Asia Morning Briefing: Hyperliquid Enters the Solana-Style Valuation Debate as Markets Stay Cautious
Asia wakes up to a market narrative that feels familiar, but sharper this time. A new valuation debate is forming around Hyperliquid, and it closely resembles the way Solana began to be viewed in its last major cycle. The shift is subtle but important. Instead of being treated as just another DeFi protocol riding speculative flows, Hyperliquid is increasingly framed as financial infrastructure with operating leverage, cash flow dynamics, and long-term economic gravity.
At the center of this dis
Asia wakes up to a market narrative that feels familiar, but sharper this time. A new valuation debate is forming around Hyperliquid, and it closely resembles the way Solana began to be viewed in its last major cycle. The shift is subtle but important. Instead of being treated as just another DeFi protocol riding speculative flows, Hyperliquid is increasingly framed as financial infrastructure with operating leverage, cash flow dynamics, and long-term economic gravity.
At the center of this dis
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