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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HyperEVM's Technical Feat
- HyperEVM's launch was a major technical feat, upgrading a jet engine in mid-flight with minimal downtime.
- Public underestimation stems from not appreciating the magnitude of integrating an EVM next to a high-volume exchange.
Unexpected Spot & NFT Growth
- HyperCore largely captures perpetual DEX volume but spot trading and swapping thrive more than expected.
- A notable shift shows users increasingly discussing HyperEVM tokens alongside traditional Solana tokens.
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.