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

老實說，我只部分同意這裡的觀點。

我同意 Hyperliquid 在以下方面設立了新標準：
- 整體產品/代幣釋出執行
- 找到產品市場契合度並維持能產生真實收入的增長
- 設計能為 holder 帶來價值的代幣經濟學和協議機制

然而，對於你提到的一些專案，我有幾點不同看法：

@zama_fhe：總共籌集了1.39億美元資金，用於構建能在任何 L1/L2 上實現私密智慧合約的協議。實際上剛剛宣佈由 @PanteraCapital 領投的 B 輪融資，以超過10億美元的估值籌集了5700萬美元。全同態加密是新興技術，大規模投入生產是一項艱鉅的任務。我認為這裡非常需要資金充足的研究，看起來 Zama 似乎正接近這個階段。這項技術無疑具有巨大潛力。

[後續內容以此風格翻譯，保留專有名詞和技術術語的原文]

過去半年，我從一個 Web3 的旁觀者，走進了支付行業內部。而現在，我選擇停下來，不再繼續做 Web3 支付。
這並不是一次失敗後的撤退，而是在真正下場之後，做出的判斷調整。這半年裡，我去過義烏、水貝、莆田，也去過墨西哥，看那些報告裡最熱鬧的地方，支付到底是怎麼被做出來的。我也下了場，搭過 Web3 支付的 MVP，接過賬戶，做過Web3收款工具，試著把想象中的路徑，從第一步跑到最後一步。
但越往...

創業者自述：從開始到放棄，我為什麼不做Web3支付了

未來加密行業將邁入合規、價值和長期資本為核心的“機構時代”。

7大機構展望下的加密行業：2026，會走向哪裡？

RWA 正在從“發行競賽”走向“可持續性測試”的新階段

RWA 敘事正在切換：為什麼代幣化黃金開始被反覆提及？

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.

同時鏈接回最終啟發我提出這一觀點的@ahboyash 的原始帖子，並想補充：
@fluentxyz 正在構建一個基於 zkWASM 的混合執行環境，預計將於今年主網。該環境允許開發者在同一條鏈上無縫地整合不同虛擬機/語言（EVM、SVM、Wasm）的邏輯。我個人對此非常看好。
- @sovereign_labs：@bulletxyz_ 正在基於該 SDK 構建 Solana 的 Hyperliquid 版本。其他一些頂級團隊也在基於他們的 SDK 進行構建，但 Bullet 絕對是 CLOB 之戰中的主力，值得在此提及。
- zkML 也並未消亡，在我看來，確保可驗證性至關重要。從 @lagrangedev 的 DeepProve 到 @omron_ai 的 Bittensor 等等，這類技術才剛剛達到採用階段的成熟度。不過，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，發現拼寫錯誤了：我總結HL的觀點時，指的是：“代幣經濟學和協議機制旨在為持有者帶來價值”。
感謝您對此問題的關注。

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

發現更多錯別字，現在知道為什麼我不應該在淋浴時寫這些東西了，哈哈