The biggest difference in perspective I see about HYPE is whether Hyperliquid is a Perp DEX or a Layer 1.
Jeff and the OG community believe that Hyperliquid has been built with the ideals of an L1 from the very beginning, and therefore, it is undervalued relative to its cash flow and growth potential. The current market cap of $13bn is ridiculously small compared to the financial empire that Jeff envisions.
On the other hand, most outside perspectives see Hyperliquid as just another Perp DEX, and they believe the L1 or HyperEVM was added later on, which is totally not true and easy to verify. From this point of view, buying a DEX coin with an FDV of $48bn is insane.
I think it's somewhat similar to Tesla back in 2020. To a typical person, Tesla is just an electric vehicle company, but to Tesla maxis, it is the essence of innovation, embodying Elon Musk's ideals that encompass robots, space, energy, etc.
Only time will tell whether HL is a blind religion or a well-founded investment.
Believe in Something
I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States.
Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.
My favorite line from the article :
The problem was not the losing; it was the emptiness. “It felt like there was this void,” he said. “I should be studying something.”
Everyone deals with loss differently but when losing fills you up with this deep existential emptiness.
The void that is empty but solid sends you on a journey to achieve greatness.
Great article by @domcooke :
https://t.co/S6UgLxuZ73
Risk/reward seems attractive:
Token consumption accelerating, GPU per hour rental prices going vertical and Tech valuations are broadly below their Covid and Deepseek lows.
Some high quality secular growth names are at mid single digit multiples on real 27/28 numbers.
SK hynix to Issue New Shares and Pursue U.S. ADR Listing
• SK hynix is moving forward with a plan to issue new shares and list American depositary receipts (ADRs) on the U.S. stock market. ADRs are negotiable certificates issued to enable overseas trading of a company’s shares.
• The size of the issuance is understood to be around 2.4% of total shares outstanding, roughly equivalent to the amount of treasury stock previously canceled.
• SK Group Chairman Chey Tae-won also mentioned during NVIDIA’s annual developer conference, GTC 2026, on the 16th that the company is reviewing an ADR listing.
• Through the new share issuance, SK hynix is expected to raise approximately KRW 10 trillion to KRW 15 trillion in U.S. dollar funding.
• The proceeds are expected to be used for AI infrastructure investment, including the development of the Yongin semiconductor cluster, a project with a total planned investment of KRW 600 trillion.
• SK hynix is expected to select underwriters soon and begin work on the ADR listing process.
• The newly issued shares are not expected to be distributed in the domestic Korean market. Instead, they will likely be deposited directly with the Korea Securities Depository, after which a U.S. local bank will issue ADRs backed by those shares.
• Industry observers say the ADR listing carries significance beyond simple fundraising, as it could serve as an opportunity for the company’s valuation to be reassessed.
• SK hynix is currently trading at a price-to-earnings ratio (PER) of around 5.7x, about half of Micron’s 12.1x.
• If the ADR issuance leads to inclusion in major global indexes such as the Philadelphia Semiconductor Index (SOX), it could also attract substantial passive fund inflows from index-tracking investors.
Huge congratulations to TradeXYZ and S&P for this historic partnership. I'm honored that these teams choose to build on Hyperliquid.
Seeing official S&P500 perpetual futures launch exclusively on Hyperliquid is a validation of everyone's past years of hard work: global access to decentralized finance, perpetual futures as 24/7 price discovery, and Hyperliquid upgrading the existing financial stack to house all of finance.
The S&P500 is synonymous with "the market," a single number that captures the essence of the largest economy in the world. Looking forward to tracking the world's most important financial gauge 24/7 on the most liquid permissionless markets.
The owner of the S&P 500 index is licensing the world’s most tracked stock index for the launch of a derivative contract that trades around the clock on the crypto exchange Hyperliquid https://t.co/2naz9XWGoK
S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid.
For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes.
The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale.
SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain.
Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.
Last summer when we went to people like the @WSJ ranting about things like @HyperliquidX and #HIP3 they (somewhat understandably) thought we were nuts - and look at where we are today!
Hyperliquid
@HypeStrat@rediamondjr
Over the past 2 weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume.
When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.
