time,
we're going to talk about on-chain market momentum,
how Aptos capture emerging trends.
And I'm Escobar from Hyperion, or people know me as Miller, from Hyperion
to take care of the space today. So here we are. Claire, would you like to intro yourself?
Yeah, let me go first. My name is Claire. I'm the co-founder and CEO of Hyperion. I've been to a couple of spaces before with ecosystem partners. I think today's edition is a special one because we have the guests who are also our prestigious investors in this space. And we recently announced a strategic funding round
where we have Aptos Labs, OKEx Ventures,
as well as Malstrom joining as our strategic investors.
So very happy to have all of you to join this space
and talk about the recent updates
and also the insights in Aptos ecosystem.
Nice. Thank you, Claire. Ash, would you like to go next?
Hey, everyone. I'm Ash. I'm the head of ecosystem here at the Aptos Foundation.
So I get to work with awesome founders and projects like Hyperion and Claire,
So I get to work with awesome founders and projects like Hyperion and Claire, as well as interface with folks like Lucas who really see a wide expanse of what's happening in crypto markets, blockchain technology.
So very excited to be here together with everyone.
Cool. Thank you, Ash. I'd love to see you here as well.
Lucas, how are you doing, sir?
GM, GM, doing great.
Hi, everyone, excited to be here.
I'm working at Maelstrom,
which is the family office of Arthur Hayes.
We invest in early stage venture,
very DeFi and infra heavy,
probably most well known for our investments
like Ifina, Pendle, IFAFI.
And then we also have a liquid arm and most recently launched a buyout strategy.
Yeah, that's on us. Excited to chat today, guys.
Cool. Thank you, Lucas.
Estrella.
Yes, hello everyone. I'm Estrella from OKEx Ventures. OKEx Ventures is the investment
Yes. Hello, everyone. I'm Estrella from OKEx Ventures.
arm of OKEx and we are also the investor of Aptos and Hyperion. So we're happy to have
this chance to talk a bit everyone.
Cool. Thank you so much. So over the next 45 minutes, we just going to walk through four core things that has been raised recently by the community and has been discussed by the macro market on what the on-chain liquidity looks like, what the Aptos ecosystem is focusing on, and what is the active on-chain campaign that probably an alpha will be spilled here
from the speakers. So we can start with the first point on macro and on-chain liquidity outlook.
Right, it's a question to look that we might need to address from the community side is how's the macro and
cross-chain liquidity trend influencing your investment or the milestone investment this
is today especially for there's a lot of like l1s coming in there's also on chain divide
there's also bitcoin narrative coming in yeah so what's your thoughts about that
so as i mentioned in the intro we have three strategies and i think it's important to
differentiate for the long-term strategies like venture and buyouts we have a long term macro view
which is basically crypto is going to be an important part of our financial system
and money printing is going to continue.
But I think that's way less interesting to talk about
than the more short-term macro stuff,
which is more important for the liquid side
and which Arthur covers a lot in his articles.
So since last week, all eyes have been on the big beautiful bill
in the US. For those who have not followed so far it's basically a new tax and budget bill in the
US which is estimated to add about three to five trillion to national debt over the next 10 years in the US. And last week, the markets reacted quite aggressively immediately.
So there was a 16 billion auction of new 20-year treasury bonds,
which had really weak demand and pushed yields across the board
and especially the 10-year spiked.
And many investors, especially the very sophisticated long-term investors,
have pointed that there's a very pressing non-linear relationship
between rising interest rates and driving up the debt,
basically a debt spiral.
So the S&P dropped quite harsh, I think 1.5% in like 30 minutes
and US treasuries even got downgraded by some agencies
but we had this crazy BTC rally
from like 105 pushing to the new all-time high
and I think this is quite interesting
but maybe not really covered by the whole market,
especially in crypto lens so far. At least that's what I feel, even though it's a real vibe shift,
even with Elon capitulating on X saying basically austerity can probably only be forced externally
on the White House. Yeah, that's a very interesting point about the macro, about the bond.
It has been discussed by the community in the trenches for some times as well, like
what it's looked like, especially on the bond market, it's not doing really well and how
we can impact crypto.
So probably next question we can ask, we can have Claire to have some insight in running this DEXs and also in the visions of Hyperion to build that on top of Aptos.
Is that something that we concern as well about how we can address this market and liquidity movement?
I think that's the most important things to do on-chain, right?
Yeah, so I think Lucas just shared some stats from the macro perspective. Maybe I can share
something, some opinions from more like micro perspective, especially focused on the on-chain access movement and also the DeFi users.
