Even the best game eventually becomes boring, just as the best tools eventually become obsolete. I would rather exercise than play games. Looking at the App Store rankings, I do not know what to download or play. There are so many games that we cannot choose. Day after day is wasted on them. Is any of this easy?
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Hyperliquid has real trading revenue, a composable order book, and HYPE purchases and burns. Yet user growth has not produced faster revenue growth on the same basis. Business expansion merits conditional optimism; an infrastructure valuation premium still needs incremental developer demand and net token capture.
The market is repairing the tail end of a crypto winter rather than confirming a new trend. ETF flows, regulated infrastructure, and privacy are improving, while leverage, liquidity quality, regulatory transition, and exchange security remain key fault lines.
BlackRock provides model allocations while Ondo carries issuance, rebalancing, and liability. The durable value depends on whether Ondo can turn onchain portfolio issuance into shared infrastructure for multiple asset managers, not on one brand endorsement.
