Asgard x WEDYOR collaboration Investment thesis Hyperliquid feels like a unicorn built for its community, not for VCs. It is a blockchain based trading platform focused on perpetual futures, designed to deliver a low latency, cost efficient, CEX-like order book experience with deep liquidity. Its main distinguishers are deeper and more genuine liquidity, stronger user trust, a more battle-tested operating history than peers, and the broadest, most liquid non-crypto trading offering in the...

Written in collaboration with Asgard Markets & WEDYOR 1. Investment thesis Lighter is a purpose-built zkRollup perpetuals exchange on Ethereum, designed to deliver a low-latency, cost-efficient CEX-like orderbook experience while preserving self-custody and verifiable state transitions. Its key differentiator is combining zero fee retail trading with low latency execution on an Ethereum secured zkRollup, while embedding cryptographic proofs into execution so math, not operator discretion or...

Written in collaboration with Asgard Markets & WEDYOR Investment thesis The investment thesis and strategy: The investment thesis is anchored in CZ/Binance sponsorship, a ~5.5× valuation catch-up to Hyperliquid, and the macro tailwind of a derivatives supercycle. The pivotal catalyst is the significant reduction in new token issuance at Month 20 (May 2027), suggesting that risk-takers could scale in via DCA and accelerate entries approaching this inflection point to position ahead of the...