⚡️ An amazing signal: $HYPE's market capitalization surpasses SUI, ranking 13th in market cap——
@HyperliquidX's rise this time has truly exceeded everyone's imagination. A derivatives DEX reaching this market cap in just six months has attracted various whales to open positions, and Xiao Hei continues to be bullish……
I think everything can be summarized into one trend:
The narrative is shifting from infrastructure to product, and the market is rewarding 'smaller but finer' products.
In the past few years, we have been obsessed with L1, cross-chain, modularization, and new consensus mechanisms, but the fact is — very few people truly care about your underlying structure.
What can really break the market now is whether you can produce a product that has real users, makes real money, and can attract on-chain capital flow.
Hyperliquid's explosion is not because it shouted bigger slogans, but because it hit a few core aspects that have been meticulously refined in the derivatives market:
✅ A matching experience smooth enough to be almost centralized
✅ Extremely high capital utilization
✅ Chain-level design optimized specifically for quantitative players
It doesn't need to tell the story of 'we can accommodate the entire ecosystem'; it only needs to prove: in a single scenario, I am stronger than anyone else.
Not just Hyperliquid, this is also the cyclical rule of the entire industry:
The first stage, infrastructure explosion: public chains, L2, modularization, consensus innovation, you compete, and a hundred flowers bloom.
The second stage, application layer breakthrough: which applications can truly utilize these infrastructures, find entry points, and create scale effects, who will be the narrative core of the next round.
From DeFi, RWA, SocialFi, to AI×Crypto, derivatives DEX, the future narrative focus may no longer be on the chain's TPS and L1 compatibility, but:
Who can build a financial machine that funds, users, and strategies cannot do without.
I believe this is a structural change that the #Crypto industry will inevitably undergo after experiencing the public chain boom——
When the underlying tracks are oversaturated, and infrastructure is saturated, the market will no longer reward universal chains, and the focus will shift from 'who can support more ecosystems and issue more subsidies' to 'who can directly create perceivable value.'
The next step of the revolution is not to stack more narratives, but to be smaller but finer, stronger and more precise.
So now when looking at projects, the mindset cannot only be about narratives; you need to see what kind of financial machine the market needs——
1. Capital needs more efficient liquidity matching and risk management;
2. Users need accessible products with lower thresholds and higher security;
3. Strategies need stronger combinability and a more predictable gaming environment.
You must learn to apply the thought and formula of capital density + clear scenarios to find financial machines like hyper.
Once you understand this logic, you will comprehend why @CryptoHayes has been continuously shouting for hyper and pendle this round.
