OpenAI's Hyperliquid pre-pricing business, why did it last six months

Original by Curly, Deep tide TechFlow

The days when SpaceX was on the market, Hyperliquid's forward price was painted, but few people looked at who deployed the market behind it。

This is actually a team called Trade.xyz. Anonymously, this year, it's only started, and now it's eating more than nine percent of the Hyperliquid up front. SpaceX chain on Pre-IPO, this wave heat is basically brought up by its family。

And just three days after SpaceX struck the bell, on June 15, another team that did the same business declared closed。

This house is called Ventuals. Behind it is Paradigm. It also has SpaceX's front-load contract and Openai and Anthropic. At the beginning of the year, it took only nine months, from opening to collection。

Same chain, same set of HIP-3, same track. One makes SpaceX the biggest market in the world, the other puts OpenAI, Anthropic in its hands, and it's gone。

It's worth wondering how Ventuals got out. According to its official account on the social media, it was not so bad that it could not survive, the bulletin said it was bought, the team as a whole went into another project in the Hyperliquid ecology. The principal: 1:1 is returned to the user and is counted as a decent closure。

But that's the problem. OpenAI and Anthropic are two of the most rare brands in the field, the one that should not be out of the game. What's the difference

Trade XYZ with Ventuals

The good one now, Trade. xyz, the team is anonymous。

The founders of the project showed a point in an interview with Jeff Yan, founder of Hyperliquid, saying that they had spent $66 in 2013 to buy the first bitcoin, and that they had been investors since then, had they not done the project, and had they not met Jeff, they would have left the circle。

That's the one who made the biggest front market on Hyperliquid. According to Colossus, Trade.xyz has grown by 38 per cent a week since last October, with a cumulative turnover of over $130 billion。

It made silver, then crude oil, then standard 500, then SpaceX。

It picks SpaceX, very smart。

SpaceX is going to ring the bell in NASDAQ on June 12th. The price of the release, the date of listing, is fixed. Trade.xyz hangs the pre-discretion contract on a bet that sooner or later the answer will come to light, and on the day of the opening, NASDAQ will give a real price. The real price is like a line, pulling the front price so it doesn't drift too far. Even if it's in the middle, the clock will be pulled back。

THE SAME IS TRUE. THE SPCX WAS REPORTED BETWEEN $154 AND $172 A FEW DAYS BEFORE THE LISTING, WITH A PREMIUM OF 135 ABOVE THE ISSUE PRICE, AND THEN THE OPENING WENT UP。

Ventuals picked another mark。

Behind it is Paradigm, one of the top of the encryption ring, born of a much more decent family than the anonymous Trade.xyz. It picks a bigger brand, OpenAI and Anthropic, two of the most scarce pieces on the field。

Both companies, however, do not have bell-call days in the short term。

Not without their anchor pricing. According to Bloomberg, Anthropic gave the employee sales stock this year at a $350 billion valuation, and OpenAI does so regularly. However, the price is marked by closed doors, an old-stock deal, often involving long-soldier stockholders whose assets do not really change hands in an open market。

Such pricing may be accurate at some point in time, but it does not involve an open order book to which all people can go against。

Putting the price on the chain as a contract would be equivalent to hanging the entire market under one or two chains. Even more troublesome is that it gives the price a mechanism for itself and itself。

A chain analyst took the pricing logic of Ventuals:

It predicts the price of the machineHalf of the old stock from the outside and the financing bid, the other half from the contract's own average priceI don't know. In other words, half the price is looking at itself. As the purchase went up, the line was pulled up, the prognosis went up and the price cap was pushed and then posted。

As a result, the prices of these contracts, OpenAI, Anthropic, have long been attached to the ceiling, and sales orders and liquidations are difficult to settle. It looks like it's rising steadily, and it's actually stuck structurally there, not much to do with real supply and demand。

Source: The MAG7 mark on Ventuals can see that K-line is intermittent and part of the time period is not closed

So this Pre-IPO is less like the market telling you how much OpenAI is worth, and it's more like a machine putting the price up and lifting it up to the price that you put up。

Trade.xyz is charged with a subject that will sooner or later be liquidated by NASDAQ, with a bottom of the wrong price; Ventuals is charged with a mark that will temporarily live only in the internal offer, and is given a self-cycled feed price, which is half-empty and has no bottom。

Stock stop price reference: OpenAI 1300 and Anthropic 1600

It's over. Is it the last price

When Ventuals shut down, it had to give the agreed final price in hand to clear all their space. It's the way to take the past 24 hours of the average price freeze。OpenAI was ultimately set at $1341.80 per share and Anthropic at $1618.90。

These figures are now engraved into the settlement records and constitute the final offer that the two companies left behind in the chain。

As mentioned earlier, half of this price is based on the old external stock price, half on the average of its own price and long-term climbs to the ceiling. In other words, 1341.80, there's a good part of it, and it's the result of the machine lifting up one more at its own best。

It reaches two decimal places, but it may not be true。

What's ironic is that there are people out there who take it seriously。

According to Bloomberg, staff of SpaceX, OpenAI and Anthropic, as well as some late-entry investments, came to Ventuals to say that they were using this platform to value their shares。

I think I need to look at this。

These people hold old shares of real money and silver in their hands, and they know more than anyone what their shares are worth. But the first-market offer was a yearly squeeze of toothpaste, a gap between two rounds of financing, and no one knew whether the intermediate share price was rising or falling。

And Ventuals, a place like this, which doesn't count anymore, at least 24 hours, is counting, and it's going to go up and down。

So there was a upside down situation。The insider, who was supposed to be the most price-fixer, in turn looked at the number of a open card table and found some psychological comfort。

That's the most fucked-up part of the deal。

For the most scarce, there is a lack of fair prices; the less price, the more people are willing to capture anything that looks like price, even if it is a machine that itself has to take over。

Ventuals closed, and the two final prices were set there. But the need to look at these figures for reference is certainly not small。

Pre-pricing business. Players compete. Field

Demand is increasing and supply is becoming more formal。

In the same week of the Ventuals stand, Coinbase went online to renew its pre-discretion contract, the first item being SpaceX for users outside the United States。

More than Coinbase. Polymarket opened the forecast market for private company valuations using NASDAQ data, and Citi introduced tokenized private company shares to wealth and institutional clients. Crypto's doing it over here, and the old pitcher's doing it。

It's no longer a little bit of an anonymous team on Hyperliquid。Giving unlisted companies a price that can be traded at any time is becoming a serious business for which everyone wants a piece。

For domestic readers, this demand is not new. The first-level market is divided between institutions and high net values, and ordinary people cannot even touch the door. Now someone hangs out the prices of OpenAI, SpaceX companies, sells them 24 hours, for the first time in a lot of people. The need is true。

But Ventuals shut down and this business was exposed for six months。

Price is not enough for someone to be willing to trade. There must be an open market where anyone can go against it. Instead of Coinbase doing it, this door doesn't automatically disappear. It's just a sign from an anonymous team to a bigger brand. The company below is still not on the market and the fair price does not exist。

Will the next person who takes over the price will be better marked than Ventuals? The answer may have to wait until OpenAI really stands up until the day the clock rings。