reweave: merge 21 files via frontmatter union [auto]
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@ -111,4 +111,4 @@ Polymarket's application for 'Amended Order of Designation' to bring its main ex
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**Source:** Arthur Hayes, CoinDesk April 30 2026
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**Source:** Arthur Hayes, CoinDesk April 30 2026
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Hayes argues the duopoly framing is incomplete because it ignores the ownership alignment dimension. HYPE's $38B FDV vs POLY's $14B premarket FDV shows the market pricing in a ~2.7x ownership alignment premium, suggesting Hyperliquid could disrupt the duopoly structure through a fundamentally different value capture model rather than just regulatory arbitrage.
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Hayes argues the duopoly framing is incomplete because it ignores the ownership alignment dimension. HYPE's $38B FDV vs POLY's $14B premarket FDV shows the market pricing in a ~2.7x ownership alignment premium, suggesting Hyperliquid could disrupt the duopoly structure through a fundamentally different value capture model rather than just regulatory arbitrage.
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