So I think in terms of the on-chain user behavior, we usually track the active user segmentation,
which means that the users are divided into active users and passive users. So active users means the traders who continuously trade on-chain using
different decks or on-chain audiobook. And passive users are referring to the liquidity providers who
provide liquidity and earn yields from the trading fees. So I think for liquidity providers,
they also have different risk appetites. So for example, the low risk appetites liquidity providers, they also have different risk appetites. So, for example, the low-risk appetites liquidity providers, they prefer to LP into a more stable pool, such as the USDC-USDT stablecoin pool.
And the more volatile risk appetite investors, they can manage the risk very well, especially on the impairment
loss. So they would choose to LP into the more dynamic pool, such as the APT stablecoin pool.
So we can see like a different risk appetites and also the LP behaviors from different group of users.
And also for the traders,
you can also observe the behaviors of them,
such as the frequency of their trading behaviors,
and also whether they participate in the trading or whether they stake their assets
into the liquid staking pool.
So I think those are very interesting patterns that we observe from the on-chain user behaviors.
In terms of the liquidity movement, we focus on the active asset segment.
So we actually did an analysis on the SS segmentation on Aptos ecosystem, which you can see from the stats from DeFi Llama or other on-chain tools that Aptos TVR is actually dominated by stablecoin and also the APT pairs and APT LSDs.
But the trading volume is heavily concentrated on the stablecoin itself
um so we did uh like a calculation based on the current uh trading volume um um sharing uh so the
the stablecoin can account for over 17 of the total trading volume on Aptos network. So we think that the high trading volume of this stablecoin is driven by the arbitrage
opportunities due to the price difference between central exchange and also these taxes
on chain.
So this actually reflects a means of users on Aptos to trade stablecoin instead of new ecosystem assets, which brings
a room for us to really build on the ecosystem and grow or bring more diversified assets
into this ecosystem.
So those are kind of like patterns that we observed from Aptos.
That's interesting. Lucas, do you have some thoughts on that
on behalf of either personal or milestone,
like considering a device cycle?
Is it like people probably gonna come and go
and find the best yield solution,
or probably people call it a short-term rotation?
Right.
I think it's very interesting what Claire just mentioned
with the intra-updoors liquidity situation
and then generally things tend to trickle down.
So we have the Bitcoin price movement first
and then it flows into altcoins,
which is now altcoin returns are more dispersed
because we have so much new assets coming on chain.
I think it's very hard to tell when we have a real sticky new cycle versus a rotation.
And especially in the past few months, rotations have become more and more aggressive so the time
frames have really compressed while at the end of a mid of last year we had like
kind of longer cycles for example the AI narrative and now stuff often starts
and ends within days or even hours and I think it's really hard to have a strong view on those
If you could predict it then you would make a ton of money
so honestly, I don't make the claim. I could could have a strong view on this and
Personally don't pay too much attention and rather look for what's next than trying to predict if it will have the staying power versus a short term rotation.
It's more the fundamental stare and is to something that can stay for the long run rather than the quick money rotation.
yeah the the quick money rotation
yeah yeah i agree it's all it's more back into the foundations of uh each of the uh chain one
to deliver it's also interesting to see how aptos has been active growing in the device space with all the programs including elephant and then all the support that has been
over to those ecosystem project i think ash is uh interesting what is the biggest picture here
um what's uh aptos of will be focusing on in the long term strategy and for the ecosystem growth.
Is there any specific narrative or it's all about DeFi?
Of course, there's a narrative.
Narrative is everything.
I think for us, it's pretty clear in terms of where we want to push forward despite the macro view or the micro view.
And it's being the global trading engine as well as the most performant and efficient chain
for payments. And I don't think that's unique to Aptos. I think there are several
blockchains that are obviously trying to do the same thing
but the thing we have is something not easily recreated which is um you know we're the blockchain
that was incubated at meta the production ready blockchain that was incubated at meta
that needed to have performance um to support their billion user app economy as well as security
to manage the type of volume or money movement that that would achieve.
The blessing for the crypto industry is now we're a free agent and have been so and have been in market for three years.
So all the real world testing, the ups and downs we've been through.
And I don't think there's another blockchain that can actually come close to us that even could be invested in and incubated right now.
I think you're seeing struggles of that. So for me, that's kind of where we're headed.
And when you think about what's interesting from a product perspective that Aptos Labs
has been focused on is now with the focus on trading, there's interesting primitives, right?
