# Hyperliquid Dominates 24/7 Trading and ETF Adoption

**Podcast:** The Milk Road Show
**Published:** 2026-06-10

## Transcript

hyper liquid they've literally become shall we say the google or the chat gpt of weekend trading they've literally invented this whole 24 7 trading aspect and everyone now is being forced whether they want to or not They're going down this road.
oil stocks commodities prediction markets and perps are all starting to trade on chain 24 7 this is a really big deal so today we're breaking down whether hype is just another crowded alt or the first real everything exchange in crypto with ellie and chris sun from 21 shares also as you know the market is going completely insane last week and our analysts and i'm not kidding i've said this a few times they made literally 20 trades last week a record week at milk road pro some are buying the blood others are waiting it out you can see what they sold and what they bought for just a dollar in milk road pro you get seven days in there and you can cancel anytime you want today's episode is brought to you by cape the privacy first mobile carrier let's get them in here ellie chrysan ellie welcome back to the show first of all and chrysan welcome to the show for the first time thank you very much pleasure to be here pleasure is ours great to be here Well, we have a lot to talk about.
We are going to talk about hyperliquid.
But the first thing I always want to ask our guests, especially right now, as we're as we're as we are talking.
Bitcoin is taking another little stroll downwards, downhill, sitting around $61K, which, as you know, maybe five, six years ago would have been wonderful, but by today's standards feels a little bit horrible.
Chris, I want to know from you, especially as a newcomer to the show, how are you visualizing the market right now?
Do you feel like we're in for more pain?
Are these necessary corrections in crypto?
How do you see it?
So right now at the $60K mark on BTC, I think at the moment all eyes seem to be on tomorrow's inflation.
It's pretty much going to dictate at least the next three to four months on where things go from there.
Any, shall we say, 4.3, 4.4 above is definitely going to start repricing where interest rates go.
And that may also have a negative effect on crypto, etc.
But in terms of the long term, I'm still bullish overall.
And one can argue this is definitely slowly becoming an entry point.
on that side i think the market's definitely changed from where it was shall we say three four years ago to where it is now there's definitely more um merger between crypto and tradfi it's no longer the case of cryptos um a kind of uh magic ball which will disappear i think there's recognition that there's definitely going to be a use case of blockchain and crypto in tradfi space and we'll get on to hyperliquid itself.
So I don't necessarily think you can reference from three, four years ago to where it is now.
But having said that, as I mentioned, the market is definitely a testing point, not just for crypto, but overall.
In terms of cash market, we also have the SpaceX AI trade going on at this moment in time.
So there's a lot of narratives going on.
Crypto is trying to fight its way through there.
But yeah, long term, I'd definitely argue that slowly this becomes a nice entry point going forward if you're a long term believer.
on this space not to say that it can't go low and i know this sounds almost like i'm sitting on the fence i don't want to go one way or another i try and avoid that so i try not to go down that road but you just have to look at where basis is there's a lot of leverage that's been taken out of the system ever since october the 11th 10th side shall we say it's been on a downward spiral the leverage has pretty much gone basis is almost cheap funding is almost at a cheap level So one can argue narrative wise, slowly, if you look at projects and coins that you have firm belief on, and again, that requires a lot of due diligence on that part.
But those projects which you have firm belief on definitely slowly becomes a good entry point on that side.
Do you fancy yourself an analyst and or a content creator in this space?
Well, we want you specifically if you live and breathe.
tech equities milk road could be the home for you we're hiring for two positions right now analyst and content creator so check out the careers page below spoken like somebody who has a bitcoin logo right behind that no comment is this i mean you mentioned a lot of factors chris on what what in your personal opinion because you also mentioned narratives and everything you just said what what do you if you had to single out the most important factor in in I guess short term price action recently and going forward, what would it be?
I think the straw that brought the camel's back at least now was definitely the NFP numbers.
They came super bullish depending upon your point of view.
I mean, the job market seems quite healthy despite everything.
And that's definitely repriced where rates are going forward for this year.
Previously, it had been pushed out to almost beginning of 27.
after NFP numbers came out on Friday, it got pushed to September this year.
