The Hivemind

The End of the L1 Premium? | Hype, Venice & The Future of Crypto

Crypto is becoming a stock picker’s market and the biggest winners may not even look like traditional crypto anymore.This week on The Hivemind, the team breaks down Hyperliquid’s continued dominance, Venice AI’s explosive growth, the collapse of the L1 premium thesis, and why attention and capital are increasingly flowing toward AI, robotics, defense tech, and private markets. They also debate whether crypto is still the most exciting opportunity set in the world or if the industry is entering a new phase entirely.Timestamps:00:00 – Why crypto has become a stock picker’s market05:00 – Venice AI (VVV), AI tokens & crypto business models17:00 – ETH, SOL & the collapse of the L1 premium thesis24:00 – Why Hyperliquid changed the crypto investment landscape33:00 – Crypto capital formation vs traditional equity markets39:00 – Defense tech, drones & the future of warfare51:00 – Advice for young investors entering markets today1:04:00 – Robotics, Figure AI & the next major investment wave1:12:00 – Bitcoin, macro tailwinds & long-term positioningLink to our Youtube: https://www.youtube.com/@Delphi_DigitalFollow Ceteris: ⁠https://x.com/ceterispar1bus⁠ Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Yan: https://x.com/YanLibermanFollow Jose: https://x.com/ZeMariaMacedoFollow Kevin: https://x.com/Kevin_Kelly_II