That can be built that products or founders can actually start to utilize
things like scheduled transactions, X accounts, where you can,
you can basically sign a transaction on any app cost app,
no matter what wallet you have, reducing friction.
So that's only going to accelerate with the focus of what happens when
you put a bunch of systems engineers on figuring out how to scale a trading environment at the
base protocol level and also building on the speed and performance to actually compete with
centralized experience. That's only going to be a hyper focus for us. I think in terms of DeFi, that's really the base level of,
I think, any ecosystem to have stickiness for users. And when I look around, and maybe Lucas
or Estrella can speak a little bit more dynamically than I can, the war is not won on DeFi, right?
I mean, outside of EVM or ETH, the war is not won on DeFi, right? I mean, outside of EVM or ETH, like the war is not won
on DeFi. So there's still a ton of room to create an ecosystem and a sticky environment and have
diversified products and landscapes within the ecosystem that keeps people there and interested.
In terms of how the foundation, from my perspective, has started to hone in on focus, I think 2024 was
a lot about TVL. Obviously, you have to perform and show growth in TVL because it shows, you know,
somewhat of a trust, right, in your ecosystem. But I think in 2025, starting in, I guess, like,
you know, last quarter of 2024, but also January, we started to
think about demand side metrics to start to focus on. So things like daily volume on the spot side,
eco token, FDV, as well as stable coin market cap. These were all things we said, okay, this is where
we need to focus. And, you know, even looking at the beginning of the year versus now,
you know, versus the end of the first quarter,
you know, we've increased daily volume on spots by 75%.
EcoToken FDV has increased by 140%.
And stablecoin market cap has increased by 67%.
And that's end of Q1.
I think it's only accelerated in Q2. So
that's kind of where we started to focus is demand side, which is helpful. And I think there
was three catalysts to driving this growth. One is on the asset iss across the exchanges. Athena, SUSD expanded to
Aptos. Obviously, with OKX, we closed our partnership on XBTC, which is exciting and still
a lot of campaigns and activation is to happen there. And then on the second categories on the deck side,
which is Hyperion, which is an insanely talented team, but also hyper-focused on execution. I mean,
I met Claire in January in New York, and I think they started by multiples increasing in TVL by FET. So it was largely due to that having amazing projects
and products and companies like Hyperion in there.
And then the last piece is on the money market side.
You know, ARI is one of our biggest.
DeFi protocols exceeded 400 million in stablecoin supply.
Echelon partnered with athena
um and echo you know on the xbtc expanded reserves uh abt side expanded reserves so
i think we have seen projects in the ecosystem come up and step up and push forward together
that's led to a lot of the growth and we're just getting started
interesting well um usdc xbtc then uh since we have astrella here we know that uh xbtc issued by okx as well any thoughts as well? What's the strategy looks like for OKEx
venture especially to get more investment around this Aptos ecosystem or even the Diva ecosystem
itself? Any thoughts? And probably can share a little bit on what's the strategy around XBTC as well, if that's something that you can share.
Okay, so XBTC is a, yeah, let me introduce XBTC first. So XBTC is a rammed BTC issued by OKEx,
and OKEx ensures transparency and security through proof of reserves, allowing BTC holders to utilize their assets within the DeFi ecosystem
while maintaining the security and credibility of their native Bitcoin holdings.
So with XBTC strategy, it will leverage OKEx standout strengths on the industry, which
means seamless CeFi and DeFi integration,
wallet-earn integration, and strong ecosystem expansion. So the key implementation strategies are like lending integration,
yield strategies, and ecosystem incentives.
Meanwhile, we will utilize OKEx Web3 wallet and earn to promote Bitcoin adoption, driving the user growth.
So that is the landscape of XBTC.
Okay. And regarding any OKEx investment strategy, is there anything that you'd like to share as well?
Because we see that the DeFi scene is currently very active.
We see a lot of TVLs around.
We see a very aggressive trading volume as well.
Even in some part, I think DAX is even doing better than CEX in current situations.
So in the past three years, we have invested, I think, a lot of protocols, including DeFi, Gamify, MT, and DevOps,
because one of our important strategies is OKEx Web3 wallet.
And the investment thesis is along with OKEx growth strategy.
So at this moment, I would see, you know, as long as the market grows,
our strategy would be also, you know, stacks and DAX and also payment and also wallet.
and tax and also payment and also wallet. So that's why we are also working very closely with
foundations like Aptos and that's why we invest in Hapario. So I think our
Yes, so I think our, you know, our main investment strategy is how we can help to grow OKEx whole ecosystem.
