#ventuals

➤ Ventuals is shutting down its on-chain pre-IPO markets on Hyperliquid, which allowed leveraged trading on private companies like OpenAI and Anthropic. ➤ The platform facilitated over $650 million in volume and is returning deposited funds to users, with its team joining another Hyperliquid-ecosystem project. ➤ This closure highlights the speculative nature and challenges of price discovery for pre-IPO companies in the on-chain derivatives space.

➤ Ventuals, a platform for tokenized private-market trading, is shutting down after processing over $650 million in volume. ➤ The platform aimed to provide 24/7 blockchain-based access to private technology companies like OpenAI and Anthropic through synthetic markets. ➤ Despite demonstrating demand, the closure highlights ongoing challenges in building scalable and sustainable blockchain-based private-market infrastructure.

➤ On-chain prediction markets and derivatives platforms like Polymarket and Ventuals are assigning a higher valuation to SpaceX's upcoming IPO, ranging from $1.8 trillion to $2.1 trillion, potentially exceeding the company's current $1.77 trillion valuation. ➤ The SpaceX IPO is being closely watched as a test case for the narrative that its offering might drain risk capital from the crypto market, potentially impacting Bitcoin's price. ➤ The article also touches upon the correlation between Bitcoin and Nasdaq futures, the collapse of corporate Bitcoin buying, and the upcoming launch of BlackRock's income-paying Bitcoin ETF.

➤ The pre-IPO market for SpaceX on Hyperliquid experienced a 45% flash crash, liquidating over $1.5 million in leveraged positions. ➤ The crash was attributed to incorrect data from an off-chain oracle provider used by the Ventuals exchange, which is built on Hyperliquid's architecture. ➤ Ventuals has acknowledged the issue, will compensate affected users, and is implementing measures to prevent future occurrences.