RyanWatkins_

The rebirth of ICOs was one of my core 2025 theses.

Expect the trend will only accelerate with regulatory clarity in the U.S., ultimately creating space for the onchain economy to move beyond memecoins as the dominant mode of “capital formation”.

We are so back.

A Letter to Hyperliquid and Solana Bulls

Solana bulls:
Respect the rise of Hyperliquid. It is the most credible competitive threat to the internet capital markets thesis today. Study strategic power and economic potential of enshrining an orderbook exchange as a blockchain public good. Dismiss it at your peril. Don’t become the ETH maxis you once ridiculed.

Hyperliquid Bulls:
Respect what Solana’s built. Solana is the most performant and battle tested globally distributed system in production today. The Solana ecosystem is home to a diverse array of applications beyond DeFi, ranging from DePIN to AI. It also has unrivaled institutional and enterprise momentum. Do not treat it as if it’s an ecosystem in relative decline like Ethereum.

To Both Communities:
Do not underestimate Ethereum. Yes, we all know Ethereum is losing share, but the market is still sending a signal that Ethereum is the leader, whether right or wrong. It is still home to the most mature DeFi protocols and is the leading asset issuance platform. The race is far from over — do not slow down until victory is achieved.

Enjoy the rest of the holiday weekend.

Hyperliquid vs. Solana will be the cryptoeconomy’s defining battle in the coming quarters as U.S. equities move onchain.

The winner will become the industry’s next $100B-$500B project and may very well transform capital markets forever.

Also chance pie is big enough for both.

Best growth story in crypto.

Hyperliquid is eating CEX open interest with little signs of slowing down.

Best growth story in crypto.

Hyperliquid.

Best growth story in crypto.

Hyperliquid.

Saylor really found an infinite money glitch and it’s driving one of the greatest reflexive cycle’s we’ve seen for BTC.

Obviously not sustainable, but this is a decent bull case near-mid term for any other asset (e.g SOL) that can replicate the MSTR flywheel.

As the cryptoeconomy institutionalizes, trillions of dollars in assets will be tokenized on blockchains over the coming years.

Your job is to figure out which protocols are best positioned to monetize these flows.

There is no bigger driver of growth than this.

Regardless of whether you believe ETH is money, Ethereum’s REV falling off a cliff since 2021 is unambiguously bad.

At the least, less REV means less resources to sustain the validator set and more inflation to compensate.

Classic case of fiscal issues creating monetary issues.

Tbh it’s better that most alts get smoked now that generational projects are emerging.

You only need a few big winners to make the next FANGs / Mag 7.

A world with many projects destined for zero, and just a few projects that you can’t own enough of, is fine with me.

Everyone can pontificate all they want on L1 valuation theory, but the reality is there’s little empirical evidence that L1s trade on anything more than relative value.

The holy grail store of value is digital gold with native yield.

This is the ultimate TAM that L1s (e.g ETH, SOL, HYPE) can achieve and their structural advantage over BTC.

There are no special snow flakes — just tradeoffs and timing differences.

The logical conclusion of app specific sequencing is L1 REV trends towards zero unless L1s begin enshrining apps.