Written by: Curry, Deep Tide TechFlow

Deep Tide Guide: Anthropic, as one of the most watched AI giants, has yet to IPO, making it almost impossible for regular investors to participate.

The emerging DEX EntropyIO has just launched the Anthropic Pre-IPO perpetual contract on Hyperliquid, claiming to provide the "first way to trade Anthropic with liquidity." The project completed a $14 million funding round led by fintech VC Ribbit Capital and also received $40 million in HYPE staking support.

The core team comes from traditional market makers such as Citadel and Optiver. This article will delve into the technical mechanism of EntropyIO, team background, and how early participants can capture potential airdrop Alpha through the referral reward mechanism.

For players wanting to experience it, click here to view the latest pre-market contract situation for this DEX and Anthropic.

Anthropic has not yet gone public, but the "opening" on the chain has already begun.

On August 24, EntropyIO (abbreviated as Entropy) announced the launch of the first public Anthropic Pre-IPO perpetual market on Hyperliquid. The official announcement stated: "We are launching the first way to trade Anthropic with liquidity. For a long time, cutting-edge assets have only been open to a privileged few."

As usual, the pre-market contract on the DEX does not represent true equity delivery; it is essentially equivalent to a valuation exposure of Anthropic stock synthesized through perpetual contracts.

However, for crypto investors, the barrier to participating in the dividends of top AI giants has suddenly shifted from "waiting for an IPO or looking for extremely opaque secondary transactions" to "opening Hyperliquid to go long or short."

After launch, market response was swift, with the ANTH-USDC market reaching a trading volume of nearly $3 million within 24 hours, holding about $2 million. Its implied valuation once surged to nearly $2 trillion (far exceeding Anthropic's previous official financing valuation), indicating that on-chain funds are pricing this type of "cutting-edge asset" with significant aggression and FOMO sentiment.

Market Maker Background and $55 Million Capital Support, Team’s Color Bound to Hyperliquid Ecosystem

Entropy's high-profile debut is primarily due to its array of investors and team background.

The project announced it had completed a $14 million equity financing led by fintech venture capital Ribbit Capital, and also received about $40 million in HYPE staking support. Together, these give it nearly $55 million in capital backing at the startup stage.

This "cash financing + token staking" composite structure is directly related to its positioning within the Hyperliquid ecosystem:

Binding with Hyperliquid's Mechanism:

Entropy is not an independent L1/L2 but rather functions as an independent market deployer (Deployer) under the HIP-3 standard on Hyperliquid. According to HIP-3 rules, deploying a custom market requires locking significant amounts of tokens to bear liquidation and operational risks.

The $40 million in HYPE staking essentially provides credit and a safety net for building a large-scale derivatives market on Hyperliquid's underlying system. This also means that Entropy is deeply bound to the ecological prosperity of Hyperliquid; it consumes Hyperliquid's liquidity and order book performance while feeding back transaction fees and asset diversity to it.

The team composition and technical focus exhibit clear traditional quantitative trading and high-frequency trading attributes:

The core members disclosed by the official team primarily come from traditional institutions Citadel Securities, Optiver, Polymarket, and Millennium. The engineering and trading experience from Citadel and Optiver allows them to place more emphasis on order book depth management and micro-market structure, which is also the source of their "liquidity-weighted oracle" technology (dynamically adjusting external quotation weights based on their own order book depth).

The experience from Polymarket has provided the team with practical experience in non-standardized, long-tail events, and synthetic asset pricing.

The lead investor Ribbit Capital had early investments in Robinhood and Coinbase, with a strong presence in the field of traditional brokers and crypto asset channels. Its involvement in Entropy is more of a bet on the pathway value that on-chain derivatives protocols could extend to "all categories of cutting-edge asset trading" (from Pre-IPO equity to computing power, macro indices).

Overall, Entropy is not a technical paradigm disruptor but rather a typical "Wall Street quantitative team entering the on-chain application layer." It chooses to leverage a mature and high-performance underlying layer (Hyperliquid), with liquidity staking provided by financiers while focusing on asset pricing, oracle models, and market-making operations to lower the entry barriers for asset issuance.

Core Mechanism: HIP-3 and "Liquidity-Weighted Oracle"

Entropy chose not to reinvent the wheel to build an AppChain but instead acts as an independent market deployer for Hyperliquid’s HIP-3, directly utilizing Hyperliquid's powerful underlying high-performance order books and margin engines, while focusing on defining markets, updating oracles, and operations.

The core technological moat of this model is the "liquidity-weighted oracle."

In traditional on-chain derivatives, price discovery heavily relies on external oracles (such as Chainlink). In Entropy's design, external prices will dynamically adjust weights based on the actual executable depth of this market.

This means that when the order book is sufficiently thick, price discovery will occur more on Entropy's own order book, effectively preventing malicious sniping, and allowing the market to truly master the pricing power of the assets.

For traders, the front-end experience is no different from mainstream DEXs, as I discovered during my use experience that if you cover the logo, the interface and operations are not much different from Hyperliquid.

At the same time, the system supports common perpetual functions such as leverage, independent margin, and take profit/stop loss. In terms of fees, the HIP-3 market rates are usually twice that of standard perpetuals, and protocol fees are shared between Hyperliquid and Entropy.

Finding Alpha: Referral Network and Early Interaction Guide

The official has not yet formally confirmed token economics, but combined with its high HYPE staking and sophisticated market growth strategy, its intention to encourage early liquidity is already very evident.

For players who want to position for potential airdrops, the current interaction path mainly revolves around its "referral and incentive network".

Entropy has designed a highly aggressive incentive system, divided into self-trading incentives (Self Reward) and referral rewards (Referral Reward), and at the early stage delineated different Tier levels:

• Core Strategy: Rush for Tier 2 Eligibility. Early users can activate Tier 2 eligibility (enjoying 120% self-trading incentives + 50% referral rewards) by simply completing the basic trading threshold in the HIP-3 market. Community quantitative players have calculated that through cross-exchange arbitrage or low-leverage hedging strategies, Tier 2 can even achieve a degree of "no-loss volume brushing," accumulating points through trading friction.
• Interaction Steps:
• Key Timeline: Multiple community sources indicate that the registration window for the Snapshot of Early Users Season 1 is about to close on August 29, with relevant details expected to be announced in an upcoming AMA. The time window for early interactors is very short.

Dancing with Hyperliquid

Chinese community observers have compared Entropy to Blur, which once challenged OpenSea. Anthropic itself does not issue tokens, but Entropy uses an innovative mechanism to build a liquidity entry point for it, seizing the pricing power of the assets first.

Anthropic is simply an excellent marketing entry point. The real narrative lies in whether Entropy can prove that its oracle and liquidity mechanisms can support valuations of hundreds of billions of dollars for AI giants, then in the future, SpaceX's equity and Middle Eastern oil indices can be packaged into perpetual contracts traded here 24/7.

For retail investors, this is a potential early interaction feast with substantial profits; for Hyperliquid, Entropy is the best benchmark for successfully executing the grand vision of HIP-3; and for the entire crypto industry, Entropy is ripping open a gap, allowing "cutting-edge assets," which have been monopolized by traditional finance, to truly flow into the Web3 order books.