Guides & Research

$39.5M USDC has been deposited — all verifiable on-chain. Here's what the data shows, what requires trust, and what the real risks actually are.

We pulled the top 2,000 of the BULK leaderboard going into the first weekly snapshot. Here is what $20.6M TVL, 7,520 depositors, and the full Aura rankings reveal that the dashboard does not show.

Hyperliquid distributed $8.7B to 94,000 wallets. The playbook that produced that outcome was not obvious at the time. Stealth seasons, anti-Sybil design, builder codes, no-VC structure — here is the full breakdown and where BULK maps to each piece (and the one place it diverges: BULK is VC-backed).

kdot just described BULK's endstate on Twitter: use your lend position as margin, trade undercollateralized options, hedge with perps. True portfolio margin across every instrument. This is the product roadmap most people are not pricing in.

BULK team member kdot laid out the AURA allocation criteria directly in Discord last night: early fund committers and mainnet traders get more. Two-step playbook confirmed by the source.

The BULK AURA formula rewards size × time. Larger deposits capture proportionally more of the 1,000,000 weekly AURA pool — and institutional referral mechanics mean that referring one large depositor earns more AURA per week than 100 retail referrals combined.