Empire Hivemind: Are L1s Still Overvalued, Hyperliquid’s End Game & State of The Market
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Feb 5, 2026 A market deep-dive covering the sell-off from crypto to software and where risk appetite stands. Debate over whether Layer 1 networks remain overvalued and why some chains like Solana still attract interest. A long look at Hyperliquid’s product-led strategy and its possible endgame. Discussion of Bitcoin’s quantum risk and the implications of Vitalik’s critique of Layer 2 roadmaps.
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Equities Weakness Amplifies Crypto Risk
- Equities weakness and AI-driven software repricing compound crypto downside risk.
- If equities puke, alts could collapse while Bitcoin may track equities, not outperform them.
L1 Premiums Face A Revenue Reassessment
- The market is rotating to revenue-generating, tradable businesses and away from narrative L1 premiums.
- That shift makes L1 valuations harder to justify absent clear monetizable apps.
Blockchains Seen As Backend Tech, Not Rent Sources
- Market apathy means blockchains are viewed as backend tech, not automatic rent collectors.
- Companies can build private chains and avoid paying rents to incumbent public L1s.