Pro
A Valuation of Hyperliquid
Key Insights
- Since our last report, Hyperliquid’s metrics have continued to grow despite the end of its points program, with the perp DEX making all-time highs in sector market share and open interest in October.
- Over 35 teams have announced plans to launch on or integrate with the planned HyperEVM, moving Hyperliquid closer to a broader general purpose L1.
- As a full-stack vertically integrated protocol, Hyperliquid warrants a unique valuation framework which accounts for both the leading perp DEX and the underlying L1 network.
- Our sum-of-the-parts valuation method places Hyperliquid’s FDV at ~$3 billion, ~$13 billion, and ~$34 billion across our bear, base, and bull cases.
Introduction
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.
Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.
Mentioned Assets