Bitwise Says Hyperliquid Is More Than a DEX, Calls HYPE Token Undervalued
Summary
- Bitwise said Hyperliquid's HYPE token is one of the market's leading undervalued assets.
- Hyperliquid's estimated annual revenue is about $800 million to $1 billion, and 99%% of trading fees are used for HYPE token buybacks.
- Hyperliquid is rapidly expanding its market share through perpetual futures trading, and the market is watching the impact that growth in decentralized derivatives platforms and token value-accrual models could have on the structure of digital-asset markets.
Forecast Trend Report by Period
Global asset manager Bitwise has identified Hyperliquid's HYPE token as one of the market's most undervalued assets, arguing that the platform is evolving beyond a decentralized exchange, or DEX, into a broader financial hub.
CoinDesk reported on May 19 that Bitwise Chief Investment Officer Matt Hougan said the market is making a "pricing error" by valuing Hyperliquid as little more than a perpetual futures exchange.
Hougan said Hyperliquid is developing into a global financial super app spanning not only crypto assets, but also stocks, commodities, foreign exchange and prediction markets.
He estimated the platform's annual revenue at about $800 million to $1 billion.
Hougan also highlighted the platform's structure as a strong value-support model, with 99% of trading fees used for HYPE token buybacks.
Hyperliquid has recently been rapidly expanding its market share, driven by perpetual futures trading.
Market participants are watching how growth in decentralized derivatives platforms and token value-accrual models could reshape the structure of digital-asset markets.
