The End of the L1 Premium? | Hype, Venice & The Future of Crypto
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Alright. Welcome back to the Hive Mind podcast, the show about markets, crypto, AI, unfiltered opinions, and all the interesting things on our team's radar. Join as always with the usual suspects, Jan, cofounder, managing partner of Delphi Ventures, Jose, cofounder, head of our Delphi Labs business, Jason, our head of markets, and Ceteras, our head of research. Gents, it's, it's another interesting day to do this. Not the best week maybe to be a BTC holder, but if you're holding Zcash, Venice, or Hype, which I know we definitely wanna get into, it's, it's not a bad morning so far. How's everyb
I mean
Jason is the, yeah, is the is the big hype bull.
Yeah. I just yeah. I mean, this is I mean, we wrote about this in our year ahead, and it's actually something that we're currently in the process of of revisiting and kind of, you know, scoring what we you know, our predictions or, you know, what we thought would happen so far and kind of revisiting those. And one of the big themes that we had was that we thought, you know, 2026 would be like a stock picker's market in crypto. Like, it would not be a a market in which most coins did well, and you would have to anchor to, like, one of three things or a combination, like structural flows. Maybe
Yeah. No. The the hype move was was a big one.
That that up Venice is up way more. Right? Venice has been, like, the main story this this the last couple weeks.
Yeah. No. And just to go back to hype real quick, it's I think that the the stablecoin component was a big one. Right? You wanna think about how what multiple to value that revenue at, and, like, I don't really have a great answer, but it's it's highly durable. Right? So it should get a a pretty hefty multiple. And and in particular, you see a lot of cyclicality in crypto, and and hype is no different, right, as as kind of activity wanes, volumes come down, and and it and it reprices lower. And so I think the the stablecoin element adds a nice buffer. Not to say it won't suffer from the cyclic
Are you, like, fully expecting the token to get all the value? Because I know that's something a few people have brought up is that there's the equity structure, and it's something we've talked about a lot, right? So like, why is this one different? And then because they're doing like, I think they're only burning like 200 k a month or something, right? I have seen a lot of people bring this up, and I feel like it's a good point, so yeah, what do you think about that?
Yeah, yeah, for sure. The burn has been more so a a way to show how many users they are adding. So they basically are disclosing new subscription numbers through the burn. It's not really meant to be the full value send. It's more of an indication of subscriber growth and, I think, a signal to the market that they are sending value to the token. Like you mentioned, you always have this kind of dichotomy, and and it's all fine and dandy when things are going well. But it's it's when when shit hits the fan, you realize who's actually on the top of the totem pole and and, you know, tokens get the
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