Bell Curve 0xResearch Cross-Post: How Should We Value Hyperliquid?
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Jun 10, 2025 Tolks, a crypto analyst specializing in Hyperliquid and crypto policy, offers insights into the HyperEVM and its traction in Solana. The discussion revolves around Hyperliquid's valuation amid the evolving market. They explore builder codes, revenue models, and the impact of market sentiment. Tolks critiques traditional practices while emphasizing Hyperliquid's unique position in the decentralized exchange landscape. The conversation also touches on recent token buybacks and the future growth potential of the HYPE token.
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Growth Potential Diverges Perps vs Spot
- Once an on-chain perp DEX is performant, early user-acquisition benefits are strong but perpetual volume growth may plateau.
- Spot market offers large untapped potential to capture incremental volume from AMMs and centralized spot exchanges.
Perp Traders Favor Hyperliquid
- Users highly prefer Hyperliquid for perp trading over centralized venues despite smaller user base.
- The platform attracts the ‘degenerate’ perp traders seeking high leverage and aggressive trading.
Builder Codes Enable Ecosystem
- Builder codes enable others to acquire and retain users by submitting transactions, potentially powering a Shopify-like ecosystem.
- This may prompt centralized exchanges to delegate liquidity backend to Hyperliquid to cut costs substantially.