State of The Market, DAT Bubble Burst & Hyperliquid

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Nov 17, 2025

Dive into the current crypto market dynamics, exploring personal holdings and whether the downturn is truly over. Discover the DAT bubble dynamics and why previous hype has fizzled. Unpack Aave's app launch and its strategies for becoming a crypto neobank, alongside debates on self-custody versus ETFs. Examine Hyperliquid's unique revenue model and the contrasting growth of perps versus meme coins. The discussion wraps with insights on B2B monetization for chains and the importance of focusing on long-term metrics over short-term spikes.

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INSIGHT

Revenue Tokens Reduce Timing Pressure

Holding high-quality crypto (revenue-generating tokens) reduces the need to time market tops and bottoms.
Danny and Daniel prefer buy-and-hold for tokens that generate real revenue rather than speculative memes.

INSIGHT

DATs Created Fragile Buy Pressure

DAT funds initially pushed prices by announcing large purchases, creating short-term arbitrage opportunities.
That model breaks down when buy pressure fades or funds cut purchases, revealing structural fragility.

INSIGHT

Mobile + Insurance Lowers User Friction

Aave's mobile cash app and balance protection signal a push to on‑ramp mainstream users into DeFi.
Insuring balances and smooth mobile UX reduce custody friction and could attract traditional capital.

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This week, we went live to discuss the current state of markets. We deep dive into what's next for crypto, Aave's app launch, the B2B model for blockchains, Pump Fun & more. Enjoy!

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Timestamps:

(0:00) Introduction

(1:01) State of The Market

(5:52) Has The DAT Bubble Burst?

(14:30) Aave Launches Aave App

(27:02) The Difference Between Ecosystems Growth Strategy

(43:05) Ads (Katana & Uniswap)

(45:52) Is B2B The Business Model For Blockchains?

(52:20) Has Memecoin Trading Peaked?

(57:22) Katana Ad

(57:59) Pump Fun

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.