How does Hyperliquid use Builder Code to reconstruct wealth distribution in the trading ecosystem?

Here is the English translation: As the Hyperliquid Builder Code income approaches $10 million, we need to conduct an in-depth analysis of this emerging ecosystem and its underlying applications, and explore its profound implications for Hyperliquid's future infrastructure. It is uncommon for a protocol to dominate both the application and infrastructure layers, but Hyperliquid is steadily moving in this direction, with the concept behind its Builder Code becoming increasingly clear. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]

• Quarterly Buyback Amount Estimate: $ 146.4 M
• Payment Industry Valuation Multiple: 177 x
• Implied Valuation: $ 146.4 M × 177 = $ 25.9 B
• HYPE Price: Approximately $ 76 (About 72% increase from current $ 44)

Note: $ 44 is the value of HYPE at the time of publication

This valuation is not only substantial in scale but also highly conservative. It is based on a core metric and deliberately ignores other multiple value sources of HYPE. Why is this valuation considered conservative?

• Focused on Single Dimension: This model completely disregards the value premium of HYPE as a high-performance Layer-1 native token, its role in governance mechanisms, or future staking rewards.
• Based on Historical Data: The data used only reflects the performance of the past 30 days and does not account for potential increases in Hyperliquid's subsequent revenue or market share that could drive buyback amounts.

The model uses the average valuation multiple of the payment industry, avoiding the high multiples common in the tech industry, further ensuring the conservatism of the valuation.

Summary: The Buyback Framework Provides a Clear Valuation "Floor" for HYPE

Although no single method can fully capture the entire value of crypto assets, using a strong protocol buyback as an anchor and valuing based on real cash flow indeed provides a data-supported value benchmark for HYPE. As the Hyperliquid ecosystem continues to develop, this valuation "floor" is expected to continue rising.