TARO

This is probably the worst thing that could happen to Hyperliquid. And I don’t think most people realize what’s happening. @Paxos now supports $HYPE through its crypto infrastructure. Copper just launched a Hyperliquid trading interface for institutional clients. And at the same time, Hyperliquid is actively engaging with EU policymakers over how perpetual futures should fit into Europe’s existing derivatives framework. These look like three completely different stories. They’re not. They’re all attacking the same problem: How do you get more serious capital onto an onchain financial market? For years, the argument against onchain trading was never really about whether people wanted the markets. The markets were already there. The problem was infrastructure. custody, compliance, execution, access, institutional controls,regulation. Now look at what is being built around Hyperliquid. Paxos wants HYPE available through brokerage infrastructure used by financial platforms. Copper is building an institutional access layer around Hyperliquid while keeping custody and operational controls inside its own infrastructure. And Hyperliquid is engaging directly in the European policy conversation about perpetuals rather than simply watching regulators decide how onchain markets should fit into the existing system. That’s the part I’m paying attention to. The game is slowly moving from “can people trade on Hyperliquid?” to “how many different financial systems can connect to Hyperliquid?” And that’s a completely different question. Because once the infrastructure around an exchange starts expanding, the exchange itself becomes less dependent on people discovering one particular website and connecting a wallet. It can become the liquidity layer underneath other products. Brokerages, fintechs, custodians, institutional trading systems, onchain applications. That’s already the direction the infrastructure is pointing. And this is why I keep coming back to the same thesis. Hyperliquid doesn’t need to replace every financial platform. It just needs more of them to start plugging into it. The interesting part isn’t HYPE at $20B+. It’s what happens if the financial infrastructure surrounding a $20B network keeps getting bigger. Because then the question stops being: “can Hyperliquid win?” and becomes: “how much of global financial activity can eventually run through it?”