Sonnet BioTherapeutics has announced a merger with Rorschach I LLC, resulting in the formation of Hyperliquid Strategies, which will launch a HYPE treasury strategy. The deal, valued at $888 million, will include the issuance of 12.6 million HYPE tokens and $305 million in cash, with participation from several strategic investors.

Hyperliquid has achieved over $1.57 trillion in onchain perpetual trading volume over the past year, generating $310 million in cumulative revenue. The platform's volume surged during its HYPE airdrop event, and it significantly outperformed competitors in May with $248 billion in volume. Hyperliquid's advancements include launching HyperEVM, enhancing its decentralized trading capabilities.