Tbh I only agree partially here.
Agree that Hyperliquid set new standards regarding:
- overall product/token launch execution
- finding PMF and maintaining growth that generates real revenue
- tokenomics and protocol mechanics designed value back to holders
Yet, a few brief counter-takes on some of the projects you mentioned:
@zama_fhe: Raised a total of $139m in funding to build a protocol that enables private smart contract on any L1/L2. Actually just announced its Series B led by @PanteraCapital yday, raising $57m at a valuation of >$1B. FHE is nascent tech and bringing it to production at scale is a tough task. Think well-funded research is very much needed here, and it’s great to see that Zama seems to be nearing that stage. The technology undoubtedly bears huge potential.
- @RiscZero: Raised a total $54m and is much, much more than a zk co-processor. They have that too (Steel, powered by the R0 zkVM), but the main thing they built is exactly that RISC-V based, general-purpose zkVM (the most performant one in production) that actually powers a bunch of ZK rollups out there, as well as Kailua (zk fraud proofs for OP stack). With @boundless_xyz, they are also launching a fully decentralized ZK proving marketplace, that powers a full-stack ZK solutions that sill empower devs to leverage verifiable compute to scale any app they might build (a.k.a. Making them boundless, and breaking the block limits of contemporary chains. There is a shit ton of apps that are already being built using RiscZero/Boundless tech, including for example @hibachi_xyz, a Celestia-based CLOBS on BLOBS perp dex.
- @Calderaxyz: Not just a RaaS provider but rather a composable ecosystem of >100+ (app)chains powered by the Metalayer. Allows anyone to launch rollups in literally a few clicks on testnet, and manages your entire infrastructure for a few k per month (incl explorers, indexers, etc). The Caldera eco counts $375m in TVL, and >759m txs / 27m wallets. Sure, many of the chains launched on Caldera currently lack major adoption, but there is some bigger ones like Manta or Apechain too, and as their business model is to launch as many chains (that pay them) as possible, I would say it’s not going too bad. Raised a toral of $24m, and main competitor is @conduitxyz which raised $44m, also not doing too bad given that there are 50+ mainnets live and with for example @katana also launching on top of their infra, also leveraging the G2 sequencer (designed for high performance).
- @anoma: Raised a total of $57m and is building top tier tech, or more specifically, an intent-centric, universal operating system that unifies the application layer across any chain, opening up a new design space for builders and enabling everything from decentralized multichain CLOBs to generalized match-making protocols. In a few weeks this tech will go live, and we will be able to asses its success. The fact that they were supposedly looking to raise $40m at $1B FDV last year is also an interesting fact. With their Kait leaderboard now live too, I’m sure we’ll hear more about Anoma in the weeks to come.
Now what I do agree with is that shared sequencing is probably an idea that sits in a tough spot today, as it looks like realistically speaking, most chains don’t want to outsource these critical network functions, and prefer to leverage other technologies/approaches to enable interoperability & composability with other ecosystems (e.g. @union_build ).
Also agree that @eigenlayer copycats like @symbioticfi or @Karak_Network probs will have a hard time, given the restaking hype has died down. Also feels like @eigenlayer is once again lightyears ahead of them with the whole EigenCloud vision.
Market is maturing fs, and that ppl start to care about revenue + buybacks is indeed a good sign. Yet it doesn’t mean that we should discount the value of disruptive technologies and crucial infra layers that enable the successful mass adoption applications on the app layer.

Interesting throwback by @ahboyash:
• FHE → @zama_fhe $57M
• Restaking → @Karak_Network $48M | @symbioticfi  $5.8M
• zk-coprocessors → @RiscZero $40M
• RaaS → @Calderaxyz $15M
• Shared sequencers → @EspressoSys $28M | @AstriaOrg $5.5M
• Sovereign rollups →

DeFi Cheetah - e/acc

Twitter

老实说，我只部分同意这里的观点。

我同意 Hyperliquid 在以下方面设立了新标准：
- 整体产品/代币发布执行
- 找到产品市场契合度并维持能产生真实收入的增长
- 设计能为 holder 带来价值的代币经济学和协议机制

