Hyperliquid Outpace Ethereum and Solana in Income

In less than a year, the hyperlichid captured almost 10% of the volume of BTC and ETH perps. He has even surpassed defenders and now challenges CEXS.

Despite the growth and unmatched income, the hype exchanges with deep discounts to Solana and Ethereum, which has caused a debate on whether it is severely undervalued.

Hype: The helpless?

Hyperliquid brought $ 409 million in user rates in the last six months. This represents 23% more than Ethereum and 75% more than Solana. However, its token bass drum is traded with an 88% discount to ETH and a 62% discount to Sol in a totally diluted way.

Experts in the “Defi Report” point to a combination of product force, unique tokenomics and the growing market share as reasons why the gap may not last for long.

Unlike many cryptographic projects, hyperlichid was launched without participation of risk capital, excluding the VC and the angels of the tokens allocation. Instead, it distributed 31% of the supply to the first users in Genesis, with a value of $ 1.2 billion at that time and now valued at $ 4.7 billion. The movement made merchants into interested parties and avoided the sales pressure typically caused by VC unlock cycles.

In addition, the project set aside a fundamental budget of 6% to finance the operations and rates of users aimed at an assistance fund that buys Hype from the open market. This reduces the tokens float and admits the price discovery.

The central product of Hyperliquid is a high performance, in the chain, the Library of Central Limit Orders offered by perpetuals and spot trade. It provides sub-second block times, low rates and a commercial experience of Autocustody. Such a system replicates the sensation of a centralized exchange but with a definition of transparency.

Commercial activity is at its highest point, with daily volumes of $ 10- $ 20 billion and $ 13 billion in open interest among assets, which gives the platform approximately 9-11% of the overall volume of BTC and ETH perps. Hyperliquid generated $ 107 million in rates in the last 30 days, which is well above the $ 40 million solana and the $ 67 million Ethereum.

Almost all income is channeled in tokens repurchases. The report found that only in July, $ 92.2 million in rates led to $ 90.2 million hype that is repurchased. Analysts say that this creates a form of “repurchase performance” that accumulates directly to the holders, unlike the traditional assessments of Fintech or technology where income is found with companies.

The expansion has also played a role in the project growth profile. Hyperliquido has moved beyond being only a perpetual DEX to develop its own layer ecosystem. For example, their hyperevm allows developers to build against a deep liquidity in the orders books of the protocol without the need to execute their own exchanges. This strategy, combined with integrations in wallets such as Phantom, Rabby and Rainbow, as well as loans and bridges of products such as Hyperlend and a unit protocol, has expanded its scope and the effects of strengthened network.

On an annualized base, Hyperliquid has prosecuted $ 1.95 billion in volume, more than its combined decentralized competitors. Its open interest BTC and ETH represents 32% of CME and 7.6% of the total as cryptographic exchanges and CME.

Assembly risks

The risks remain, especially with the growing competition of Coinbase and Robinhood, the dependence of a small assembly and questions about sustainability, since a relatively small number of active merchants generate most income.

Even so, with the exchange of pumps to a totally diluted assessment of $ 48 billion and $ 16 billion in circulating supply, analysts point out that their market of repurchase and penetration of the market suggests that the token remains undervalued compared to Solana and Ethereum.