CANADA – 2025/09/28: In this photo illustration, the Hyperliquid (Hyper Liquid) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
For years, the crypto industry has promised to rebuild finance through faster settlement, self-custody, programmable money and global market access. Those ideas matter. But they are not enough on their own.
Financial infrastructure succeeds only when it becomes meaningfully better for users—faster, cheaper, more transparent, more liquid or easier to access than the system it replaces.
Trading remains one of the few areas where crypto has achieved genuine product-market fit, and platforms like…
