Hyperliquid, the Layer-1 blockchain network, has become one of the most valuable blockchains with a market capitalisation of about $25 billion since the launch of HYPE tokens via an airdrop in November, according to research published on January 6 by VanEck, an asset manager. However, VanEck noted that Hyperliquid's emerging smart contract platform "has yet to attract a large number of developers". "If Hyperliquid fails to meet the growth expectations of its community, the prisoner's dilemma faced by many newly minted HYPE billionaires could quickly unravel," VanEck warns, adding: "We are once again seeing another Icarus-esque tale of crypto hubris." (Icarus is a figure in Greek mythology who fell by flying too high, a metaphor for failure due to arrogance.)