Matt Hougan, chief investment officer at Bitwise, anticipates that the next bull market will be driven by the convergence between traditional finance and onchain finance, with a particular focus on stablecoins, tokenization, and institutional DeFi. Hyperliquid, specialized in perpetual contracts and now present on traditional markets, could generate approximately $800 million in annualized revenue, with nearly 99% used to buy back HYPE tokens on the market. Robinhood launched Robinhood Chain on July 1, a layer 2 blockchain built with Arbitrum technology, which attracted nearly $300 million in stablecoins and recorded up to 3.6 million daily transactions in less than two weeks. According to Bitwise, the winners of the next cycle will no longer be assets capable of creating a narrative, but protocols generating revenue and companies ready to actually move their financial services onchain.
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