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    Hyperliquid Gives Off Vibes of Early Solana

    Ethan CarterBy No Comments2 Mins Read
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    ARK Invest’s CEO, Cathie Wood, has likened Hyperliquid to the early promise of Solana, labeling it as “the new kid on the block.”

    “It’s thrilling. It takes me back to Solana’s initial days, and Solana has demonstrated its value and stands strong among the leaders,” Wood remarked in a recent interview on the Master Investor podcast.

    Currently, ARK Invest’s public funds maintain three primary crypto assets: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Wood indicated that their investment in Solana is through Breera Sports, associated with the Solana treasury and backed by investors from the Middle East. She also mentioned advisory connections with economist Art Laffer regarding the project.

    While Wood did not disclose any stake in Hyperliquid, she identified the protocol as noteworthy. Her comments arrive amid a surge in competition among perpetual futures DEXs, following Aster’s token launch earlier this month, which pushed its trading volume and open interest above that of Hyperliquid.

    Related: Aster can flip HYPE by market cap and rally another 480%: Analyst

    Bitcoin is the true cryptocurrency

    Despite the influx of tokens, Wood argues that the crypto future is dominated by a select few networks. “We believe there won’t be many cryptocurrencies,” she stated. “Bitcoin reigns supreme in the cryptocurrency realm when it comes to pure crypto.”

    Although Ethereum fuels the DeFi landscape, Wood highlighted Bitcoin’s significance as a monetary system, referencing its capped supply and durability. She also noted the rising relevance of stablecoins but emphasized that Bitcoin is central to ARK’s long-term strategy.

    Wood recognized that the fund has some derivative holdings such as Uniswap and market protocols associated with Solana, but reiterated that their primary focus remains intentionally narrow. “When referring to the heavyweights, these are the big three at present,” she asserted.

    Related: Bitwise files for spot Hyperliquid ETF amid perp DEX wars

    Retail and quants flock to DEXs

    Decentralized exchanges (DEXs) are witnessing increased adoption among retail traders and semi-professional quants, driven by incentives such as airdrops, low fees, and rapid execution, according to Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet.