Why Hyperliquid Can Still Surge 300% Higher, According to Multicoin

Crypto is transitioning from an insular, circular economy to a sector deeply integrated with real-world financial markets, including asset issuance, payments, and infrastructure. Multicoin Capital’s investment thesis centers on this evolution, specifically highlighting Hyperliquid’s potential to dominate decentralized derivatives while Solana maintains a lead in spot trading and real-world asset issuance. The current U.S. regulatory climate encourages founders to build onshore, enabling protocols to direct cash flows to token holders through sustainable models. Traditional financial entities, such as Robinhood, are increasingly adopting this technology by partnering with crypto-native infrastructure providers rather than attempting to build proprietary systems. This shift toward tangible financial utility, supported by high-throughput blockchains, signals a move toward broader global financial inclusion, where decentralized platforms provide efficient, accessible alternatives to legacy capital markets.