Dragonfly Partner:Hyperliquid is expanding the market frontier rather than competing for share; in the future, crypto, fintech, and even AI narratives will converge

Article

BlockBeats reports that October 12, Dragonfly Managing Partner Haseeb Qureshi analyzed the relationship between Hyperliquid and centralized exchanges in the latest Space, noting that their user bases overlap only to a limited extent. Many users who cannot complete KYC compliantly or who cannot access mainstream platforms in their countries use Hyperliquid as their de facto primary trading gateway, giving it more of a complementary role than simply competing head-on with centralized exchanges for volume.Binance have already sensed the threat and taken action, but when measured against trading volume, as Hyperliquid market share grows, the trading volume of centralized exchanges has not declined in tandem—both are expanding. This suggests that the market boundary is being expanded rather than that share is simply shifting from CEX to Hyperliquid. Haseeb also believes that pre-IPO stock already has substantial demand and product-market fit, while Trade.xyz is still at an early stage but making considerable progress. Regarding the crypto market over the next 6–12 months, Haseeb takes a cautiously positive view and believes the market will perform well.

Haseeb also discussed the form of crypto funds in 2030 years. “Crypto VC” will not disappear, but people may no longer call it that. Crypto has permeated fintech, digital banking, consumer products, and stablecoin infrastructure. Crypto investing will ultimately become one category of ordinary investing, much like internet investing did at the time. Perhaps for another fund cycle or two, the industry will still refer to certain funds as “crypto funds,” but funds including Dragonfly will increasingly invest in fintech, new technologies, and even AI-type companies that visibly use crypto; various narratives are converging.

Haseeb believes that the funds that truly endure through this transformation will rely not on the single advantage of “understanding crypto,” but on understanding the world, deep relationships, the ability to genuinely help founders solve problems, and what they can bring beyond crypto. The strategy of “raising a fund, investing in some bitcoin, and calling it a day after doubling” from 2020、2021 is no longer sustainable.

Original link https://m.theblockbeats.info/flash/371333

Key points

Dragonfly Managing Partner Haseeb Qureshi said in a Space that Hyperliquid has limited user-base overlap with centralized exchanges.
Haseeb Qureshi said that some users who cannot complete KYC compliantly or have difficulty accessing mainstream platforms will use Hyperliquid as their primary trading gateway.
Haseeb Qureshi said that when Hyperliquid market share grew, centralized exchanges’ trading volume did not decline in tandem, leading him to conclude that both are expanding.
Haseeb Qureshi believes that pre-IPO stock already has substantial demand and product-market fit, while Trade.xyz is still at an early stage but making considerable progress.
Haseeb Qureshi takes a cautiously positive view of the crypto market over the next 6–12 months.
Haseeb Qureshi believes that by 2030 years, crypto investing will be increasingly integrated into fintech, digital banking, consumer products, stablecoin infrastructure, and AI-type companies.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

The core point of this content is:Hyperliquid’s growth may not simply involve taking existing users from centralized exchanges; it may also serve people who previously had difficulty using mainstream platforms, thereby expanding the overall market. Haseeb Qureshi also judges that the boundaries of crypto investing will gradually blur and integrate with fintech and AI and other fields.

Why it matters to readers

If the market is indeed expanding jointly, growth in Hyperliquid does not necessarily mean an equivalent loss of business for centralized exchanges. For the investment industry, crypto funds may broaden their investment scope in the future and place greater emphasis on industry understanding, relationship networks, and the ability to help founders.

Beginners should treat this content as an industry insider’s market assessment, rather than a conclusion already proven by complete data. They can continue to observe user overlap, trading volume, market share, and related product developments.

Risks and unknowns

The original text does not provide complete data on Hyperliquid’s degree of user overlap with centralized exchanges.
The original text does not provide specific figures or statistical ranges for changes in the trading volume or market share of either side.
Regarding the number of users unable to complete KYC or having difficulty accessing mainstream platforms, the original text provides no data.

Dragonfly Partner:Hyperliquid is expanding the market frontier rather than competing for share; in the future, crypto, fintech, and even AI narratives will converge

Article

AI-assisted interpretation

Why it matters to readers

Risks and unknowns

Related Developments

Related concepts

Keep following

Security Center