Cho Dong-hyun

Hyperliquid is a decentralized derivatives exchange that generates massive revenue with only 11 staff, achieving a 99% profit margin. It uses its profits to buy back its native token HYPE, creating a strong valuation framework akin to traditional equities. The platform's open architecture allows third-party developers to add new products, fueling growth.

First-generation DeFi protocols such as Uniswap, Aave, and Morpho are set to lead the next crypto upcycle. They have proven business models that generate real fees, and are increasingly partnering with large fintech platforms like Coinbase and Robinhood, which bring massive new user bases. These DeFi blue chips have withstood multiple stress tests, are obtaining regulatory licenses, and will capture the majority of value as on-chain finance becomes mainstream. The current quiet period provides accumulation opportunities ahead of the next retail influx.

First-generation DeFi protocols such as Uniswap, Aave, and Morpho are set to lead the next crypto upcycle. They have proven business models that generate real fees, and are increasingly partnering with large fintech platforms like Coinbase and Robinhood, which bring massive new user bases. These DeFi blue chips have withstood multiple stress tests, are obtaining regulatory licenses, and will capture the majority of value as on-chain finance becomes mainstream. The current quiet period provides accumulation opportunities ahead of the next retail influx.

Capital in the crypto market is shifting towards tokenized versions of popular semiconductor stocks like Samsung Electronics, SK Hynix, and Micron, which are seeing massive trading volumes on overseas platforms, leaving less buying pressure for traditional crypto assets like Bitcoin.

Capital in the crypto market is shifting towards tokenized versions of popular semiconductor stocks like Samsung Electronics, SK Hynix, and Micron, which are seeing massive trading volumes on overseas platforms, leaving less buying pressure for traditional crypto assets like Bitcoin.

Capital in the crypto market is shifting towards tokenized versions of popular semiconductor stocks like Samsung Electronics, SK Hynix, and Micron, which are seeing massive trading volumes on overseas platforms, leaving less buying pressure for traditional crypto assets like Bitcoin.

In the next bull market, tokenized real-world assets (RWAs) such as securities and commodities will become appealing, and the platforms that intermediate these tokenized assets will attract significant liquidity. Ondo Finance and Centrifuge are specifically positioned to benefit from this trend as RWA tokenization infrastructure.

The crypto market now values business fundamentals over technology hype. Projects that generate revenue and use it to buy back their own tokens have outperformed Bitcoin in the current bear market. These are predominantly DeFi protocols. First-generation DeFi platforms (Uniswap, Aave, Morpho, Sky) have established moats through stress testing, regulatory licenses, and deep integration with major fintech on-ramps like Coinbase and Robinhood. In the next bull cycle, money will flow into these platforms via fintech user bases, and the application layer will capture the most value, making these blue-chip DeFi tokens the primary beneficiaries.

In the next bull market, tokenized real-world assets (RWAs) such as securities and commodities will become appealing, and the platforms that intermediate these tokenized assets will attract significant liquidity. Ondo Finance and Centrifuge are specifically positioned to benefit from this trend as RWA tokenization infrastructure.

The crypto market now values business fundamentals over technology hype. Projects that generate revenue and use it to buy back their own tokens have outperformed Bitcoin in the current bear market. These are predominantly DeFi protocols. First-generation DeFi platforms (Uniswap, Aave, Morpho, Sky) have established moats through stress testing, regulatory licenses, and deep integration with major fintech on-ramps like Coinbase and Robinhood. In the next bull cycle, money will flow into these platforms via fintech user bases, and the application layer will capture the most value, making these blue-chip DeFi tokens the primary beneficiaries.

The new generation of DePIN projects—those that lend idle GPUs/CPUs or collect and resell data (e.g., video) for AI training—are undergoing a structural transformation driven by surging AI demand. On-chain verified revenues have grown from $75M in 2025 to a projected $250M in 2026, and total DePIN market cap has jumped from under $5B to $20B. Unlike earlier DePIN waves that relied solely on token emissions and had no real income, these projects earn actual service fees, compensate participants in stablecoins, and use remaining revenue to buy back and burn their own tokens, creating a real equity-like cash‑flow flywheel. AI labs are signing multi‑million‑dollar long‑term contracts for compute and data, providing sustained demand. This revenue‑backed, buyback‑and‑burn model makes the AI‑focused DePIN sub‑sector the only revenue‑generating theme in crypto right now and a strong long opportunity.

Despite losing its narrative as the sole on-chain finance hub due to security concerns, Ethereum's unmatched liquidity and trading volume ensure it remains the primary network for leverage and trading.

Circle, the issuer of USDC, is a long-term investment in the secular growth of stablecoins and on-chain finance. The stock should be bought on sharp dips, particularly if the Clarity bill fails in the near term, as the eventual regulatory clarity will drive massive adoption. The company is diversifying revenue beyond Treasury interest into payment fees and tokenized money market funds.

For retail investors who find DeFi data analysis complex or time-consuming, Bitcoin (BTC) remains the simplest and safest investment in crypto. It requires minimal ongoing research and is less exposed to the valuation-driven shifts of smaller projects.