Hyperliquid Surges Past Binance in Perpetual Volume amid Broader Crypto Developments

The headline news highlights that Hyperliquid's perpetual trading volume reached an all-time high of $248 billion in May, securing over 10% of Binance's flow, signaling a significant shift in the decentralized derivatives market and competition dynamics within the trading landscape. Meanwhile, Elon Musk’s platform X announced a partnership with Polymarket to integrate live prediction markets into its social feed, blending real-time betting odds with social media content. Additionally, Kim Yong-beom, former Vice Minister at Korea's Ministry of Economy and Finance, has been appointed Chief Policy Officer at Hashed Research, indicating increased engagement from the crypto industry within governmental policy circles. On the governance and security front, Bitcoin DeFi platform Alex Protocol suffered an $8.3 million exploit but committed to full reimbursement in USDC, reflecting ongoing challenges in DeFi security. Furthermore, Eric Trump indicated that tensions within Trump’s crypto factions have eased, with plans for World Liberty Financial to purchase a substantial memecoin holding. Lastly, crypto advocacy groups are urging the dismissal of a case against Bitcoin mixer Samourai Wallet, arguing that the legal action is unwarranted and could impact privacy tools.