Something interesting is happening with the Hyperliquid ecosystem.

About a year ago, shortly after HYPE did its TGE, I had quite a few projects reaching out for funding building on Hyper. Almost all of them were just trying to chase the hype: lack of innovation, low-effort copycats with low-conviction founders. I didn’t take most of them seriously and, unsurprisingly, none of them are around anymore.
That’s slowly but surely shifting.
Recently a significant portion of our deal flow is actually decent founders coming up with genuinely interesting ideas on top of Hyperliquid, some even with existing products, real traction, and legitimate funding needs. The quality has completely changed.
And it makes perfect sense. Hyperliquid did what every other chain tried and failed to do: they shipped a product so good that people actually wanted to use it. That attracted users. Users attracted liquidity. Liquidity attracted builders. Builders are now attracting capital.
Meanwhile every other L1 and L2 is trying to buy their ecosystem into existence from the bottom up and wondering why nothing sticks.
Hyperliquid built it top down. Product first. Ecosystem second. And it’s working.
No grants program or desperate foundations throwing millions at mercenary devs. Just a great product and an organic flywheel doing the rest.
Maybe more chains should try building something people actually want before spending billions convincing developers to pretend they care.
Anyways, Hyperliquid, I guess.