For sure. Yeah, I think OKEx wallet, well, it's not biased biased but it's one of the best wallet solution we have
in the market right now um that's the most interesting part when everyone just can go to
the apps and click on earn i mean um in the future we we just gonna see more uh a strategy or even
fold whatever people gonna do they just can't see how much apy and
how to deposit they don't need to care about other things um we see we see ai keep growing
on that direction as well so i think it's very interesting to see how okx strategy works in the market. Talking about OKEx strategy, API...
Maybe I can jump in to add more on that because I think OKEx ventures as our investor, I think
they are not only just investing in projects, but also really get deep into the ecosystem
support because a little bit like a small story about Hyperion, how we
get started.
We actually got into an accelerator that was supported by Aptos Foundation and also OKX
Ventures.
So the accelerator was established to support the early builders and founders and developers
the early builders and founders and developers in Aptos ecosystem.
in Aptos ecosystem.
And we got into that accelerator and also got the opportunity to go to New York
and spend two weeks in the accelerator and participate in different workshops
and also training sessions as well as one-on-ones with other key members
in Aptos Labs and Foundation.
So that's how we got to spend like two weeks day-to-day with ASH
and also had a couple of like one-on-one meetings
to iron out all the strategies and also directions
that Hyperion is going to go in the next one to two years.
So I think that's very important and also a good story
that I want to share with the community members.
So I think as an ecosystem project in Aptos,
we really got a lot of support from the foundation
as well as OKEx Ventures.
And also we recently got in touch with Malmstrom, Lucas.
Actually, Lucas also was introduced by Aptos Foundation
for us as a connection for us to talk to because they think that Maulstrom has a lot of exposure in this space.
And then I think we had a very good conversation with Lucas and then they decided to invest in Hyperion.
So very good collaboration for us and good to have Malstrom to onboard.
Okay. Yeah. Seems like you spill a lot of insider information right now, all the
meetings and also all the support that Foundation has gave Hyperion. I think on a
personal level as well, it's very interesting to see how fast Aptus Foundation work.
It's strange to see Foundation work that fast.
So I think it's very interesting.
That's one of the best point of building on Aptus,
as far as I can see,
as far as what's the feedback has been shared
around the team.
So, well, Claire, since you have shared a lot of alpha,
you have shared a lot of insider things,
probably you can share a little bit more
about how is Hyperion going to position the product
or the entity in Aptos devicing,
and what is your experience uh on getting the lfm
support so far i think um lfm is also something that uh personally i never seen around
being run by other ecosystem so yeah please share around what's hyperion focus on
So, yeah, please share around what's Hyperion focused on.
I can jump in on LFM just to give you kind of a perspective on why we decided to launch it and why we're excited for Hyperion to be a part of it.
You know, I think with any burgeoning ecosystem, you know, our approach as Aptos has been, we want native and organic founders to comprise our ecosystem.
That's what we want. We want people to take the network forward. We want them to champion the mission.
We want multiple heads of ecosystems in our ecosystem, right?
We don't want to do a top-down singular approach. That's our philosophy
and that's my philosophy. And so what basically LFM was in service for is to say, okay, you have
these products and founders that have done all of the hard work to build a product that can be
trusted to onboard users, to making revenue, to operating staff, right? They've
gone through this whole evolution and kind of support model to just be operating in this
space, which is a highly competitive space. Now they're confronted with essentially going,
I mean, small quotes, public, right? In crypto. And that's a very different, right?
That's kind of like a very, it's a new focus
and kind of effort to put behind that
after all the work they've done to build an amazing product.
And so we felt as a foundation that, hey,
that's very important to an ecosystem, right,
is to having successful tokens,
that being a representative of the project, community being is to having successful tokens, that being a representative
of the project, community being able to be sticky around that token and community for the project.
And so we felt that in our time, in terms of us ramping up the ecosystem, we felt it was important
to play some of a role. Now, we don't play the whole role, right? I think there's things we do
that is mostly around advisory and things like that, just to make sure that teams
are evaling their tokenomics, their treasury management, their narrative in some ways.
We also support for teams that qualify on helping with marketing budgets and support.
And so that's the role we wanted to play.
And it's a high bar to make it into that, right?
It's not like a very easy acceptance kind of,
hey, yeah, let's do this for everyone.
It is teams that have exemplified
that they can carry the network forward.
And so that's a little bit of the context
of why we did LFM.
Yeah, I think before we go back to Claire, I think from personal understanding, it's always good to see a program being built.
And program is a program.
