Financing $14 million, monthly trading volume exceeds $1 billion: EntropyIO is seizing the valuation trading market before AI giants go public! OpenAI and Anthropic have not yet gone public, and retail investors can already go long and short on their valuations on Hyperliquid. EntropyIO received $14 million in funding led by Ribbit Capital, with a 30 day trading volume exceeding $1 billion. Its core business is to transform the previously illiquid and institution dominated Pre IPO transactions into a 24-hour open perpetual contract market. The most technologically advanced aspect of Entropy IO is its pricing mechanism. Unlisted companies do not have consecutive public stock prices, making it difficult for traditional oracle machines to accurately quote prices. Entropy uses' liquidity weighted Oracle ', combined with external private equity valuations and internal order books. The deeper the market, the higher the internal price weight, up to 95%. When liquidity is insufficient, the external price weight automatically increases. In addition, the Pre IPO funding rate multiplier is only 0.125 times the regular level, allowing traders to express their valuation expectations without being excessively penalized by high funding rates. Entropy's Oracle is responsible for calculating funding rates and anchoring prices, but the marker prices that determine profit and loss, margin, and forced leveling mainly come from the platform's own order book's 5-minute smoothed prices, and are not directly mixed with external valuations. So this mechanism is beneficial for price discovery, but it cannot completely eliminate price manipulation and liquidity risks. For example, if IO quotes 2000, it represents an implied valuation of approximately $2 trillion for Anthropic in the market, which does not necessarily mean that the company's true value is that much, let alone that you hold its stocks. Entropy needs to pledge 500000 HYPEs to operate the HIP-3 market, with revenue mainly coming from transaction fees, which are shared with Hyperliquid according to rules. At present, OI is about 60 million US dollars, with a 30 day trading volume of about 1 billion US dollars. However, the monthly revenue attributable to the agreement is only about 40000 US dollars, and some markets still enjoy a 90% discount on Growth Mode rates. The trading demand has been preliminarily verified, but commercial monetization is still very early. Whether we can challenge TradeXYZ in the future depends on the real liquidity and user retention after the subsidy ends. How can retail investors participate? Entropy has not officially announced its native token or confirmed airdrop plan, but has already opened up early community incentives such as invitation rebates, Partner, and Badge. You can enter through my invitation link and use the platform's supported USDC, small fund experience IO, IO, and other markets. Focus on fund rates, order book depth, and strong leveling risks. It is not recommended to blindly brush volume for airdrop expectations. Participation entrance: https://(entrance. io)/? r=oragnes I think Pre IPO valuation trading is a new market with real demand, and Entropy's pricing mechanism does have differentiation. It already has trading volume, and the next stage is to see whether the fee income and liquidity can continue to grow.