August 2, 2025

Imagine if Figma’s IPO had Hyperliquid’s pre-launch perps

This is a segment from the 0xResearch newsletter. To read full editions, subscribe.The 13-year-old design software company Figma IPO’d on the NYSE yesterday.As I write this edition, Figma’s stock is trading at $115. That’s a ~250% pop from its $33 opening …

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