Program is all about the human commitment that how it should be run.
So I think it's a big respect to the operation team who has been doing it
consistently for the lfm and also how all of those who running this program been consistently aligned
on the vision what to be delivered is uh it's amazing right it's a again program is program
everyone can run a program but not everyone can be consistent and have the same vision to deliver something.
So it's just very hard to see everyone doing all of foundation bureaucracy and so on.
Then Aptos is doing it very fast.
It's strange, but then it happens, right?
So probably we can go back to Claire.
Yeah, share your thoughts on how Hyperion is going to
be positioned in this Aptos DeFi ecosystem, what to be delivered, and what's the experience
on building with the LFM support so far?
Sure.
So I remember Ash just mentioned that the vision of Aptos of becoming the global trading engine.
So at Hyperion, we truly believe in that vision and we want to become the...
So here is our tagline, we want to become the liquidity and the trading layer of Aptos for
its global trading engine. And to moving towards that vision, we designed our roadmap and also product
offerings aligning closely with that vision. So the product that we build for our users,
so we target two groups of users, liquidity providers and traders. For liquidity providers, our current product shape
is a Uniswap V3 model, which is concentrated liquidity market making. It allows the LPs
to allocate capital within a specified price range so that the capital can be utilized more efficiently. The more concentrated their
position is, the higher fees and farming rewards that they can make from the liquidity pool.
So on the other side, for the retail LPs who don't have the experience to manage the position,
because the concentrated liquidity market making requires LPs to manually
rebalance their position to make sure that the position is currently in the active range.
So to cater into the retail LPs product needs, we recently launched a Vought product that allows
LP to deposit with single assets in one click.
So basically they don't have to worry about the rebalancing position anymore.
The strategy will help them manage the position to make sure that it remains active and also
it remains eligible for the rewards and also the fees from the pool.
So the second group of customers that we target, which is the traders,
because of the concentrated liquidity, Hyperion can execute
the larger trades with deeper liquidity and also
minimal slippage. So we are also going to launch our own
aggregator, which is a smart routing engine that sources different liquidity
pool, not only Hyperion, but also other DEXs on Aptos, such as Tala and LiquidSwap, etc.
And we're also going to integrate the liquidity from Autobook as well, which is a very big product that's going to launch in the next
couple of months by the Aptos team.
So this aggregator product will support the trade splitting between different liquidity
layers so that it can deliver the best execution for the traders, both retail and professional
traders.
Okay.
So journey is all about traders.
Traders triggered traders.
Traders want to build.
And players are active traders as well.
Interesting.
Okay.
So going further on that um
seeing xbtc will take part on the strategy on aptos seeing all about traders as clear mentioned
traders lps um all about the defy infra XBTC plan is going to have it.
Yeah, XBTC basically launched on top of Aptos.
And then what is the biggest strategy
for the upcoming XBTC related?
Is there any campaign or any other things
that the ecosystem might be aware of need to be aware
of astrella um probably that's something that you can enlighten the community oops
things you drop off?
things you drop off
Yeah, I think some technical issues
because I also got dropped off before.
Okay, we're going to come back to that question.
Well, back to Ash.
In terms of DeFi side,
it has been picking up recently aggressively for Aptos.
What is the strategy or what is the next things Aptos going to do to retain this or even grow higher?
Well, I think retain the users and also grow higher is somewhat in parallel happened, right?
Yeah, 100%. I mean, when I think about the global trading engine stack, like ecosystem stack,
right, there's like the infrastructure layer, there's liquidity layers, there's app layers,
and then there's growth layers, right? So the last one is really about how do we coordinate
Right. So the last one is really about how do we coordinate an action across the ecosystem and across the different projects to go and acquire traders to come in and create sticky environments. of the stuff we're doing on the infraside as well as i but we're very excited about launching a new
product from aptos labs that will be focused on centralizing liquidity and creating even more
activity that's uh going to be very very um amazing and accelerant for the defy ecosystem
so more to come there um i think uh on our side if i um if i I think about each of the layers of liquidity and the app layer, for us, there's an opportunity of having a world-class liquidity platform in Aptos, which we're very focused on and seeing come to life.
I think that's a pretty big opportunity. And I think on the
institutional liquidity side, you know, we're very excited about funds deploying directly into the
trading platforms themselves, which is going to be exciting and in progress. But on the app layer,
that's where there's tons of opportunity as well. And, you know,
for us, it's kind of like there might be projects and teams already in Aptos that think about their
roadmap and want to expand into these other verticals or focus areas. And there might be
new teams that have a very opinionated approach of how they can fit in. And so, you know,
obviously on the spot,
Clobdex side, that's something Aptos Labs is working on, as I mentioned.