Again, tomorrow's print, if it comes as a 4.3 handle, most likely there may be repriced to two rate hikes for this year.
So short term, I'd say that's a big narrative.
And then just to add on top of that, I think the SpaceX IPO, that's going to be interesting where that lands, depending again upon where you believe the market will be on this side.
If it opens high and a super bullish print, it may give more legs to BTC, give it more of a, sorry, BTC crypto, shall we say, outright.
It'll give it, shall we say, more of a push.
But if it goes, in fact, it's more of a sell, everyone starts selling into this launch.
It's going to give, shall we say, some headwinds on that side.
Two short-term signals right now.
That IPO is something I feel like I'm personally eager to get through it because it does feel like every show we've done, whether it's our AI show or crypto show or macro show, it's like that has become what's hanging over because naturally we've never...
never had anything an IPO at that size even close to that there were never even trillion dollar companies until five years ago it feels like the six billion people or seven billion people in this world it almost feels like everyone wants a piece of this IPO literally this seems to be how it's marketed and if you don't have a one share or even a fraction of the share you're an outsider that's literally how I seem to feel on this IPO at this moment Maybe one day they'll feel that way about Bitcoin or hyperliquid as well.
Ellie, I want to hear your quick perspective as well, if you have any added takes on that.
And another question I want to throw to you guys is, since we don't have you guys on the show very often, has it surprised you in 2026 that despite the general downturn of crypto, there have been a few, I guess what we would call green shoots, right?
Hyperliquid being the most prominent one, some of the privacy tokens and AI tokens as well, being the few kind of standouts that have bucked the trend.
Is this kind of come as a surprise?
Is this kind of normal bear market behavior?
I think for us, it hasn't come as a surprise to see the price action of certain assets and sectors and themes that really resonate with investors.
I do think that, you know, we came out of a...
dot-com bubble four years ago after FTX.
So where crypto is today feels like the internet and where it was in 2003.
At that time, we had the dot-com bubble, we had the web lens of the world, and even products that were too ahead of their time and also didn't have any strong fundamentals compared to their valuations when they came to IPO.
And it feels a little bit the same with crypto as well.
And that's why you see a decoupling after the FTX collapse of certain assets that have done really well because they prove themselves from a product market perspective.
But especially when you look at the fundamentals, the revenue, the user growth, the developer retention, developer growth really helps to actually make the case for I would say intelligent investors to actually look at this asset class more seriously.
And I would say the opportunity cost is a lot higher, to your point, because we're seeing a lot of headwinds and especially I would say even tailwinds.
in the equity market when it comes to SpaceX and Ethopic and OpenAI IPOs coming up very soon.
That really indicates to investors that there's basically over opportunities outside of crypto as some of the oddest, you know, frontier technologies like AI, robotics and space.
So I do think that crypto used to be the main character four years ago.
And now actually investors have to diversify their portfolio and that's why they become more selective.
And I think what you see right now for especially hyperliquid and certain assets like in the privacy markets or even like an intersection of AI and crypto are doing phenomenally well.
Even decouple from Bitcoin this year, hyperliquid up by 100% this year compared to Bitcoin down by 20% this year.
But I do think, again, in the short run, there are bumps in the road.
But in the long run.
Now, the stock market is a waiting machine, as Benjamin Graham said.
Right.
So I do think that short term distractions should not be an indication of where the market should be or going to be in the future.
And there is always a need for an international censorship resistant and neutral asset like Bitcoin, especially in this fragmented world, as we see in this geopolitical landscape.
So in the long run, the outlook looks great.
But I do think like crypto is going to experience the same.
uh patterns as the internet where essentially we're going to have a k-shaped recovery and out of this downturn we're going to see the next amazon google and facebook justified by essentially strong fundamentals is is um one discussion we've had a few times on the show in the last few weeks as we discussed this you know the few green shoots has been the idea that crypto is fragmenting right and that it's it doesn't really make sense to just call it all crypto anymore right now that you have some apps that actually work and that have revenue and that that that uh have decoupled essentially from the rest of the industry right like you could you could put most of defy into one bucket but you could separate bitcoin and stable coins out into their own and then and then something like hyperliquid and the privacy tokens could also be also be their own sector and and What I want to know, and maybe we'll switch back to Chris Sun, is do you see that trend continuing?
