Hyperliquid was one of the most promising projects in the DeFi space in 2025: an 11-person team, self-developed L1 + Hyper BFT consensus, on-chain order book, 0 gas, speed comparable to CEX , and monthly trading volume once reached 300 billion US dollars , earning it the nickname " Binance on the chain ".
The most ruthless is the token model:
- The agreement stipulates that 97% of the revenue will be used to repurchase HYPE shares , with cumulative repurchases exceeding US$1.3 billion.
- The team plus venture capital—no private placements, no low-priced investments—and the community and ecosystem account for nearly 70% of the investment.
- Unlocking is under pressure, but repurchases outperform unlocking, creating a net deflationary hedge.
Real advantages: Superior performance (100,000 TPS + 0 gas), near-CEX experience, top-tier buyback mechanism, and over 170 ecosystem integrations. Real risks: Core code not fully open source, limited number of verification nodes, intensified competition in the DEX perpetual track, with market share dropping from 70% to 20%+.
In summary, HYPE is not a purely narrative-driven coin; it's a DeFi project with real cash flow and repurchase agreements. However, its valuation is not low, and the competition is fierce. It's more suitable for those looking for medium- to long-term returns than for those blindly chasing high prices .
DYOR, don't All In.
