Asset management company VanEck released a research report on January 6, stating that the Layer-1 blockchain network Hyperliquid has become one of the most valuable blockchains since it issued HYPE tokens through an airdrop in November, with a market capitalization of approximately $25 billion. However, VanEck pointed out that Hyperliquid's emerging smart contract platform 'has yet to attract a large number of developers.'
VanEck warned: 'If Hyperliquid fails to meet the growth expectations of its community, many newly wealthy HYPE holders may quickly face a prisoner's dilemma.' They added, 'We are seeing yet another Icarus-like story of cryptocurrency arrogance.' (Icarus is a character from Greek mythology who fell because he flew too high, symbolizing failure due to pride.)