Is this healthy for the industry to essentially create multiple identities?
I mean, definitely so for me.
I mean, just touching back on your previous question, I think the fact that you did have, shall we say, a mixture of returns on coins based purely on, shall we say, very good projects versus, shall we say, not so good projects.
It's definitely healthy for the industry.
It definitely shows cases.
Build a project that actually works, that actually answers a question out there that has a real client flow.
You're going to be rewarded, and that seems to be the case for this year.
Touching upon what you mentioned, this goes back to a real use case of crypto outright.
The fact that it's not just the one thing, shall we say, outperforming or seeing growth you're seeing different variations of how crypto can work in terms of shall we say privacy in terms of hyper liquid you see also vaults on so and so morpho that showcases there is use case out there just identify those use cases answer the question that people want answered and you you'll see this reflected in performance that makes sense well let's get to it let's let's let's discuss actual hyper liquid because that's what we wanted to have you guys on um and also 21 shares has an etf that was launched a few weeks back uh for hyperliquid and i think that that's that's fantastic to see and just my personal take is i've been a hyperliquid fan for a long time and a user as well so it's great to see broader adoption of the protocol and more demand for it and and obviously great to see token price go up as well uh but i want to hear from you guys you know obviously you guys are very diligent with the types of products that you launch And Hyperliquid is kind of at this funny intersection of, you know, something that could replace and be attractive for TradFi, but it's still, it's genesis and its roots are still very much in crypto.
In fact, it doesn't even have any investors, right?
It doesn't have any VCs.
It is an entirely self-funded project.
It's very grassroots.
So I want to hear from both of you.
And Chris, we'll start with you.
Like, why Hyperliquid?
Out of all the products that are in crypto, like, what specifically drew you guys to Hyperliquid?
The original aspect for me personally was...
what it encumbered as in it answered a question out there in terms of uh defy trading uh in terms of perks etc but i think it was more the case of how they built their project they didn't go around shall we say showcasing in terms of investment they weren't looking for exclusive for x y and z they went kind of quiet shall we say they did a massive airdrop but that was about it in terms of they didn't go around flashing x y and z they didn't go around with flashy advertisement etc they're very much the original crypto aspect very much a non-tradfi kind of went against the grain of what a lot of crypto projects were about which was more about out there pushing it going around with flashy advertisement etc they were there under root and they actually answered the question like they built a project a product shall we say they slowly built up use case They had a great UI, great interface, answered all the questions that you required and kept going.
And they had their moment, which I guess we'll touch upon, which is regarding this whole oil weekend trading.
And they nailed it.
Like they had brilliant execution.
And when people wanted to trade at that specific moment in time, they were there ready.
And they just took off from that moment on.
And on our side as well, I think there are very few people maybe in the audience that knows that 21Shares launched the world's first Hyperliquid ever.
That was not recently, but more last year in Europe.
We started in Europe with the world's first Hyperliquid product back in August 2025.
And what we've seen when we think about launching new products is we're trying to understand multiple segments in our quadrants to actually launch a product.
One is about whether there is essentially market demand for a potential product like that.
Fundamentally, we've seen that many people talked about tokenization and 24-7 trading around the clock, but these concepts didn't make any sense or much sense until actually the war in Iran and and really started.
But what we've seen last year is that the Hyperliquid team really built a product in the ethos of Bitcoin, to Chris and Spine's community-owned, no pre-mines, so no tokens launched before ahead of time, held by insiders, mostly owned by the community, building a product.
by learning the lessons from the past attempts to launch an all-around platform.
It's not the first time that we see a decentralized exchange or even a perfect change.
On Ethereum or Solana, we've seen that as well in the past, but none of them were able to gather as much community support and as much volume as we've seen on Hyperliquid.
We're talking about billions of dollars traded for.
you know, Bitcoin, Ethereum, Solana, but even also for oil, gas, as well as silver and gold.