Perps, you know, we have amazing teams in Aptos.
Ekaden is an own hybrid club that is coming to market in, I think, July or
maybe June. Folks like Kana who have been here and Knightly. And then on the
Purps liquidity pool side, we have folks like Merkle, AG Dex, Thetis, and Mirage, which has
just, I think, announced their raise and coming to Aptos mainnet very soon. But there's other
opportunities, you know, and this is an area where I would love
to hear Lucas's perspective and maybe Australia actually comes back on. But, you know, what are
the other financial product clubs like, you know, that can come to market, right, that are maybe
more trad fi or institutional based? You know, the one I think about is kind of when I think about where what we want
to see in the ecosystem, we obviously want to see native token issuance.
That I think is core.
We need more tokens to launch on Aptos.
It's not saying that, hey, we need pump fund, you know, part two.
But we, you know, I believe that tokens are a way in which to enable a user to be a part
of a business that otherwise would not have
emerged if it were not for crypto and blockchain. So that's definitely something that we want to
see more of. But how do we also bring on deeply liquid assets that may be our off-chain right now
that can create interesting arbitrage opportunities for users being on crypto rails. And I think that's kind of where we are excited to see growth as well.
But yeah, I want to pause there.
Maybe it'd be interesting to get someone like Lucas's perspective on this.
Yeah.
Thank you, Ash.
But it's also a question that I would like to extend to Lucas.
From the investors perspective or from the investors lines, what do you think is the
missing piece in Optus that might be good to have to retain all this DeFi scene that
has been picking up on Optus?
Yeah, so I think fundamentally Aptos brings many strengths.
I can only mirror what Ash said in the beginning of this call, talking about the
strengths being the fastest, the cheapest and ultra reliable, paired with a strong
technical team.
And I personally think that those aspects of Aptos position it very strongly to play a major
role in Treadfair assets moving on-chain.
And this is something that goes more slowly and then all of a sudden.
But those Treadfair institutions first need a lot of trust.
And that's something that the Aptos ecosystem can bring with the track record and also coming out of meta.
But then also, thread for institutions will need custom-made solutions and basically tailor-made options.
and aptos already has offerings on that front and in addition those institutions will also
And Aptos already has offerings on that front.
need a lot of optimizing on stuff like tick to trade latency where aptos is also very strongly
positioned i think there's some research currently in place to further improve the already good performance. Yeah, so I'm personally very excited about some of those
ShedFi offerings coming on-chain in the mid to long term
and then hopefully moving to Aptos as the global trading engine.
Okay.
Okay.
That's interesting.
Dave, if that's...
If I may jump in, I think I can share some experience from a builder perspective in Aptos.
perspective in Aptos. So I think there are a lot of improving and also advancing tech stacks that
has been established in Aptos. So for example, like nearly zero trading latency and very fast
transaction speed and lower gas fee. So basically all my friends around are currently using Aptos
network to perform the transactions of the stablecoins, whether it's from central exchange to their on-chain wallets or back to like between different central exchange transactions.
So basically they're all using stablecoins on Aptos Network, I think which is a good sign for us to see like there are massive user adoptions for Aptos transaction.
And on the other side, because we recently worked closely with OKEx Wallet for the integration
with the Earn Team as well as the OKEx Wallet Dex aggregator.
So we see that there are some infrastructure pieces that hasn't been completed or get updated to the latest tech stack that Aptos has established.
So, but for with OKEx, so basically we have complete the OKEx Earn integration and also OKEx Wallet Dex aggregator integration, which is, which I think is a big milestone for Hyperion to achieve.
I think the next we're going to work with other wallet partners,
such as BiggerWallet or GateWallet,
like all the exchange wallet partners to get the infrastructure
and also the tooling and the stacks updated
into the latest stack that Aptos has.
So I think this is something that we need to continue to work on and make improvements.
Yeah, I think it's all about how to make on-chain liquidity more accessible to the market
and how easy onboarding is supposed to be done as well.
And it's all feasible to the market, right?
Claire, what is the strategy that you guys been doing?
Especially we see like a lot of campaign
has been done by Hyperion.
Like what is the next step?
What's the next strategy that you have in mind
or your team have been keeping it from the community?
I think that's something that can be shared for all this community who has been waiting.
So the XBTC campaign is the upcoming major one that we partner with OKEx wallet and also
Aptos Foundation.
