Cryptocurrency research firm Delphi Digital has published a new report arguing that speculation could be 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 generate income from speculative transactions rather than on speculative assets themselves.
According to the company, technological transformation and pressures on the economic system are two key factors supporting speculative trading activity. While new technologies like artificial intelligence increase uncertainties about the future, economic conditions and the increasing difficulty of acquiring assets can also drive investors to seek high returns.
According to the report, the real opportunity in this environment lies not in predicting which asset will rise, but in identifying and investing in platforms that can generate revenue from increased trading activity.
Why Do Robinhood, Hyperliquid, and Lighter Stand Out?
The report noted that Robinhood stood out because it combined stock trading, options, cryptocurrencies, and prediction markets within the same user ecosystem.
Hyperliquid, on the other hand, stands out with its on-chain perpetual futures markets and trading infrastructure open to different asset classes. The report also highlighted that the platform operates a buyback mechanism for the HYPE token with its transaction fees.
Finally, Lighter’s order book infrastructure, which utilizes zero-knowledge proofs, is noted for its zero-transaction fee approach for individual users.
Delphi Digital emphasizes profitability, the ability to convert transaction fees into revenue, and user reach when evaluating platforms. However, the report states that transaction volume alone is not a sufficient metric, and that competition, regulatory risks, and market cycles must also be taken into account.
*This is not investment advice.
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