So what we've seen earlier at the time is that we've seen a strong team, a strong background.
a very strong community behind it.
Many investors actually popped around with hyperdequery in the early days, received six to seven figure airdrop, which is of course life-changing for several people.
And the community really stayed around.
And most importantly, what we also seen is that there was a strong developer community as well.
People wanted to build on top of the hyperliquid blockchain, to build their own marketplaces in a way that would give access to several asset classes.
So that's why it really pushed us to have all the lights completely turned on to provide access to institutional investors as well as retail investors with a bank and brokerage account with an ETP format.
And we wanted to, of course, do the same in the U.S.
as well.
And that's why we became the world's first issuer to do that in the U.S.
market with an independent and multi-custody and multi-staking provider solutions, which is very different to...
the other solutions that we see out there for giving exposure to the HyperDequid ETF.
And we're super proud and excited about it.
We actually, as a platform, have over $130 million in total assets for the HyperDequid products, both in Europe and the US, which makes us the largest issuer for.
the assets.
I didn't know that about your European product last year.
Congrats.
That's cool.
Even I learned new things on the show.
Even I learned new things, okay?
We don't understand why people dismiss the European market.
It's exciting.
Where we started, it's 21 shares, actually.
Listen, sometimes it feels like...
Nothing exists outside the boundaries of...
No, listen, I was going to be respectful and say North America, okay, because I'm in Canada.
I was going to say, but maybe, I mean, I guess in Canada, I guess we're trying to do some alliance with the EU.
I don't know what's going on.
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Krasan, I want to go back to, you mentioned this and you both kind of touched on it.
And to me, this is something that stood out the most during the situation in Iran.
and the straight-out hormones was the volume that hyper liquid would see uh especially on the weekends because and we've seen this the cycle has has been the same now for i feel like every week for it we feel like we're stuck in this loop where monday there's good news somewhat this looks like good news about whatever's going on and then towards the end of the week almost right after market closes there's more strikes and that it's almost like that's the perfect stage And obviously, we don't want these conflicts to be happening.
But that has been the perfect stage for something like hyperliquid, right?
Where you have not only an option for people to trade, but you have price discovery as well for oil.
And even prior to that, I think we also forget that there was rare metals, that there was gold and silver were also trading there.
And that there was a day, I think it was like 3% of the world's silver trade volume was on hyperliquid.
So it feels like how significant, Chris, was that?
has that aspect been in terms of the potential value of hyperliquid to to you and also to to investors to to your clients in one word massive uh yeah okay like for hyperliquid that was it for me that um made their growth exponential uh personally that's how i would look at it you can think of it this way prior to shall we say the event like the iran war etc prior to that maybe hyperliquid wasn't well known um outside of shall we say, a small circle.
Like it would have its fan base, people would be actively on there.
But realistically, you could argue probably didn't have that many people knowledgeable about what they were doing or enthusiastic about what they were doing.
Probably just looked at, this is just another exchange, right?
It's on chain, different exchange, doesn't really have that much USP about it.
After the whole Iran situation.
everyone is looking at it and i don't just mean in terms of oil right now come sunday people are looking at purely from a price discovery point of view where will cash market open in traditional markets so you have like korean um single names that trade on a hyper liquid where is the korean market going to open they use this as a price discovery tool even on fx side as well i mean FX generally trades almost 24-7, but not quite.
But as soon as you have like Sunday evening trading open on traditional markets, you want to see signal wise, where is it going to be on a hyperliquid?
I mean, this is where people are actively looking at.
And just to follow up on that.
They've pretty much invented 24-7 trading by themselves.
You've seen now CME, you've got CBOE, like every single exchange now is looking at in some way, shape or form, looking at 24-7 trading.
Now you can argue whether or not people want that.
That's a different question.
But Hyperliquid, they've literally become, shall we say, the Google or the ChatGPT of weekend trading.