We're gonna make the official announcement tomorrow.
So stay tuned for the official post
and also the campaign and the rewards
that we allocate for users.
So that campaign, the XBTC is launched exclusively
on three networks.
Aptos is one of them.
And I'm really looking forward to see how users utilize these assets on Aptos network,
whether it's LP or whether it's trading, lending, or do margin trading, pub trading.
But I think we are doing full force to support the user adoption of XBTC on Aptos network.
Okay. Too much alpha. Like it's too much in one time.
One time. Cool. Ash, is there anything else you want to add?
What is something that the community should aware of?
Is there any product going to launch on top of Aptos?
Or is there any, like, well, we see more market just launch.
Or is there any upcoming killer product
that can follow the journey of more at Hyperion?
Yeah, I mean, I think there's uh products that uh will come to
market that are going to be interesting um you know i'm very interested in structured products
stable coins um so you know it's kind of like athena more of those coming to aptos which could
be interesting um also you know i think uh one question I have, you know, is social trading, right?
I think making it more accessible, mobile optimized fun is going to be interesting to onboarding a new set of users.
So very excited about teams coming and having a thesis and vision around that as well.
thesis and vision around that as well. In terms of growth, though, kind of the end of that stack
I was talking about, we are definitely going to run a pretty big ecosystem-wide trading campaign,
which I think is going to be incredible to attract new traders and new users to all of
the different products within the ecosystem. So stay tuned for that. That's, that's going to be where
we focus our attention. I mentioned at the beginning, we're really focused on
demand side metrics this year. So this is, this is kind of why we start to trend towards
investment in this way. Okay. I can, I can also chime in there so on the trading front i think this is something we've
also been looking at quite closely and where hyperion also really stands out i mean with the
stats as a team that knows how to degen how to incentivize trading on the platform then since
launch in february i have the numbers here till early May so already outdated but was like 160
percent TVL growth and almost 300 percent trading volume increase so this is super exciting and
there are more of those in the ecosystem so another one I want to highlight is Echelon
which is also a portfolio company of ours they focus on lending and have also posted
stellar growth rates um they they're about to reach 300 million in total value locked
and are already a top 20 lending protocol all over defy and we are quite excited about them to bring
more of ifina's products into the aptos ecosystem and then i think
there's also new stuff cooking also on the financial front for example mev coming to aptos
potentially in the future which is still very very early stage but i've been hearing some interesting
thoughts on this as well for example from, from CoFi building in this area.
So I think there's a lot of stuff cooking
and the trading traction is really looking great.
Nice.
I also mentioned about social trading.
I think, Claire, something that Hyperion should consider.
Well, back to the conversation i think um if hyperion is
here to incentivize and know how to grow the trading volume and also really focusing on the
community how we can provide the best solution i think it's mainly the the team has been living in
the trenches for too long right so we just stuck there and then it's about how to give back
to the community um cool i think uh we are uh nearly end ending of the uh the space but probably
we can go through some questions that has been addressed by the community in the comment um
there's some very interesting question that actually,
let me see.
Yeah, so Hyperion has achieved impressive TVL growth
in a short time.
Well, it's in around
10 weeks.
Yeah. It's around 10 weeks
since happening on public,
may not. What key strategy
or innovation
do you
credit for this fraction?
And how do you plan to sustain
it as a competition
intensifies?
Claire, I think this is very interesting for you to go through.
Yeah, so for the initial TVL bootstrapping,
our team actually has good connections with different DeFi communities,
liquid funds, as well as a few crypto VCs.
So I think we established a good relationship with them before we launched the mainnet
and already pitched them to become our liquidity provider partner when our platform kick off.
So I think TVL is actually quite sufficient on Aptos overall. Like Ash just
mentioned, the TVL is huge, is a big metric in 2024. But this year, I think we actually focus
more on the TVL utilization ratio, which is the 24-hour trading volume divided by the TVL.
So we don't want to just bring in the TVL sitting idle on Hyperion.
We actually want to encourage users to perform trade on our platform
and really utilize rotated TVL instead of having it idle.
So I think the TVL utilization ratio is a major metric
that we use to evaluate our performance
instead of simply using TVL.
So, and also because of the product design
of the concentrated liquidity market making,
we don't need a very big chunk of TVR to facilitate their trades
because all the TVR is concentrated on the active price range.
So basically because of this design, we're able to perform the trades more efficiently.
Cool.
