Native Markets team wins Hyperliquid USDH stablecoin bid, eyes test phase 'within days' — link | AI comment

We cut the payments basket recently as I’m less than bullish on the entire fintech space right now but something I still feel strongly about is that Hyperliquid is the most interesting crypto project from the standpoint of actually being able to value the token. Hyperliquid has made more net income than Nasdaq over the past 12 months, and the nature of the protocol is that upwards of 90% of that is automatically reinvested into the HYPE token. While not “equity”, that’s a straightforward enough dynamic to approach HYPE as genuinely having cash flows. This likely makes it more attractive to tradfi, who have always had issues with underwriting the fact that most crypto token valuations are a pure function of reflexivity and belief.

After looking into both of them, I believe SONN is the most legitimate of the two HYPE Digital Asset Treasuries. Broadly speaking, I think DATs are a bit of a house of cards - but this is different enough in the sense that HYPE is gaining institutional traction but currently only trades on “decentralized exchanges” which traditional hedge funds are either unable or unwilling to transact on. So there is an argument to be made that the premium is rooted in a real kind of access arbitrage.

I think it’s more than worth keeping on your watchlist still.

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Source: https://x.com/nosleepjon/status/1967302765958545637

Multicoin's New Solana DAT Completes Purchase Of 6,822,000 $SOL At An Average Price Of $232, For A Total Price Of $1.58B

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