Hyperliquid has changed crypto forever, and it’s a good thing.

We spent so long dancing around the fact that 99% of the actual real business of crypto is just tokens, exchanges and fees.

This is where people are willing to spend money (both on CEXs and DEXs). It’s where the big revenue actually is, trading fees.

This whole time, people just wanted a CEX with more leverage, no KYC, some level of safety, decentralization, fairness.

Sure, RWAs, stables, identity, and governance all have a place, but those don’t move like trading moves. Not nearly the same velocity of fees.

HL has made crypto somewhat simple now, it’s basically the hygiene factor.

I’m still very excited for all the other vertices in the space, but hats off to HL for simplifying the mess.