The American asset management firm VanEck recently released a report on Hyperliquid (HYPE), a native Layer 1 decentralized exchange (DEX). According to the report, Hyperliquid may struggle to sustain its growth without attracting a significant number of developers. VanEck noted that Hyperliquid currently has a market cap of approximately $25 billion and explained that it would likely need a robust developer community to maintain this value. While Hyperliquid has built a perpetual futures exchange on its own Layer 1 chain, VanEck emphasized that this alone is not enough to justify its current token value. The report further highlighted that Hyperliquid has yet to attract a meaningful number of developers. If it fails to meet growth expectations, VanEck warned that HYPE holders might face a "prisoner's dilemma."