0xResearch BITGO IPO, HIP-3, KNTQ | Livestream
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Jan 27, 2026 They dig into surging onchain trading in Hyperliquid’s HIP-3 markets, especially metals and equity perps. They break down BitGo’s S‑1, business model, revenue accounting quirks, and concentration risks. They trace Kinetiq’s shift from liquid staking to HIP-3 deployment and what that means for valuation and execution risk.
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Onchain Perps Capture Real-World Asset Volume
- Hyperliquid's HIP-3 markets captured >10% of on-chain perp volume through trendy assets like silver and equities.
- Accessible, KYC-free venues let crypto traders quickly shift to non-crypto assets and drive large short-term spikes.
Model HIP-3 Growth Conservatively
- Don't extrapolate a single-week spike into permanent growth when volumes are driven by a narrow asset theme.
- Model future revenue conservatively and expect lumpy, spiky adoption for new on-chain asset markets.
Volume Follows Market Mindshare
- Deployers chase current mindshare, so listed markets will reflect the 'flavor of the month' and be highly cyclical.
- Over time, capturing sequential hot markets can build durable volume if the platform continually lists new demand assets.