Hyperliquid (HYPE)
The L1 tokens are pretty well beaten up, but there is one exception.
Hyperliquid’s Hype is the exception, and it comes as no surprise that this stock has posted a gain of 15.8% on the past week. Perps DEX generated a trading volume of $18.2billion on Sunday and received $4m in commission.
These price increases are occurring against a backdrop of deep red. Zooming in on the larger market capitalization L1s we find that almost all of them were guillotined. All L1s, from older generation like Cardano(ADA), Avalanche(AVAX), and Algorand(ALGO), up to the newer generation like Near (NEAR), Sei and Ton (TON), saw price drops of 20% or more on a weekly basis.
The biggest price drop was 27% in RON.
Kava, a lesser-known L1 who is embarking on an AI pivot is one other L1 to have bucked up the crash. KAVA ($539m market cap) has seen a 15% gain in the past week. Kava will launch its mainnet on October 20, 2022. It has carved a market for itself by offering a product similar to Maker’s collateralized loan position (CDP).
MANTRA OM
The OM token is now up by 27% this week. It is the 31st biggest token in terms of market capitalization.
I was embarrassed that, for a token of this size, I knew nothing about OM. I went online to find out.
OM appears to be the symbol behind the MANTRA Project, a L1 that focuses on real assets and caters to the TradFi institutional world.
The mainnet was launched in October of 2024. The OM token is used for validator staking, gas and governance — all pretty standard use cases. The TVL number I was expecting to see on rwa.xyz is not listed.
There isn’t anything unusual about OM’s price movement. Look at this chart and be discouraged, O Mighty.

Onyx
Onyx, or XCN for short, was a market built on Ethereum that lent tokens fungible and not fungible. It closed in September 2024 due to a security breach of $3.8 Million.
Could you give an explanation as to why XCN, the 96th most valuable token in terms of market cap (up 7% for the week) has been able to rise? The mental gymnastics may be worth it, but they aren’t worthwhile.
The only thing I could say is: Onyx, yesterday, announced XCN ledger, a brand new L3-based blockchain, built on the Arbitrum platform, but settling with Base.
Agents of AI
It is no secret that the AI agent sector has suffered a lot since its market cap peaked in January at around 20 billion dollars.
Everyone wanted to know how high this market would go when agents were still parabolic. Many analysts far better than myself made big predictions about the future of agentic markets. They placed it between $100 billion and $250 billion.
In the month that has passed, market capitalizations have plummeted to just $8 billion. Yikes.

Top tokens within the AI sector are not holding up. VIRTUAL has fallen 24% in one week. FARTCOIN, AI16Z, and FARTCOIN have also dropped 22.5%, 38.6% and 22,5%, respectively.
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