Dragonfly Partner: Hyperliquid is expanding the market rather than grabbing share, and in the future, narratives such as crypto, fintech, and even AI will merge with each other.
BlockBeats news, October 12: Dragonfly managing partner Haseeb Qureshi, in the latest Space, analyzing the relationship between Hyperliquid and centralized trading platforms, pointed out that the user bases of the two overlap limitedly. Many users who cannot compliantly complete KYC and whose countries make it difficult to access mainstream platforms treat Hyperliquid as their de facto primary trading entry point, so it has more of a "gap-filling" character, rather than simply competing head-on with centralized trading platforms for volume.
Binance and others have already felt the threat and taken some action, but if compared by trading volume, while Hyperliquid's market share is growing, the trading volume of centralized trading platforms has not declined in tandem—both are expanding. This indicates it is more like the market boundary being pushed outward, rather than share transferring one-way from CEXs to Hyperliquid. Haseeb also believes that pre-IPO stocks already have substantial demand and product-market fit, and Trade.xyz is still early but has made considerable progress. For the crypto market over the next 6–12 months, Haseeb is relatively positive and believes the market will perform well.
Haseeb also talked about the form of crypto funds in 2030, saying "crypto VC" will not die out, but people may no longer call it that. Crypto has already permeated fintech, digital banking, consumer products, and stablecoin backends, and crypto investment will, like internet investment back then, ultimately become one category within ordinary investing. Perhaps after another one or two fund cycles, the industry will still call certain funds "crypto funds," but funds including Dragonfly will invest more in fintech, new technologies, and even AI-type companies that use crypto on the surface, as various narratives are merging with one another.
Haseeb believes that the funds that can truly remain through this transformation will not rely on the single advantage of "understanding crypto," but on their understanding of the world, deep relationships, and whether they can truly help founders solve problems, as well as what they can bring beyond crypto. The 2020 and 2021 strategy of "raise a fund, invest in some Bitcoin, double the money, and that's it" is already hard to sustain.
