Chainfeeds Summary:
Hyperliquid is a perpetual contract trading protocol built on its own L1 mainnet, aiming to provide users with a trading experience comparable to centralized exchanges while offering a fully on-chain order book and decentralized trading functionality. This article focuses on the market opportunities for Hyperliquid and the fundamental investment logic of the $HYPE token.
Source:
https://www.panewslab.com/zh/articledetails/vu66wfck.html
Author:
Flo
Viewpoint:
Flo:- Exchange development opportunities: Hyperliquid dominates the perpetual contract DEX market, with its recent trading volume accounting for over 50%. Hyperliquid, with lower fees than CEXs and more attractive incentive mechanisms, is expected to attract more users and capital from CEXs. Its token generation event (TGE) and the rapid rise of the $HYPE price can be considered the best marketing campaign. Exchanges and stablecoins are the most profitable businesses in the cryptocurrency field. Hyperliquid's direct competition with mainstream exchanges like Binance and Coinbase is itself a bullish factor.- EVM ecosystem opportunities: HyperEVM is an essential part of the Hyperliquid ecosystem, sharing a unified state and consensus mechanism with the Hyperliquid L1, but running as an independent execution environment. HyperEVM plans to launch in the coming months, and a large number of teams have already started active preparations. This development trend may spawn a new DeFi ecosystem, meeting the market's demand for practical projects, bringing revenue growth paths and potential, and enhancing the utility of the $HYPE token and ecosystem awareness.- Revenue composition, valuation, and industry comparison: Hyperliquid primarily generates revenue through platform fees and token auctions. Over the past 30 days, Hyperliquid has generated approximately $26.5 million in USDC revenue, with an annualized revenue exceeding $336 million, ranking third among all public chains, behind only Ethereum, Solana, and TRON, but with a significantly lower market capitalization. In terms of yield (annualized revenue / circulating market cap), Hyperliquid far exceeds other L1 and L2 projects.- Potential risks: 1) Validator centralization risk: Currently, the Hyperliquid mainnet validator nodes are highly centralized, with only 4 nodes operated by the team in Tokyo. Although the testnet has over 60 decentralized validators, the transition to a decentralized architecture still faces challenges. 2) DeFi innovation risk: With the launch of EVM, the capital efficiency of $HYPE will be enhanced through liquidity staking, lending, and other means. New DeFi innovations may bring unknown risks. 3) Regulatory risk: Although geographical restrictions and the attitude of the Trump administration have somewhat mitigated this risk, as a trading platform, Hyperliquid still needs to closely monitor changes in the regulatory environment.
Source
