Cryptocurrency research firm Delphi Digital published a new report arguing that speculation could become one of the defining investment themes of the next decade, highlighting assets such as Robinhood (HOOD), Hyperliquid ($HYPE), and Lighter (LIT).
The company’s report, titled “The House Always Wins: Why Speculation Is the Theme of the Decade,” argues that investors should focus on platforms that earn revenue from speculative trading rather than on speculative assets themselves.
According to the company, technological change and pressure on the economic system are two key factors sustaining speculative trading activity. While new technologies such as artificial intelligence increase uncertainty about the future, economic conditions and difficulties acquiring assets may also push investors to seek high returns.
According to the report, the real opportunities in this situation lie not in predicting which assets will rise in price, but in identifying and investing in platforms capable of generating revenue from increased trading activity.
Why do Robinhood, Hyperliquid, and Lighter stand out?
The report noted that Robinhood stands out by bringing stock, options, cryptocurrency, and prediction-market trading together in a single user ecosystem.
Hyperliquid, on the other hand, stands out for its on-chain perpetual futures markets and trading infrastructure that is open to various asset classes. The report also highlights that the platform uses a token buyback mechanism $HYPE funded by transaction fees.
Finally, Lighter’s zero-knowledge-proof-based order book infrastructure stands out for its approach of eliminating transaction fees for certain users.
When evaluating platforms, Delphi Digital emphasizes profitability, the ability to convert fees into revenue, and user reach. However, the report notes that transaction volume alone is not enough, and that competition, regulatory risks, and market cycles must also be taken into account.
