GLC Research is a crypto research and reporting firm specializing in onchain finance — independent, in-depth coverage of DeFi protocols and perpetual futures infrastructure, built for investors and market participants.
Our most recent reports and deep dives.
![Trade[XYZ] 2026 Q2 Report](/assets/img/tradeXYZ 26Q2.png)
Trade[XYZ]'s Q2 2026 in review — Hyperliquid's dominant HIP-3 deployer with $202B volume (+79%), 95%+ of HIP-3 volume, the launch of Pre-IPO Perpetuals (Cerebras, SpaceX, Quantinuum), and the CFTC's first US-regulated perpetual futures approval.
President Trump named Hyperliquid directly at the White House, removing HYPE's single largest overhang — US regulatory access. Using live HRC × HL Eco data, why the bull case just got a lot bigger: $PURR, crypto volume, forward earnings, and metrics at all-time highs.
Hyperliquid's Q2 2026 in review — HIP-3 RWA perps hit $213B (a third of exchange volume), the first HYPE ETFs began trading, HYPE rose 79% to a new all-time high, and protocol revenue closed at $169M with $141M returned via buybacks.
GLC Research's take on Maple's MIP-021 — a rules-based SYRUP buyback that scales with revenue. What's strong, what's weak, and how to improve it.
Maple grew AUM to $3.87B through a crypto drawdown while DeFi TVL contracted 12%. Loan book near all-time highs and syrup yields widened their premium over every major alternative.
A comprehensive, data-driven view of Maple's Q1 2026 performance — AuM, loan activity, revenue trends, monetization efficiency, and product performance across chains and pools.
Hyperliquid's financial performance, ecosystem developments and structural transformations through Q1 2026 — the quarter the "House of All Finance" thesis became undeniable.
Key takeaways from Hyperliquid Strategies' ($PURR) second earnings call — accelerating HIP-3 and Trade[XYZ] momentum, a new Unit Labs validator, HYPE's widening independence from crypto markets, and continued treasury deployment across a strong quarter.
HRC brings TradFi-style coverage to the Hyperliquid ecosystem. Co-founded by Four Pillars and GLC Research, it gives investors worldwide a clear, transparent view of Hyperliquid’s financial performance — translating on-chain fundamentals into the language institutions already trust.
Independent. Not affiliated with the Hyperliquid core team. Nothing published is investment advice.
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