Foresight Ventures released the latest report "Decoding Hyperliquid's Strategy and the Next Wave of On-Chain Infrastructure," providing an in-depth analysis of how Hyperliquid is redefining on-chain trading and driving a new era of decentralized finance (DeFi). The report identifies two major risks: first, Hyperliquid's no-KYC model may face stricter regulatory scrutiny; second, its closed-loop revenue structure reliant on high trading activity is challenged during bear markets. Nevertheless, with robust technology, deep liquidity, and an active community, Hyperliquid is poised to lead the next wave of DeFi development. As a top crypto venture capital firm bridging East and West, Foresight Ventures is committed to supporting innovative projects and advancing the future of digital finance.