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Hyperliquid, a decentralized derivatives platform, saw a massive spike on March 16 as traders piled onto oil-linked bets amid the Iran war chaos. Volume topped $500 million in a day, and its token HYPE shot up by about 27%.

The ongoing war in the Middle East has triggered a surge in Oil, with the commodity surging 30% to above $110 on Sunday. Meanwhile, the current situation has highlighted the encroachment of tokenization in the mainstream, as Hyperliquid’s order books reveal an of traders into tokenized oil perpetuals on the decentralized crypto exchange.

Hyperliquid has launched an aggressive new strategy to expand its derivatives market share. The protocol brought out “HIP-3 Growth Mode” on Wednesday. This structural upgrade enables permissionless market deployment and slashes taker fees by over 90%.

A new, bizarre form of market attack has been identified on the Hyperliquid derivatives platform. Lookonchain reports that an attacker intentionally lost $3 million in collateral to inflict a $4.9 million loss on the Hyperliquidity Provider (HLP) fund via a POPCAT manipulation.

BitMEX founder Arthur Hayes laid out why he thinks the next altcoin season will look nothing like the last two cycles. In a recent interview he said the market is finally getting projects that were actually built for customers, that charge for usage and that pass value back to token holders. He called this the real altcoin season because it would be driven by paying clients instead of by liquidity stunts, which makes it more sustainable for traders.

Crypto asset manager 21Shares has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). The filing seeks approval to launch the 21Shares 2x Long HYPE ETF. This leveraged fund is designed to deliver twice the daily returns of Hyperliquid (HYPE) before fees and expenses.