Asset management firm VanEck published a research report on January 6th stating that Layer-1 blockchain network Hyperliquid has become one of the most valuable blockchains with a market value of approximately $25 billion since issuing HYPE tokens through an airdrop in November. However, VanEck pointed out that Hyperliquid's emerging smart contract platform "has not yet attracted a large number of developers." VanEck warned: "If Hyperliquid fails to meet the growth expectations of its community, the prisoner's dilemma faced by many newly-minted HYPE rich people may quickly collapse." He added: "Once again, we see another Icarus-like story of cryptocurrency hubris." (Icarus is a character in Greek mythology who fell because of flying too high, a metaphor for failure due to arrogance.)