They've literally invented...
this whole 24-7 trading aspect and everyone now is being forced whether they want to or not they're going down this road and that is all thanks i would argue to hyper liquid that's a that's a that's that's a bold claim and i like i like the analogy that they've become the google or the chat of of of 24 7 trading is this something chrysanne that you see like is this is this something that will force like wall street to adapt like is this something where where you will have new entrants you know maybe maybe these these wall street offices will tell their juniors be like listen you're working weekends now and you're trading on on something like hyperliquid right whereas before that everybody gets to go home at 130 or yeah i think uh people want to revise their contracts and ask for a shall we say salary for seven days as opposed to five days but uh i i definitely see that i mean you see this more i mean you definitely see this on crypto trading firms now you see more and more people i mean you're doing it before anyway because crypto is 24 7 but the volume shall we say is more probably wasn't as much but now you've got something like hyperliquid you've got all these events going through because you know some event in x y and z you want to hedge out your risk as much as possible you don't want to have this kind of basis risk going through hyperliquid you've got other venues as well going through that are trying to emulate as much as what hyperliquid are doing and going back to your point in terms of shall we say trad fi traders like investment banks etc They don't want to have any gap risk over the weekend.
If they know they can hedge out risk accordingly, that you have something open, you're going to do that.
You're not going to say, well, you know what?
We just want to work five days a week.
We're happy to take this gap risk over the weekend.
That's just not going to happen.
If you have enough volume out there, you've got enough liquidity going through in the weekend, you're going to want to trade this.
You're going to have some vol products going through.
You're going to have some leverage stuff going through.
You definitely don't want to have some gamma hedging that you're going to have to deal with from Friday close to Monday open.
When you've got someone else who can just do this, happy to do this 24 trading.
They've definitely forced the market.
The liquidity is going to be there.
And slowly and surely, TradFi is going to have to go down that road.
What do you guys think going forward?
You're making a great case for hyperliquid.
And it very much validates, I think, how I feel and how many of us feel here at Milk Road.
So going forward, what is most important for Hyperliquid, right?
And I'm asking that from a standpoint of, you know, there's crypto market uncertainty, there's general market uncertainty now as well.
Hyperliquid has been a standout so far.
And I don't mean just related to price action.
I don't just mean how does it, you know, stay in the 50s and go back to all time high and go on beyond there.
I just mean in general as a business, now that it seems like they've reached another level, right, of prominence and recognition.
What is the most important thing for them to get right?
I would say it's a phenomenal question.
I would say the first one is mitigating the cybersecurity threats.
That's incredibly important.
And we've seen that in crypto.
Billions of dollars lost across bridges, transfers from one blockchain to the other.
That's the number one mitigation to happen for longevity.
I would say the trust in the protocol to be able to operate around the clock 24-7 to hedge or to go long or to go short for several investors.
And of course, several asset classes, not just to Christian's point on commodities, but also we've seen pre-IPO exposures as well with SpaceX and Anthropik, et cetera.
So cybersecurity is key, especially with the rise of AI enabled, you know, findings of bugs.
We've seen that, for example, with Zcash over the last weekend, right, where basically the token tanked because a security researcher was able to find a bug leveraging Anthropic.
So I do think that making sure that they can secure the protocol and that the builders, so the entrepreneurs.
Building on hyperliquid can also leverage the platform, but also secure themselves as well would be incredibly important.
That's number one.
And then number two is about making sure that they can...
also accommodate some regulatory frameworks to be able to expand to several markets where basically there would be liquidity, where there will be demand.
Right now, hyperliquity is available around the world, except in the US, as well as sanctioned countries.
And you can see that in terms of service.
So the expansion to the US market, for example, where essentially the CME just launched 24-7 trading for options, as well as futures on crypto.
Bitcoin, Ethereum, and Solana shows again that, to Kristen's point, that traditional finance players are forcing themselves to adopt these new Google for price discovery of assets, right?
Or these new strategy for price discovery of assets.
So I do think that if they want to be able to stay as much relevant as they are today and exciting, it would be important that they're able to expand to the world's largest markets in the US at some point.
And that would come with working closely with regulators.
The silver lining on that point specifically is that Jeff Yon, CEO of Hyperliquid, mentioned essentially that they are working very closely with Washington to be able to have that conversation and allow perps in the US markets.
