Hyperliquid price

Written by: Haotian Based on the Trump family concept alone, the circulating market value of @worldlibertyfi has reached $7B. With almost no reliable ecological project support, its market expectations surpass that of many Crypto Native blue-chip protocols such as AAVE, Uniswap, Ethena, and Pendle. Tell Me Why？ The answer is clear: the current trend of build in the crypto industry has completely changed, and I would like to share some observations: 1) To Wall Street institutions, the popularity of a new narrative of Wall Street DATs has overshadowed many previous technical narratives such as layer2, BTCFi, and ZK, and it has been proven that the adoption from institutions will truly bring increments, even if most of them have bad intentions. 2) Focusing on capital efficiency, the market no longer focuses on the TPS arms race and superficial TVL shows, but begins to focus on how to generate more yield returns with limited funds. For example, @Dolomite_io's liquidity multiplexing, @MitosisOrg's programmable liquidity innovation, @apr_labs's MEV value capture, and high-frequency trading flywheel all tell stories about how to improve capital efficiency. 3) Financial engineering > technical concept, the expansion of Crypto from finance to non-financial fields seems to be a strange circle, every cycle is talking about outward expansion of mass adoption, but in the end it will return to the most essential financial transaction scenario. The allure of complex cryptography and consensus mechanisms has long been eliminated in favor of structured product design with a deep understanding of financial business. For example, @HyperliquidX's on-chain order book depth and CEX-level trading experience have made everyone almost forget about Decentralized, while @pendle_fi's Boros protocol innovation is like opening a Pandora's box of traditional finance. It turns out that sophisticated financial engineering design is much better than complex technical concepts; 4) The B2B2C model replaces the pure C-end narrative, and it has long been proven that there is only one business model in the currency circle that can serve retail investors well and drive retail investors: exchanges, which are both centralized and hegemonic and monopoly are not so cool. It is smart and wise for ordinary builders to innovate around Onchain and choose to serve institutions first and then let institutions serve retail investors. Therefore, under TradFi's product positioning, services such as customized vaults, whitelist pools, KYC thresholds, and AMM optimization for institutions will become innovative directions. 5) Compliance has become the entry threshold for innovation, once upon a time, Crypto innovation compliance was not the first principle, basically an after-the-fact ticket, but under the new trend, it is more effective to get a license to make a product first than to make a product first and then seek compliance. In other words, compliance has become a new unfair competitive advantage, such as the dimensionality reduction crackdown on the currency circle by the TRUMP family, which has the advantage of government resources. Coinbase's @base, Circle's USDC expansion path, and even the market expectations and valuation logic behind the Trump family's WLFI have all verified the efficiency of this path. Above. In a word: The next decade of Crypto may no longer belong to geeks who change the world, but to people who know how to package the on-chain world into financial products that Wall Street can understand.