Been thinking about hyperliquid:native at $72 and the more I think about it, the more obvious the trade becomes. Most people still regard Hyperliquid as a "perp DEX" that could "maybe kill Binance". Hyperliquid is absorbing so many businesses, it's crazy to actually list them all. Start with CEXs, the obvious play that everyone knows. There is no reason to touch a CEX in 2026 anymore, the market has already acknowledged that. CZ knows he's cooked and Binance won't survive, which is why he tried to make Aster a success. FAILED. BNB to be absorbed alone is a $95b valuation that HYPE could eat. But Hyperliquid is a far better product than CEXs, everyone knows that at this point. On Hyperliquid you can deposit and withdraw spot tokens freely. No "we've paused withdrawals," no proving your funds exist, no need to pray the exchange is actually solvent. Binance, Coinbase, the whole cartel, they're offering a worse product with more counterparty risk. That entire business is getting absorbed. Then the next play is HIP-3.. Permissionless markets, any asset, instant settlement, plugged into billions in existing liquidity. Equity perps, treasuries, RWAs, all live. The entire tradfi stack is coming on-chain, stocks, bonds, commodities, FX etc. And it's settling on Hyperliquid, this is ALREADY HAPPENING. Onramping to Hyperliquid is easier than a brokerage. If you have ever tried opening a brokerage account in 2026 you will know what I mean.. the endless questionnaires. Risk "appropriateness" tests, settlement delays, NO TRADING ON WEEKENDS OR AFTER-MARKET HOURS EVEN. Hyperliquid is 24/7, settles instantly, and your margin actually earns. It's a strictly better product. It's only a matter of time until tradfi gets their lunch eaten, ALL BROKERAGES WILL DIE AT THE HAND OF HYPERLIQUID. Then HIP-4 dropped and went straight for prediction markets. Polymarket and Kalshi, fully onchain, with orderbook depth they can't match. Still early phases I admit but so was HIP-3 when it first came out and now it does billions of volume daily. So actually add up the addressable market. Every centralized exchange, every prediction market, every sportsbook, every stock broker, every futures and FX venue. What could the potential valuation of hyperliquid:native be? TRILLIONS. It's a business with a truly infinite upside potential/ceiling for once, it's extremely hard to find anything similar to it. The last real bear case was legal risk, I could understand that. But that's GONE NOW. The CFTC has cleared the path, Hyperliquid is operating fully legal. And the core reason it wins: composability requires shared state. You can only build money legos on one execution layer. Not across a dozen fragmented chains and bridges that turn into attack vectors. Ethereum set out to be the settlement layer for all of finance, it couldn't execute. Hyperliquid is becoming exactly what ETH was supposed to be. The best products win in the end. All roads lead to hyperliquid:native.
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