CT thought they had anything to do with Korean equities
Most of you are just bunch of narcissistic clowns
Not everything is a narrative bubble fueled by high leverage 🤡
E159: @Hyperliquidx: Housing all of Finance
@chameleon_jeff came back on the When Shift Happens Podcast to talk about the Hyperliquid journey since the TGE and what the future holds for one of the most loved and prolific protocols in the space
Hyperliquid
Timestamps
0:00 Intro
2:01 Singapore
2:27 Reminiscing on the Token Launch
5:00 Was This Scale Of Wealth Expected?
6:28 Doing The Right Thing In Crypto
9:07 The Responsibility that comes with Billions of $
11:10 @JupiterExchange@KASTxyz
11:51 Bringing Hyperliquid to the masses
15:21 Pre TGE and Post TGE: Operational difference
20:13 Choices on what to build Internally vs Externally
22:05 How to build a reliable team
24:51 Did the Team celebrate the HYPE wealth Generation event?
26:45 How to test talents for High Integrity
28:31 How much does the Hyperliquid team sleep?
30:05 Employee Vesting Fears
31:41 Dealing with FUD
32:28 How Does Jeff Personally Handle FUD
35:02 Token "Buybacks" critics
37:20 Why Hyperliquid can't have Discretionary "Buybacks"
39:04 HyperEVM, explained Simply
40:00 @paradex@zodl_app
40:41 HyperEVM: Success so Far?
44:05 HIP-3, explained Simply
47:44 What makes Hyperliquid's approach different
48:19 Why Should People Care?
51:33 Bring All Finance On Chain
52:08 Why Is The Hyperliquid Approach Better?
53:47 Key Numbers showing that Hyperliquid Is Doing it right
59:01 What Has the @unitxyz team demonstrated with spot trading on Hyperliquid in 2025
1:03:29 HIP-4: Outcome Markets
1:08:01 @Trezor@bitwise@SuiNetwork
1:08:58 What does "Housing All Of Finance" mean?
1:10:51 Why Hyperliquid is not a crypto company
1:12:23 Why Does Hyperliquid have A Stablecoin USDH (@nativemarkets)
1:14:39 What Is @Kinetiq_xyz & Why Does It Matter?
1:16:15 Why Is What @Hyperlendx Is Building Important For HyperLiquid
1:23:39 Where did Fairness cost the most?
1:24:47 What should Hyperliquid be Remembered for?
1:25:24 Why should people stay in Crypto when there's an AI brain drain?
1:28:10 Closing Thoughts
The Hyper Foundation will contribute 1M HYPE tokens to support the creation of the Hyperliquid Policy Center.
The tokens will be unstaked later today. The Hyperliquid community will benefit from having representation in Washington, D.C., and we are confident that under @jchervinsky's leadership, the Hyperliquid Policy Center will have a meaningful impact in favor of clear regulations for decentralized finance.
I’m excited to support the @HyperliquidPC launch. The Hyperliquid ecosystem needs a policy voice that represents our core values in DC. I’ve gotten to know @jchervinsky and seen his principled and unwavering support of defi over the years. There is no better person to advocate for Hyperliquid and defi broadly in this critical time in policy discussions. HPC will champion the message that Hyperliquid and defi align with core American values: transparency, fairness, and financial freedom for all.
Since the chain’s genesis three years ago, Hyperliquid has pushed the limits of decentralized financial infrastructure. It’s been an honor to work with such a passionate and diverse group of builders toward the ambitious goal of housing all of finance in a fair and transparent system. However, this decentralized stewardship and development meant that Hyperliquid lacked a unified voice in important policy discussions until now.
At this point, Hyperliquid has grown to where “housing all of finance” is more than a tagline. There is a tangible and urgent possibility of upgrading the tech stack of the existing financial system, bringing immense value and accessibility to everyone. Democratizing finance requires education and advocacy for laws that protect users and builders alike. Global financial regulation will be shaped in the United States, and we must work to ensure that these new policies thoughtfully embrace the potential of the new financial system enabled by Hyperliquid. I’m confident that the team at HPC will take on this challenge and push for a clear, regulated path for defi to thrive.
1/ I am proud to announce the launch of Hyperliquid Policy Center, where I will serve as CEO.
HPC is an independent research and advocacy organization dedicated to ensuring that DeFi can flourish in the United States.
The future of finance will be decentralized.
We are Hyperliquid Policy Center.
HPC is a research and advocacy nonprofit focused on advancing a clear path for decentralized finance to thrive in the USA.
We will introduce policymakers to @HyperliquidX and bridge the gap between law and next-generation market infrastructure.