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Hyperliquid
2026-09-07 06:39:00

Syncracy Capital co-founder says HYPE rally is only the start as Hyperliquid pushes toward an onchain market for everything

Ryan Watkin, co-founder of Syncracy Capital, used a recent appearance on The Rollup to lay out why he believes Hyperliquid and its token HYPE are still in the early innings. He said one of the biggest overhangs on the project had long been the question of U.S. regulation: strong growth was visible, but investors kept asking what would happen if access to the American market were constrained. In his view, that concern has started to ease after political attention turned directly to Hyperliquid and after Stars-related features had already appeared on public testnet months earlier. Watkin retraced Syncracy’s early thesis, pointing to Hyperliquid’s roughly $3 billion valuation at launch, about $200 million in annualized revenue, and a token acquisition path that required users to bridge funds onto the platform itself. He said the more important benchmark was never just share against onchain rivals, but share captured from centralized exchanges such as BN, Coinbase and Bybit, with the longer-term target extending even to incumbent financial venues like CME. He also argued that Hyperliquid’s roadmap now points beyond perpetuals. With portfolio margin, spot markets, HIP-3 and regulated frameworks around HIP-3 and HIP-4, he described the platform as moving toward a unified venue where users can post mainstream assets as collateral and trade a wide range of financial products on a single permissionless ledger.

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Syncracy Capital co-founder says HYPE rally is only the start as Hyperliquid pushes toward an onchain market for everything
Hyperliquid
2026-09-07 06:41:08

Syncracy Capital co-founder says HYPE’s rally is only the start as Hyperliquid pushes toward an onchain market for everything

Ryan Watkin, co-founder of Syncracy Capital, used a long-form appearance on The Rollup to lay out why he still sees Hyperliquid and HYPE in the early innings, even after a sharp run-up that followed Donald Trump’s public mention of the project. Watkin said HYPE moved from about $59 to near $70 while he was on a call with co-founder Dan, before the team realized the move had coincided with Trump referencing Hyperliquid on live television. He argued that the larger story is not a one-off price spike, but the removal of what many investors had treated as the platform’s biggest overhang: uncertainty around U.S. regulatory access. Watkin walked through how his thesis evolved from a relatively simple valuation case — roughly a $3 billion valuation against about $200 million in annualized revenue — into a broader bet on Hyperliquid becoming a permissionless venue where users can post nearly any major asset as collateral and trade nearly any financial instrument. He said the indicators that matter most are share gains against Binance, Coinbase and Bybit, penetration into global CFD, futures and options volume, growth in net protocol income, and trends in net deposits and average onchain account equity. He also argued that crypto investing is splitting between cash-flow-producing onchain businesses and winner-take-most stores of value, while transparent ledgers and creator incentives are turning social trading into a native product category rather than a passing speculative fad.

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Syncracy Capital co-founder says HYPE’s rally is only the start as Hyperliquid pushes toward an onchain market for everything
Ryan Watkins says Hyperliquid is evolving toward an exchange for everything
Syncracy Capi
2026-09-06 05:22:10

Syncracy Capital co-founder says this crypto bull market could be the biggest on record

Ryan, co-founder of Syncracy Capital, laid out a long-form case for why he believes the current digital-asset cycle could become the largest bull market the industry has seen. In a conversation published by The Rollup and translated by Baihua Blockchain, Ryan said Hyperliquid has moved well beyond the market’s early framing of it as just an on-chain perpetuals venue. In his view, the project is building toward a broader "exchange everything" model, with U.S. market access, compliance rails, spot markets, portfolio margin, and HIP-3 and HIP-4 infrastructure all expanding its addressable market. Ryan said one of the biggest historical overhangs for Hyperliquid had been uncertainty around U.S. regulation. He argued that this obstacle is now easing, pointing to the strategic significance of the U.S. as the world’s deepest capital and liquidity center. He also revisited the original investment case: a roughly $3 billion valuation against about $200 million in annualized revenue, limited token float outside airdrop recipients, and a user-acquisition design that required would-be buyers to bridge assets onto the platform itself. Beyond Hyperliquid, Ryan contrasted cash-flow-generating on-chain businesses with store-of-value assets such as Bitcoin and gold, arguing that crypto valuation is shifting toward real economic output. He also described social trading as a native on-chain product category rather than a passing speculative fad, saying transparent ledgers, verifiable PnL, and creator incentives are reshaping how financial influence and reputation are built online.

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Syncracy Capital co-founder says this crypto bull market could be the biggest on record