Chainfeeds Introduction:
Hyperliquid's real moat is not purely the transaction data itself, but the application ecosystem of HyperEVM is the biggest highlight.
Article Source:
https://x.com/tmel0211/status/1970693589031088165
Article author:
Haotian
Viewpoint:
Haotian: If we consider HL a Perp Dex, comparing it to predecessors like dYdX and GMX, its valuation is already high. However, if we compare it to on-chain Binance and other L1 platforms like Solana and BNBChain, HL still has significant room for growth. Objectively speaking, while HL's current market share dominance in Perp Dex will certainly result in a premium valuation, the overall on-chain DEX market is limited. Its valuation is already high compared to products like GMX and dYdX, which were approaching or even exceeding their peaks. However, if we expect it to be a Binance on the chain, I'm afraid it will only be possible to compare its valuation to that of BNBChain if we see a significant siphoning of traditional CEX exchange data and indicators. Clearly, the current market pricing is based on a balance between the two, with a slight bias towards the latter. This will lead to a significant misalignment of value, especially for those who are simply following the Perp Dex trend, who are misleading and comparing HL's valuation without even understanding the actual basis for its valuation. This disregard for HL's technical architecture and rich, diverse ecosystem is absurd. Hyperliquid's HyperBFT consensus, HyperCore and HyperEVM layered design, and redesigned on-chain high-frequency node matching engine—while criticized for centralization—do contain numerous innovative elements. Meanwhile, some of the imitators still employ the traditional "off-chain matching + on-chain settlement" technical service framework, most of which remain within the application scope of the original Perp Dex on L1 and L2, or even just rebrand old products. Is it too hasty to condemn previous platforms like dYdx and GMX based on this? And how can their valuations be compared to HL? In fact, if we look at it calmly, HL's real moat is not purely the transaction data itself. HyperCore's high-frequency trading matching engine is one aspect, and HyperEVM's application ecosystem is the biggest attraction. For example: Felix Protocol mints stablecoins based on HYPE collateral, and uses the interest income of $107M idle USDC to repurchase HYPE; Liminal Money provides a delta-neutral income product with a 16% APY; others such as the staking agreement built by Kinetiq, the lending ecosystem built by Hyperlend, etc., have combined at least forty or fifty ecological projects.
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