CalShe does that already, right?
And they were able to gather several millions of dollars of volumes on that.
So I do think that, yep, definitely the regulatory frameworks, the cybersecurity threats.
would be really important for Hyperliquid to be able to really expand, and not just for digital assets trading, as well as financial assets, but also we've seen prediction markets, right?
They are actually giving exposure to prediction markets as well, starting with Bitcoin markets.
They represent 4% of the volumes of the market right now.
And I do think that the expansion in the US and other regions will be key for complying with local jurisdictions.
What's preventing the expansion in the U.S.
right now?
I think it's been a gray zone, right?
So when Hyperliquid launched, that was a couple of years ago under a different administration.
The previous administration was having a regulation by enforcement on digital assets, pretty much anti-crypto.
But I also do think that the futures market and the commodities market is regulated by the CFTC in the U.S.
So I do think that...
complying with the local jurisdictions is going to be key and having a pathway to be able to provide access to this protocol is going to be key.
The good thing with Hyperliquid compared to past attempts of decentralized exchanges is that Hyperliquid is a decentralized protocol, at least semi-decentralized protocol with 30 validators around the world, mostly in Singapore, Germany, and East Asia.
So I do think that When we saw the past attempts on launching decentralized exchanges in the US, like, for example, one of the largest in the past was EtherDelta, and they completely failed because they were incredibly decentralized when it comes to the token listings.
It was basically done by the CEO manually, going token after tokens.
And then secondly, it was also the fact that they were hosting customer information.
within their own servers.
And Hyperliquid does not do that.
Actually, Hyperliquid is a non-custodial platform, right?
They do the token listings in a permissionless way.
So the architecture that they decided to go after in the light of the collapse of FTX really came from the lessons that they learned from the past of the attempts that basically completely failed for...
structural reasons like FTX and clearly fraud, but also, I would say, technological decisions and governance decisions by the past attempts like EtherDelta.
So, hyper-equity is very interesting because the protocol, unlike any others that were clearly unregistered broker leaders.
And I think that...
regulatory treatment is going to be key for them to expand.
And right now, I think, you know, the future is bright, but I do think that definitely having clear conversations with the regulators would help them to be able to expand to the U.S.
market to better understand the treatment of the architecture and the protocol.
Absolutely.
How would the Clarity Act play into that?
I mean, Clarity Act's not really focused there, but I feel like that at least going through would maybe pave the way for those conversations for Hyperliquid or make it a little bit more favorable?
Or maybe not.
Yeah, it's a key catalyst.
I would say when it comes to the taxonomy of digital assets and where they fit in your role, I would say classification against traditional assets is going to be key, right?
When you think about...
Bitcoin is a store of value asset and then you've got, you know, tech plays like Ethereum and Solana and also Hyperliquid.
But Hyperliquid is both like...
the exchange as well as a smart contract platform plus the API for global liquidity where basically over exchanges and banks can leverage the API for basically providing 24-7 trading for all financial assets.
So I do think that understanding the nuance of where hyperliquid seats is going to be very much key.
And I think definitely the Clarity Act when it comes to the taxonomy really helps because From the taxonomy, you can understand the differentiation in regulation from the SEC as well as the CFTC and basically where they should basically regulate certain protocols and assets.
And what comes out of basically the Clarity Act is that the CFTC is going to have more weight on the regulation of digital assets, which are mostly...
basically commodity assets from the results that we've seen publicly.
But I do think that, yes, catalysts like that could help.
But additionally, getting the results from the conversation that they get from from Washington is going to be also key for us to understand the roadmap for the U.S.
markets.
I've got one last question and it's for Chrisanne.
And this is a very perhaps unexpected question.
So you can take a second to think about it.
what things very quickly so okay okay great well then yeah it's a it's a rapid fire um what's the ceiling what's what's the ceiling what's the end game for something like hyper liquid like how do we visualize at least and let's keep it to crypto too like what does this become bigger than ethereum You know, is that what we're talking about?
