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DCo argues USDH by Native Markets drives value to $HYPE by functioning as a vertically integrated capital aggregator. This extends their thesis on how stablecoins integrated within token ecosystems create concentrated value capture for the underlying asset through controlled capital flows and settlement mechanics.
DCo examines how vertical integrations across Hyperliquid, USDAI, MetaMask, Maple, and Centrifuge create competitive moats through compounding utility. These capital aggregators strengthen their positions by layering services across trading, liquidity, and wallet infrastructure, making it harder for competitors to replicate their full-stack offerings.
DCo argues that Hyperliquid's risk engine represents a structural moat as HIP-4 scales. The protocol generated $158 billion in volume via HIP-3 since launch, and conservative estimates suggest it could reach $125 billion additionally—positioning risk infrastructure as the next dominant financial primitive.
Meteora processes a quarter of all DEX volume on Solana, with $182 billion handled in 2025—2.5 times FY2024's volume. DCo views this dominance in Solana's liquidity infrastructure as a defining moment for the platform's maturation as a trading hub.
DCo is bullish on Drift Protocol, betting that Solana's perpetuals ecosystem will capture significant trading volume as the network matures. The firm sees Drift as positioned to dominate SOL-based derivatives trading, with network effects and first-mover advantage creating a durable moat against competitors.
DCo argues Hyperliquid should be valued against CME, not Binance, since both operate derivatives exchanges. CME generated $6.5 billion in 2025 revenue on 28.1 million daily contracts with a $114 billion market cap, while Hyperliquid earned $960 million—suggesting significant valuation upside if HYPE trades at CME multiples.
DCo explains how LI.FI acts as an orchestration layer across multiple crypto applications, reducing friction in transaction flows by coordinating interactions between different platforms and protocols rather than forcing users through isolated experiences.
DCo argues that scaling agentic commerce requires robust trust infrastructure around stablecoins—similar to how trust mechanisms enabled digital payments to scale. Without this foundation, stablecoin adoption won't reach the levels necessary to support an agentic economy.