0xResearch How Should We Value Hyperliquid?
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Jun 9, 2025 Tolks, a crypto enthusiast intrigued by liquidity dynamics, joins the conversation to explore the success of HyperEVM and the future of Hyperliquid. They discuss the impact of builder codes on liquidity and how Hyperliquid can reshape decentralized exchanges. The analysis covers Hyperliquid's valuation, focusing on token buybacks and market dynamics while highlighting the potential for growth amid evolving regulatory landscapes. Tune in for insights on navigating the future of decentralized trading!
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HyperEVM's Surprising Success
- The HyperEVM, though criticized at launch, was a pioneering integration beside a high-volume exchange with minimal downtime.
- Its adoption disproved initial fears, bringing significant traction and unexpected users from Solana trenches.
Growth from Perps to Spot
- Hyperliquid gained a large share of perpetual derivatives volume by filling a gap for performant on-chain solutions.
- Future growth will depend more on spot market expansion, which remains largely untapped on-chain.
Builder Codes' Massive Value
- Builder codes offer unparalleled liquidity access at minimal cost, enabling external entities to acquire revenue by charging fees.
- This unique system could make Hyperliquid worth multiple large Layer 1 chains combined, independently of the exchange.