Is this become the second biggest or the, you know, amongst the top three projects in crypto along with Bitcoin, stable coins, and then Hyperliquid?
Like, is that what the end game is for this?
Or how can we view this?
So I wouldn't, it's a good point you put it down as, and I'll be honest, I didn't think of it more as a price action.
I thought I would have thought more as a price discovery for Hyperliquid.
So for me, when it becomes the go-to where all the...
This is a price on Hyperliquid and everyone follows Hyperliquid.
That for me becomes the end game.
That becomes where Hyperliquid is definitely number one exchange.
And ergo, you'd argue that's where the price is, shall we say, maximal on Hyperliquid itself.
Right now, it's an innovator.
It's definitely where a lot of interest is.
It's going to face a lot of competition because everyone realizes what these guys have done.
It's the same as I mentioned with Google and ChatGPT, right?
They created a market.
People suddenly realize, oh, shit, there is an actual market here.
There is an actual use case here.
Let's do this.
Let's try and copy what they've done.
Let's try and improve upon it.
That's when the real competition begins.
As long as Hyperliquid can deal with this competition and keep innovating, keep doing what they're doing, but just...
keep on improving what they're doing and that becomes where people still go to hyperliquid and this is where the price discovery is and this is you know weekend trading morning trading monday trading sharu that's when that's for me becomes the end game uh but yeah it'd be nice if they become number two on that side which i think if this is how big they become uh number two is definitely feasible for them i'd argue I would argue also the ceiling for Hyperliquid to get to becoming the Google of price discovery of all financial assets, including crypto assets, is to make sure that right now Hyperliquid is no longer a niche product for high frequency trading firms and crypto aficionados, but also for democratizing access to finance across the world.
Right.
And I think Hyperliquid is the archetype of what crypto has been supposed to be providing access to financial services across the world for people to be able to trade any assets that they want 24-7 around the clock.
And that's definitely the value position of crypto in the first place, whether it's for the FX market, commodities, or even pre-IPO assets, and even spot exchanges too.
And then eventually, of course, prediction markets too.
So I do think that hyperliquid needs to basically get over the hurdle to be able to basically have our moms and pops to feel so comfortable to learn about it, leverage it, and not trading like basically at Jane Street or any high-frequency trading firms, but also just like buying and hold, for example, which would be quite interesting in the future if they want to expand towards that.
customer segment, which is not yet the case for now, which makes sense.
And I think the volumes really speaks for the pent-up demand for an around-the-clock solution.
But I do think that to get to number two, where essentially most of the tokenization should have happened more on Ethereum or Solana, that should be very interesting and very able to also attract more people so that it doesn't feel like this is just a trading platform, but also a platform for people to have easy access to crypto to some extent.
Definitely more people bullish on Hyperliquid lately than Ethereum or Solana, put it that way.
But hey, that's also people get excited when the price moves in one direction or the other and tend to perpetuate that trend.
By the way, Hyperliquid would not have been possible without Ethereum or Solana, right?
That's it.
Yeah.
The reason why they had their very own blockchain is because they were able to think about the architecture that exists already out there and choose the right solutions that could basically accommodate high frequency trading around the clock for all financial assets.
So I do think a great tide lifts all boats, right?
And I think Hyperliquid really recognizes that.
That's why they actually launched a blockchain compatible to a FAM, right?
So where you can basically bridge from Arbitrum to Hyperliquid and vice versa.
And I think it's possible that they expand also to the compatibility with other blockchains as well, where there is definitely demand, right?
So I think, yeah, the future is bright, but I do think that it doesn't mean that everything will go on the right side of the chart in a way that feels, you know...
continuous.
I think there will be bumps in the roads, but I think that's part of the cycle and as part of any developments of new technologies.
That's well said to wrap us up.
Eli, Chrisan, thank you so much, guys, for your thoughts.
Congrats on that.
I didn't know about the you guys were first.
So I'll give you the crown of being the first the first Hyperliquid product out there in Europe.
And thank you guys for all your thoughts on the market.
And who knows who knows where Hyperliquid and Bitcoin will be at next time you're on.
Thanks, LG for having us.
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