Hyperliquid market cap hits $30 billion as VC-backed projects struggle

As a16z Crypto faces a trend of portfolio project closures—with 42 out of 189 investments now defunct—the decentralized perpetual exchange Hyperliquid has reached a $30 billion market cap without any venture capital funding. The contrast highlights a shift in market sentiment, where retail investors are increasingly wary of VC-backed tokens due to concerns over incentive misalignment, rapid narrative cycles, and structural selling pressure. Hyperliquid's growth is attributed to its product-first approach and community-centric token distribution.