The biggest IPO ever found a home onchain

Welcome to the DefiLlama Newsletter. DefiLlama maintains the deepest DeFi dataset in the world, and now we’re bringing you the most valuable onchain insights each week.

The SpaceX IPO, the largest IPO of all time, goes live on June 12th. 30% of the IPO is allocated to retail participants, compared to the usual 5-10% (though the total float at IPO is only 3%).

This is the first IPO eligible for Nasdaq index inclusion within 15 trading days. This rule change was specifically designed for SPCX and creates immediate passive buying.

“Project Apex” is the IPO codename, and lets the underwriters (big banks like Goldman, JPMorgan, Morgan Stanley etc) coordinate internally before the SEC filing goes live.

For those trading onchain, the pre-IPO has been live for weeks. Aside from the CBRS launch last month, this is one of the first IPOs with crypto-native price discovery mechanisms.

Here are the onchain venues where it can be traded:

SPCX on trade[xyz] has seen over $500m in volume and earned $133k in protocol fees over the last 30 days. Open interest just hit a new high at $85m as the countdown inches closer to launch.

The perp-implied valuation has fluctuated around $160 ($1.91t valuation), a 20% premium over the IPO price. This premium has compressed considerably from the $230 high in May.

SpaceX leads Pre-IPO open interest onchain.

Over 98% of Pre-IPO Perp OI happens on Hyperliquid through HIP-3 builder-deployed markets.

Current SPCX premium implies a +$140b valuation gap that will need to resolve in just a few days. Either the perp will converge with reality, or reality will converge with the perp.

Total DeFi TVL fell by another 8% this week, from $79b to $72b, briefly dropping below $70b.

ETH liquid staking protocols suffered the largest hit, due to the price of ETH pulling down staked value in USD terms.

Similar story for Solana-based protocols Jupiter, Sanctum and KernelDAO: the notional amounts are smaller, but each protocol’s TVL dipped at least 20% over the last week.

Total stablecoin market cap is also experiencing sustained outflows. Currently on a 16-day outflow streak totaling -$8b in outflows over the last 30 days. The last 11 days have accounted for $5.5b of outflows.

USDT vs USDT net flows are nearly identical over the last 30 days. Together, they account for about 75% of the total stablecoin contraction. Learn more about USDC vs USDT flows here.

During the recent stablecoin outflows across the market, stablecoin market cap on the Hyperliquid L1 is up 20% in the last 30d, adding +$1.09b and outpacing all other chains.

Hyperliquid ranks 3rd among DEXs & CEXs in 24hr open interest. CEXs control 90% of total volume but only ~81% of open interest. Perp DEXs punch well above their weight in open interest relative to volume.

As a category, perp DEX OI is up over 120% in the last year. Competition between onchain perp venues is fierce, but Hyperliquid has maintained 30% market share for four straight months.

As of yesterday, Coinbase is the official deployer of Hyperliquid’s USDC treasury wallet. USDC will be an AQA (Aligned Quote Asset), replacing USDH as the canonical collateral and quote currency across its markets (HIP-1 through HIP-4).

A characteristic of this relationship worth noting is that the issuer shares the float yield with the protocol rather than pocketing it. 90% of yield generated by USDC living on Hyperliquid (currently over $6b) goes back to the protocol.

Given current USDC supply on HyperEVM and T-bill interest rates, this roughly translates to a substantial increase in revenue for Hyperliquid, and will likely be a continuous revenue stream independent of trading activity.

Schedule a call with our (human) analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.

This article explores how PRIME works, why its Morpho launch matters, and how Sentora’s approach to vault curation reflects the next phase of RWA adoption.

Starknet develops a solution in its new privacy token standard, STRK20.

Yields this week are presented through three perspectives:

Single-asset, no IL, USD denomination

Yield through fee generation: can include impermanent loss

Yield without IL, includes borrow / default risk

Is the SpaceX IPO bullish or bearish? What do you want to see in the DefiLlama Newsletter?

Reply and let us know. See you next week.