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.

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.