Yeah, I think that makes a lot of sense since day one, your vision is to make the
best trading space. So it's all about liquidity utilization instead of just focusing on TVR
metrics. On the other side, Ash, it's a very interesting question um in actors there are
too many products giving out apt other than yield what is your unique strength that your competitors
don't have the unique strength that other competitors don't have yeah um um well you know i think i think about this a lot i think about this sorry before
you go on i'm gonna help him wanting your foundation moving very fast that's what the
competitors don't have that that's what i was going to actually talk about so i think
the way i look about it and i i got my start in the Solana ecosystem. I led business at Metaplex, which spun out of Solana Labs.
And, you know, half of my time, or maybe let's say a third of my time was pre-FTX, and then two-thirds of my time was post-FTX.
So I think the way I look at it is I kind of take lessons from Solana in that time, which was everyone thought Solana was going to zero and people
were flying to eat.
And you had a lot of other ecosystems doing big partnerships and kind of having headlines.
And what I saw Solana do was really push on service and support.
They went to all of their projects.
They went to their founders.
They communicated with them. The foundation showed up to invest with them if they needed gaps in funding to continue shipping and pushing further. They highlighted them as part of representation of their network. And that paid off, right? Like I think that's why that was the moat for Solana. And when I think about Aptos,
I think we are hungry. We have something to prove. And so when I think about what's going to be our
differentiating strength besides the tech is our service mindset, our ability to be proactive,
to be somewhat opinionated, but leave room for founders to
actually fill in the gaps and really stand up the founders that represent the future of the
ecosystem. That's kind of what I think our strength is. We're in a little bit of a different
position than some more mature ecosystems, which makes us hungry. you know, and also it makes us it allows us to start to
say, hey, you know what, we're betting on trading and payments and like we're going to be relentless
in seeing an ecosystem push up in that in that way. So I think that's going to be our unique
strength. Yeah. In terms of incentives, you know, I think we're evaluating how to make those things more efficient and interesting.
We've broken TVL numbers from December, and that to APT was at a different price than it is now.
But also we've been spending less on incentives.
So we've got much more efficient and effective in how those things are being deployed.
efficient and effective and how those things are being deployed.
Yeah.
After the space in our Hyperion intern, I'm going to quote your statement on Aptos
is being keep hungry on delivering and we love that so much.
Right.
Well, it has been around.
It has been a statement everywhere.
People are just thinking of protocol, just thinking a foundation is like a retirement works, but apparently not.
Aptos proved it different.
And it's driven by the hungry, which is amazing.
Then I think for tonight or this morning to end the space with a question to Lucas.
So seeing the ecosystem grow very fast around Aptos
and either all the other ecosystem,
and also you mentioned about the bond market
is not doing really well right now,
but Bitcoin goes through to one 105.
this is a little bit out of topic uh but it's also interesting to discuss it's also interesting to
let the community aware of the reason uh the recent incident that happened to the brothers of Aptos,
well, people just always comparing each other with Sui,
the brother of Aptos,
that has happened recently to the biggest DAX.
What's the thought from the investors angle
how they take care of the post hack situation.
Is that something that actually
the protocol run after should pay attention on
or is that something that, well, security is of course,
number one, right?
But like the post hack is something that currently
has been discussed around by the community,
the response and freezing and whatever. Yeah. Lucas, any thoughts on that?
Yeah, so I think it's always important to watch closely when something like this happens
and try to learn, draw your lessons. But I think that's basically it.
So in crypto, we are still early. We built new stuff.
And unfortunately from, from time to time, things go wrong.
Hacks occur.
I think the only thing as an industry we can do is to learn and then try to not
repeat the same mistakes.
So I, I think we think we should look carefully,
try not to repeat any past mistakes,
but that's basically it.
Okay.
Yeah, that's really fair.
I think it's all about something that we need to aware of.
Security is number one, community is number one.
In the end, we just came from the same situations
and happened to be some of us being the builders.
So thank you, Ash, Claire, and also Lucas
for spending the time with us in the last one hour.
It's very interesting.
It's very interesting to get your insights and thoughts.
And also Aptos Foundation keep building, keep hungry.
It's just amazing journey.
So the next step for us, we just end this space and we just gonna get 10 uh um practice uh sorry 10
listeners here from the community side you're gonna receive uh some incentive or something to
share just for fun right it's all about community get back to the community and how we want to share
everything with you guys um and to end this phase, let's make Aptos grid again.
Let's go. Thank you. Thank you. Let's go. Thank you.
It was great to chat, everyone. Thank you.
Host
Hyperion
from
Hyperfluid
