Sometimes I don’t know if we’ve all become nihilists, or if hyper-speculation is actually just the most effective way to get millions of consumers to ditch the beige world of TradFi for the crypto frontier. In any case the data suggests we’re going much higher over the coming quarters, with retail led activity across perps, memes, and other onchain speculative games inflecting. As a wise man once said, degens are pioneers.

Bubbles can be good for new industries and the memecoin bubble from 2023 - 2025 was just that. Memecoins onboarded an enormous amount of new users, stress tested chains like Solana and Base, and funded a ton valuable trading infrastructure in the ecosystem. But now we’re in 2026 and memecoin bubble popped long ago. Insider trading, bundling, and bots ruined what was once a fair game. What’s left is a shrinking pool of fish chasing past highs they will never reach while sharps extract the remaining money. The same thing happened on Ethereum twice, first from 2017 - 2018 with ICOs, then 2020 - 2022 with yield farming. At a certain point the game gets figured out and edge gets competed away. The thesis becomes stale and people stop playing. Memecoins may ultimately have a place in the cryptoeconomy long-term. If someone can find a way to make them fair again, they could survive as an onchain native casino game, or better yet, evolve into something new like creator coins. In any case, speculation will continue on, and speculators will continue searching for an outlet. But the point is that any chain looking for a spark will need to look beyond. Growth is found on the frontier, not in the echoes of the last cycle.

In the best way possible, Hyperliquid is starting to feel like a radical online cult building a digital cathedral for global finance. It’s amusing seeing all these centralized crypto companies buy $HYPE to signal alignment to the community as if it’s tribute. I don’t recall this ever happening with any asset other than $BTC. Beyond the obvious flows benefit, the practical implication here is that an increasingly wide and powerful network of people and institutions in the crypto ecosystem are all highly incentivized to make Hyperliquid a massive success. I honestly believe this dynamic wouldn’t exist if Hyperliquid didn’t do a fair launch and rekindle crypto’s original spirit. My bet is this will remain a compounding advantage for Hyperliquid well into the future.

If CBRS was any indication of what’s to come, @tradexyz’s Pre-IPO market for Space X should bring a massive wave of attention to Hyperliquid over the coming weeks. Think it’s possible SPCX hits $1B+ in peak 24hr volumes in the days surrounding what will be the largest IPO ever.

The more I think about this Coinbase partnership, the more I believe it is Hyperliquid’s biggest announcement all year. Stablecoin yield is the largest revenue source in the industry next to trading fees and Hyperliquid is now the first blockchain to internalize both. This is a fundamental transformation of Hyperliquid as a business. Yield sharing enables Hyperliquid’s revenue to scale more directly with deposits, rather than just trading volume. And because deposits tend to be stickier than volumes in downturns, this could make Hyperliquid’s buybacks more resilient across cycles. For example Hyperliquid stablecoin deposits are currently only down 15% from ATHs compared to monthly volumes down 55%. Zooming out, there’s currently ~$80B in stablecoins deposits on Binance, Okx, and Bybit compared to ~$5B on Hyperliquid. It doesn’t take crazy share gains or sector wide growth for the revenue numbers from yield sharing to get crazy for $HYPE. Think $300M - $500M in incremental run-rate revenue from yield sharing is achievable within next 12 months, and billions in the years beyond as the cryptoeconomy reaccelerates. Hyperliquid.