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Su Zhu: Hyperliquid is still in its early stages, and Solana/pump.fun has a moat

ChainCatcher message, Su Zhu posted on platform X stating: "Unless a black swan event occurs, I believe we are in the early stages of a super liquidity story, and the team has done an excellent job in designing a community around profitable products. There have been other successful perp trading platforms in the past, but these platforms often provide relatively little value accumulation for token holders. In some cases, tokens are directly used as emissions to generate dollar fees, which are pocketed by shareholders. This amounts to invisible dumping. In other cases, even if the token successfully generates a community, the usage of the underlying product itself is minimal. This defines most of the DeFi summer situation. Cases that have both are extremely rare.While centralized exchanges (CEX) have traditionally been extractive and opaque, often operated by founders from mainland China, high liquidity spot listings are simple auctions where value accumulation directly belongs to the tokens themselves. I think it is meaningless to discuss its idea as L1 before Hyperliquid truly launches, but I believe if the team continues to execute, it will pose the first significant challenge to recent memory's tier 1 CEXs. Overall, I think services and workflows will be simplified and purified, which will greatly benefit newcomers without legacy structures.I believe solana/pump.fun has a significant moat because all new attention is first attracted here. Competing with this will be extremely difficult, as what you need are thousands of permissionless launches every day, along with shared knowledge and beliefs, some of which will even reach billions of dollars. You cannot replicate this through a few pumps here or there or even community wealth effects—you need a culture and toolkit that has been gradually built around it. pump.fun is the worst in terms of crypto nativeness throughout the cycle (no points, no tokens) and the most profitable product, which is no coincidence, as it summons the energy of the external world into cryptocurrency."

Many cryptocurrency investors believe that the current bull market cycle is still in its early stages

ChainCatcher news, according to The Block, at the Emergence conference in Prague, several cryptocurrency investors believe that the current bull market cycle is still in its early stages. Against the backdrop of Bitcoin breaking the historical high of $100,000, Rockaway X managing partner Viktor Fischer stated that although Twitter sentiment is bullish, U.S. politicians are beginning to support cryptocurrencies, and Federal Reserve Chairman Powell has referred to Bitcoin as digital gold, retail participation is far from the levels seen in 2021.Matthew Graham, founder of Ryze Labs, used a baseball metaphor to express that the current market is only in the fifth or sixth inning, and warned that "the best time to sell is when people start partying, dating supermodels, and buying yachts." Fischer recalled that in November 2021, when Solana reached $250, people were wearing LV and Off-White, which was the real time to sell.On the regulatory front, CMT Digital investment partner Charlie Sandor stated that the new Trump administration may be more friendly towards cryptocurrencies, which will drive innovation and adoption. In terms of investment trends, several VCs unanimously favor AI agents, believing this is the most important trend following DeFi. Ryze Labs has partnered with ai16z to launch a $5 million AICombinator program to support the development of the AI ecosystem.
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