Yes, I’m assuming many of the “purists” crypto people don’t like Hyperliquid because maybe they don’t think it’s decentralized or fits the original purpose crypto was supposed to be created for. People who care about money DONT CARE. So let’s get that out the way.
ICE is the company that owns the New York Stock Exchange. They have now partnered with Hyperliquid to use its L1 to bring 24/7 perp trading to US brokers from Charles Schwab to Interactive Brokers and all others operating under ICE. The fees will be split with half going to Hyperliquid which they use at least 97% of fee revenue to burn tokens. Now I’d argue that Hyperliquid will be valued more than Visa because they are even more asset light. Almost all money is going to token burns. Are there other crypto perps? Sure but ICE picking Hyperliquid gives Hyperliquid an insurmountable regulatory moat that will stifle and choke out any competitors. Now at the same time Hyperliquids offshore permissionless L1 will continue to operate. So essentially they are building a US compliant KYC L1 using Hyperliquids technology specifically for the US while keeping the original offshore permissionless L1 available.
The risks of course is no regulatory approval but with ICE CEO backing it and him being a close ally of Trumps, the likelihood of approval, in my opinion, is high. Also, ICE competitor CME is lobbying against. On the flip side Hyperliquid now calls famed investor Stanley Druckenmiller a major investor and support with Elon Musk tweeting, “Interesting”. The bet here is that Hyperliquid essentially becomes the Visa for financial exchanges serving as the settlement layer that brings 24/7 perp trading to Americans. Success with ICE in America raises the prospects of similar partnerships in the EU.
Yea, I get it. For many of the crypto purists Hyperliquid doesn’t fit their vision for a perfect crypto. Practically speaking nobody cares outside of this small group. Hyperliquid technology solves a problem and is very profitable in the process. ICE partnering with Hyperliquid expands Hyperliquids reach far beyond the crypto world and into the reach of the most mainstream, most successful investors of all time, PROFANE for many in the “crypto community” but the reality of where things are heading.
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