Empire State of The Market, How to Value Hyperliquid & Tempo Launches Mainnet
9 snips
Mar 20, 2026 A market roundup covering the Iran conflict’s impact on oil, inflation and risk assets. A deep dive into S&P’s tokenized S&P 500 perps on Hyperliquid and frameworks for valuing Hyperliquid’s revenue and MEV exposure. A breakdown of Tempo’s payments-first mainnet launch, MPP agentic payments and go-to-market threats and opportunities. Discussion of Kraken’s reported IPO delay and broader IPO timing.
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S&P Stamp Brings Institutional Legitimacy To Hyperliquid
- S&P licensing S&P 500 perpetuals to Hyperliquid signals institutional legitimacy for on-chain perps.
- Santiago Roel Santos and Rob note S&P's tokenized index work and that the step could attract institutional users to Hyperliquid.
Use Revenue And Regulatory Lens To Value On-Chain Exchanges
- Value on-chain trading apps by realistic revenue and regulatory risk, not just protocol narratives.
- Rob advises comparing perpetual platforms to traditional exchange multiples while noting regulatory headwinds and MEV as overlooked revenue sources.
Top Applications Can Be More Valuable Than Their L1
- Apps can outvalue the L1s they run on because they capture the direct economic activity.
- Both hosts argue applications like Hyperliquid or Polymarket can be worth more than their base chain despite relying on that chain for settlement.
