The category is exchange-native marketplaces.
Hyperliquid, Polymarket, Kalshi, StockX,
@xpticket,
@BAXUSco. Same shape.
Listing marketplaces sold discovery; exchange-native marketplaces are what becomes possible when clearing comes first. Match both sides, hold escrow, settle the trade. And the product looks different because of it.
Value can accrue to a token, to equity, to fees. That part's downstream.
The category is the thing.
There's a new class in crypto: the revenue chains.
The leaders are Hyperliquid & Solana.
Both do some overlapping things, and some different things. Both have exceptional communities, usage, use cases, etc.
I think that both will rise together, just as iOS and Android both rode the structural adoption of mobile.
In the case of the revenue chains, they are riding the wave of capital markets coming onchain.
Right place, right time for both. If you are rooting for HYPE or SOL or both, success will be less about the competition between the two (healthy ofc), but rather the rise of onchain capital markets.
Root for capital markets coming onchain.
Love seeing crypto succeed —