HIP-3 Market Design and Felix’s Role | Charlie, Felix Protocol

Bullish:

• $INFRA - Infrastructure plays benefit from Hyperliquid's need to build more in-house and control their product stack, plus broader crypto infrastructure development needs.

  • “the blockchain needs to monetize as much as possible by launching its own products or else you get was so day November. When did Mon launch? I think November 26. Fulana made $13 It's not sustainable. Like you need to have your own ways of making money”

    Danny·52:31

  • “they're gonna have to eventually build up more and more in house. And that's not necessarily a bad thing”

    Danny·50:23
• $DEX - Decentralized exchanges like Hyperliquid showing strong product-market fit with perps trading and evolving toward owning the full user relationship like Robinhood/Coinbase model.

  • “I think Robinhood was earning maybe 10 x the fees per dollar as Nasdaq was, which I think is pretty damning”

    Charlie·46:01

  • “it continues to look like decentralized brokerage more than decentralized back end”

    Charlie·47:10

  • “I think Robinhood is this is not I think it's like factual that Robinhood is a better business model than or Coinbase is better business model than”

    Danny·47:48

Bearish:

• $ALTCOINS - Alternative cryptocurrencies have been declining with limited trading volume and may continue underperforming as focus shifts to newer asset classes.

  • “there's also the more Definitive alts. And I think there might be a discussion to be had around, like, whether or what your guys' thoughts are on where those go this year relative to where they went last year, which was basically down only”

    Charlie·7:26

  • “a lot of alts have been down only”

    Danny·9:00

  • “if you listed LINK right now, if it exists, I doubt it's sub 2 mil. Like I doubt it's above 2 mil volume”

    Danny·10:21
• $CEFI - Centralized crypto infrastructure showing weakness with high fees and lack of innovation, creating opportunities for decentralized alternatives.

  • “Robinhood does not use the Robinhood model for their crypto markets. Like, I think, don't quote me on this, but I I believe something like either the the base fee or the average fee is something around 75 bps on a crypto trade, which is obviously quite high”

    Charlie·11:28

  • “I think, unfortunately, the pie isn't large enough yet. Maybe one day it will be and they'll become more and more involved. Also from my understanding, USCT is probably relatively close to centralized exchanges as a distribution”

    Danny·28:23
• $STABLES - Stablecoin competition intensifying with USDC dominance challenged by USDH, but growth mode eliminating cost advantages makes differentiation difficult.

  • “growth mode was certainly a a bit of a game changer for USTH and the value prop there given that USTH's primary value prop was to reduce costs, but then costs went to zero for everything”

    Charlie·23:53

  • “there's a real stickiness around stables and the stables that people hold even if it's almost negligible or free to swap in between”

    Charlie·24:20