然而，对于你提到的一些项目，我有几点不同看法：

@zama_fhe：总共筹集了1.39亿美元资金，用于构建能在任何 L1/L2 上实现私密智能合约的协议。实际上刚刚宣布由 @PanteraCapital 领投的 B 轮融资，以超过10亿美元的估值筹集了5700万美元。全同态加密是新兴技术，大规模投入生产是一项艰巨的任务。我认为这里非常需要资金充足的研究，看起来 Zama 似乎正接近这个阶段。这项技术无疑具有巨大潜力。

[后续内容以此风格翻译，保留专有名词和技术术语的原文]

加密风险投资基金 Hashed 近期发布了一份题为《协议经济：2026 年展望》的战略报告，其中指出加密货币行业即将进入“……阶段”。

哈希值：与实体经济挂钩的数字资产项目将在 2026 年蓬勃发展。

文章作者：林晚晚的猫(@linwanwan823)
文章来源：X
原文标题：华人首富赵长鹏年终十大问答
---------------------------------------------------------------
BNB股东年终大会刚刚结束。
听完CZ的年终AMA，晚晚我选了10条问答总结
划重点：预测市场，稳定币大战2.0还没开始
1.被特赦后什么感受？
CZ："心理上有一种v...

赵长鹏年终答卷：关于币安、监管与加密未来的十问

每日行情重点数据回顾和趋势分析，由PANews出品。
1.市场观察
尽管美国11月CPI年率意外降至2.7%，核心CPI降至2.6%，创下2021年以来新低，一度点燃市场对美联储加速降息的预期，但由于政府停摆导致数据采集受扰，该报告的可靠性受到广泛质疑。市场在复杂的信号中摇摆，一方面，白宫官员认为美联储有“很大降息空间”；另一方面，日本央行将基准利率上调至0.75%，创30年新高，持续收紧全球流动...

交易时刻：日本加息靴子落地，比特币面临8.1万美元关键考验，以太坊反弹无力

Also linking back to @ahboyash’s original post that ultimately inspired this take, and want to add:
- @fluentxyz is building a zkWASM based, blended execution environment that will hit mainnet this year. Allows devs to seamlessly combine logic across VMs/languages (EVM,SVM,Wasm) on the same chain. Pretty bullish here myself.
- @sovereign_labs: The SDK on top of which @bulletxyz_ is building Solana’s answer to Hyperliquid. There are a few other top tier teams building on their SDK too, but Bullet is def a main player in the CLOB wars and worth flagging here.
- zkML also not dead and ensuring verifiability here is crucial imo. From @lagrangedev’s DeepProve to @omron_ai on Bittensor and many more, this kind of tech is just reaching adoption-level maturity. It’s still around tho.

同时链接回最终启发我提出这一观点的@ahboyash 的原始帖子，并想补充：
@fluentxyz 正在构建一个基于 zkWASM 的混合执行环境，预计将于今年主网。该环境允许开发者在同一条链上无缝地整合不同虚拟机/语言（EVM、SVM、Wasm）的逻辑。我个人对此非常看好。
- @sovereign_labs：@bulletxyz_ 正在基于该 SDK 构建 Solana 的 Hyperliquid 版本。其他一些顶级团队也在基于他们的 SDK 进行构建，但 Bullet 绝对是 CLOB 之战中的主力，值得在此提及。
- zkML 也并未消亡，在我看来，确保可验证性至关重要。从 @lagrangedev 的 DeepProve 到 @omron_ai 的 Bittensor 等等，这类技术才刚刚达到采用阶段的成熟度。不过，它仍然存在。

Ahhhhh typo spotted: When summarizing HL points I mean: “tokenomics and protocol mechanics designed TO ACCRUE value back to holders”
Thank you for your attention to this matter.

啊，发现拼写错误了：我总结HL的观点时，指的是：“代币经济学和协议机制旨在为持有者带来价值”。
感谢您对此问题的关注。

Found more typos, now know why I shouldn't write this stuff in the shower lol

发现更多错别字，现在知道为什么我不应该在淋浴时写这些东西了，哈哈