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Hyperliquid volume jumps but TradFi still rules commodity depth

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Is Hyperliquid’s $3.64B whale book about to pick a side?

Onchain commodity trading is drawing more attention as traders look for round-the-clock access to oil, gold, and index products. 

Summary

  • Hyperliquid recorded $5.4 billion in macro perpetual volume as silver, oil, gold and indices led.
  • Weekend access kept onchain markets open while traditional commodity venues stayed closed to active traders.
  • Thin liquidity and wider spreads still keep onchain commodity trading below institutional size and execution.

Recent volume data shows that demand is rising, but limited liquidity still keeps traditional markets ahead in scale and execution.

Hyperliquid’s HIP-3 market reached a new record on March 23. The platform posted about $5.4 billion in perpetual futures volume across commodities and macro assets. Silver led activity with $1.3 billion, while WTI crude oil reached $1.2 billion. Brent crude oil recorded $940 million, and gold posted $558 million.

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The rise in volume points to broader interest in onchain macro trading. Equity indices such as the Nasdaq and S&P 500 also drew activity. This shows that traders are using decentralized markets for more than crypto-linked positions.

One of the main strengths of onchain trading is constant market access. Traditional exchanges close for part of the weekend, but decentralized platforms remain open. That gap gives traders a way to respond to geopolitical events and macro news in real time.

Theo chief investment officer Iggy Ioppe said the market is changing. He said, 

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”Previously, onchain commodity futures were mostly a venue for crypto-native investors, that is no longer the whole story.” 

He also said weekend oil futures volume has moved above $1 billion per day while traditional markets remain closed.

This shift has started to shape how prices form outside normal market hours. Traders can react before legacy venues reopen. That creates a role for onchain markets during off-hours, even if most large volume still sits elsewhere.

Despite higher activity, liquidity remains a core issue. Traditional venues still offer deeper order books, tighter spreads, and better execution for large trades. That makes it harder for onchain platforms to handle institutional-sized orders without moving prices.

1inch co-founder Sergej Kunz said traditional venues still lead in liquidity and execution quality. MEXC Research chief analyst Shawn Young also said the sector remains in an early stage, with gaps in price aggregation and market structure still unresolved.

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Growth continues as traders test macro exposure onchain

Market participants still expect further growth. Gold and oil have led the current push, but other asset classes may follow as traders grow more comfortable with onchain access to macro products.

Ioppe said trust in weekend pricing may support more activity over time. As more traders use these markets during off-hours, volume and open interest can grow together. That process may help onchain commodity trading expand, even while traditional markets remain the main source of depth.

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Crypto World

Linea Ends Direct EVM Arithmetization, Moves to RISC-V to Match Ethereum’s Proving Roadmap

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR:

  • Linea’s shift to RISC-V reduces instruction complexity from EVM’s full opcode set to roughly 40 instructions.
  • Every Ethereum hard fork previously forced complete rewrites of Linea’s ZK constraint modules under the old system.
  • RISC-V enables Type-1 Ethereum compatibility automatically through standard compiler tooling, replacing manual constraint work.
  • Linea retains zkC, Vortex, and Arcane in the new stack, preserving years of cryptographic research and production experience.

Linea, the Ethereum Layer 2 network developed by ConsenSys, is transitioning from direct EVM arithmetization to a RISC-V-based proving architecture.

The team spent three years building one of the most rigorous ZK proving systems in production. That work produced a 1,000-page specification that became an ecosystem reference.

However, the approach created maintenance challenges that slowed progress. The move to RISC-V marks a strategic reset focused on performance, modularity, and Ethereum alignment.

A Simpler Instruction Set Changes Everything

The EVM operates with a complex, dynamic state model that is difficult to translate into mathematical constraints. RISC-V, by contrast, offers approximately 40 instructions and 32 registers.

That simplicity makes traces narrower and allows the prover to start working on proof chunks immediately. The performance gains are structural, not incremental.

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Every Ethereum hard fork previously required complete rewrites of Linea’s constraint modules. That maintenance burden consumed significant research capacity.

The team was managing complexity instead of advancing cryptographic performance. Switching to RISC-V removes that cycle entirely.

Type-1 Ethereum compatibility was another major obstacle under the old architecture. Achieving it required implementing Keccak, RLP, and the Merkle Patricia Trie manually inside constraints.

With RISC-V, a standard EVM client compiles directly to a RISC-V binary, and the compiler handles compatibility automatically.

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Linea’s cryptographic researcher Alexandre Belling presented the transition at the eth_proofs conference. As Linea posted on X, the team is moving toward “true modularity,” where every layer can be independently benchmarked, audited, or replaced. That was not achievable with the tightly coupled system previously in use.

The Ethereum Foundation has also committed to RISC-V as part of its proving layer roadmap. Linea cited this as a deciding factor. Continuing on the previous path would have meant diverging from Ethereum’s long-term technical direction.

What Carries Forward Into the New Stack

Linea is not discarding years of work. The team’s constraint-native language, zkC, will be used to write the RISC-V virtual machine. Vortex and Arcane, which handle proving and aggregation, are architecture-independent and transfer directly.

Formal verification is being built into the new system from the start. Constraints are being designed for export to tools like Lean. That approach makes the stack auditable by a much wider audience than before.

Linea also retains full-stack ownership across its infrastructure. That includes the Besu execution client, the Maru consensus layer, the ZK prover, and the gateway. No critical third-party dependencies exist in the architecture.

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As Linea noted in a follow-up post on X, direct EVM arithmetization was “difficult to audit without deep cryptographic expertise.”

RISC-V is widely taught, well documented, and supported by a growing developer ecosystem. The shift makes the proving stack accessible beyond Linea’s internal team.

The transition positions Linea as an early mover in a space where the broader Ethereum ecosystem is now converging.

Years of production proving experience now apply to a simpler, faster architecture. The team has indicated more technical details will follow in the coming weeks.

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Ethereum Builders Propose ‘Economic Zone’ to Fix L2 Fragmentation

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Ethereum, Vitalik Buterin, Ethereum 2.0, Layer2, Arbitrum

Developers from Gnosis and Zisk, with backing from the Ethereum Foundation, have proposed a new framework aimed at unifying Ethereum’s fragmented layer-2 ecosystem by enabling rollups to interact seamlessly with each other and the mainnet in a single transaction.

According to an announcement shared with Cointelegraph, the proposed “Ethereum Economic Zone” (EEZ) would allow smart contracts on different rollups to execute synchronously across networks without relying on bridges.

The initiative targets a key trade-off in Ethereum’s scaling strategy, where dozens of layer-2 networks have improved throughput but split liquidity, infrastructure and user activity across separate environments.

If implemented, the framework would let applications share infrastructure across rollups while settling back to Ethereum, reducing duplication and the need for cross-chain transfers.

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The project is being developed together with Ethereum researchers and industry participants, with early contributors including infrastructure providers and DeFi protocols exploring a shared standard for interoperable rollups.