On-chain Weekly Digest: Hyperliquid HIP-3 upgrade to allow permissionless perp market creation
@MetaMask adds in-wallet perps, powered by @HyperliquidX; Binance announce native meme launchpad Meme Rush...
On-Chain Overview
The DEX ecosystem is rebounding, highlighted by interest in innovative models such as Hyperliquid HIP-3. Meanwhile, crypto market faces heightened liquidation pressure, and prediction markets are seeing notable growth in platform activity, particularly in the sports segment.
Crypto market fell 8.04% to $3.89T despite a 46.62% surge in DEX volume ($177.24B), with Ethereum leading DEX activity ($40.28B, +54.92%) and PancakeSwap topping DEX revenue ($6.8M, +138.6%), while the DEX-to-CEX ratio drops slightly to 18.5%.
（Data accurate as of: 13 Oct, 2025, 6:00 am, UTC）
Altcoin, Meme coin, NFT and RWA
Altcoin market cap fell 6.96% to $1.07T, driven by a sharp -16.65% drop in meme coins ($60.91B), even as meme trading volume jumped 50% to $87.16B; NFTs and RWAs showed mixed performance, with NFT cap down -12.22% and RWA market cap up +1.63%.
（Data accurate as of: 13 Oct, 2025, 6:00 am, UTC）
Macro, Stocks & Commodities
Gold rose +2.28% amid rising volatility (VIX +6.53%) and a slight DXY uptick (+0.33%), while equities (S&P 500 –2.44%, Nasdaq –2.27%) and oil (–3.76%) declined; 10Y yields dropped –2.15% and JPY/USD stayed nearly flat (–0.06%).
（Data accurate as of: 13 Oct, 2025, 6:00 am, UTC）
Key Events of the Week
RWA | Plume Network gains SEC transfer agent status to bring TradFi onchain (07 Oct)
Plume’s SEC registration lets it manage tokenized securities under US law, a step toward merging traditional markets with blockchain infrastructure.
Launchpad | Binance announce native meme launchpad Meme Rush (09 Oct)
Meme Rush is in partnership with @four_meme, and traders can earn 4x Alpha Trading Volume while they trade.
NFT | Sorare moves to SOL (09 Oct)
Sorare is migrating from StarkEx to Solana this October, marking a major step toward becoming an open, flexible, and high-performance digital sports collectibles platform.
Wallet | @MetaMask adds in-wallet perps, powered by @HyperliquidX (12 Oct)
@MetaMask’s in-wallet perps now provides 150+ tokens, up to 40× leverage, with self-custody.
DEX | Hyperliquid HIP-3 upgrade to allow permissionless perp market creation (13 Oct)
Hyperliquid rolled out its HIP-3 upgrade, enabling anyone staking 500,000 HYPE tokens to deploy their own perpetual swap markets permissionlessly.
Looking Ahead
NFT | Meebits Brunch event in Las Vegas for Meebits holders (24 Oct)
Wrapping Up
From a market data perspective: The crypto market declined overall, but DEX volume rebounded strongly, led by Ethereum and PancakeSwap; while altcoins and NFTs pulled back and RWAs showed modest resilience.
From a market events perspective: Plume gained SEC approval for tokenized securities, Meme Rush launched, Sorare migrated to Solana, MetaMask integrated Hyperliquid-powered perps, and HIP-3 enabled permissionless perp market creation.
