Crypto.com's Research team just dropped their weekly DeFi and L1/L2 update on X, highlighting some major shifts in the blockchain space. If you're into decentralized finance or keeping tabs on layer-1 and layer-2 developments, this one's packed with insights. Let's break it down in simple terms, starting with the big players making waves.

Hyperliquid's Massive Grip on Decentralized Perpetuals

First up, Hyperliquid is absolutely crushing it in the world of decentralized perpetuals. For those new to the term, perpetuals (or perps) are like futures contracts in crypto trading but without an expiration date—they let you bet on price movements indefinitely, often with leverage. According to the update, Hyperliquid snagged over 79% of the total trading volume across all decentralized perps platforms, raking in a whopping $315 billion in July alone. That's a 42% jump from the previous month!

The chart below really paints the picture: You can see Hyperliquid (in dark blue) steadily dominating the market share from August 2024 through July 2025, while competitors like ApexX, Jupiter, and others fight for the scraps.

This dominance isn't just numbers—it's generating serious revenue, over $90 million in July. If you're trading memes or other tokens, platforms like Hyperliquid could be key for high-volume, low-fee trades. Check out more data on Artemis XYZ.

Circle's Bold Move: Launching the Arc L1 Blockchain

Next, Circle—the folks behind the popular USDC stablecoin—is gearing up to launch a brand-new layer-1 blockchain called Arc. Expected later this year, Arc will be fully compatible with the Ethereum Virtual Machine (EVM), meaning it can run Ethereum-style smart contracts seamlessly. The cool twist? USDC will serve as the native gas token, so you'll pay transaction fees directly with the stablecoin instead of something volatile like ETH.

This could make things smoother for DeFi users, especially in meme token ecosystems where stablecoins are crucial for liquidity and swaps. Imagine easier onboarding for new traders without worrying about gas price spikes. For deeper dives, head over to Cointelegraph's coverage.

Paxos Levels Up with National Trust Charter Application

Rounding out the highlights, Paxos is pushing for a national trust charter from the Office of the Comptroller of the Currency (OCC). Paxos already handles stablecoins like USDP and tokenized assets, and this move would put them under federal supervision, boosting credibility and safety standards.

In a space full of regulatory gray areas, this is a big step toward mainstream adoption. It could mean more secure tokenization services, which might trickle down to meme projects looking to go legit. Paxos shared the news on their official site.

Beyond these, the update touches on other buzz like Stripe's potential Tempo blockchain and Galaxy Digital exploring share tokenization, signaling a maturing market. If you're building or trading in blockchain, these trends could shape the next wave of meme token innovations—think better liquidity, faster chains, and trusted stables.

Stay tuned for more updates, and if you want the full scoop, follow Crypto.com Research on X. What's your take on Hyperliquid's rise—game-changer or just hype? Drop your thoughts below!