Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial, Payward’s CFTC-regulated DCM and DCO, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward’s CFTC-registered FCM, would carry client accounts. HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively called HIP-3*. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers. The functionality is strictly additive to HIP-3; its use is optional and up to the deployer. Existing markets remain unchanged. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback. Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.

SITUATION DETECTED: Warhound launched from stealth today with a $200M seed at a $1.2B valuation. Ben Lamm and Palmer Luckey are cloning gene-edited bio-enhanced dogs and equipping them with custom Anduril vests, goggles, and sensors for the military and law enforcement.

🔥 JUST IN: Unitree unveils its H2-X humanoid robot, designed to “serve and guard” with up to 8 hours of endurance.

RoboStrategy CEO Andrew Kang on whether robotics is in a bubble: “What bubble?” He estimates private robotics companies are worth around $200B combined, with the sector attracting less than 10% of the funding currently going into AI “I think we are in the very early innings.”

1 billion humanoids. That’s how many could be in use globally within the next quarter-century. We’re mapping the companies bringing robots from the lab to your living room in The Robot Almanac. mgstn.ly/47B6ttq

Hyperliquid perps, live on the Terminal:

Liftoff of Starship's first orbital flight

*SEC STAFF ISSUES FAQS ON CRYPTO ASSET SECURITIES LAWS APPLICATION *SEC STAFF: TOKEN BUYBACKS ON FUNCTIONAL PROTOCOLS DO NOT CONSTITUTE MANAGERIAL EFFORTS *SEC STAFF: LIQUID STAKING TOKENS ARE DIGITAL COMMODITIES OR TOOLS, NOT SECURITIES *SEC STAFF: MAINTENANCE, ENHANCEMENTS, SYSTEM GRANTS NOT CONSIDERED ESSENTIAL MANAGERIAL EFFORTS *SEC STAFF: PROMOTING CRYPTO UTILITY WITHOUT PROFIT CLAIMS GENERALLY NOT AN INVESTMENT CONTRACT

JUST IN: Coinbase CEO Brian Armstrong says crypto and stablecoins will become the go-to payment method for AI agents.

BlackRock has built three investment portfolios that will trade as digital tokens, marking its latest push to bring traditional assets to the alternative financial system that powers cryptocurrencies on.wsj.com/4hpe8iW

JUST IN: 🇺🇸 US considers plan to promote dollar-backed crypto stablecoins worldwide.