Bankless Hyperliquid’s Rise: Revenue, Valuation & Risks | Michael Nadeau
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Sep 10, 2025 
Michael Nadeau, a writer for The DeFi Report and researcher on decentralized finance, joins to unpack the meteoric rise of Hyperliquid, a new player in the crypto exchange scene. They discuss its impressive revenue, innovative token launch, and unique user experience that rivals giants like Ethereum and Solana. The conversation dives into valuation challenges, regulatory risks, and Hyperliquid’s community impact. Could this decentralized exchange be shaping the future of on-chain trading? Tune in for a candid analysis!
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Revenue Concentration Powers Growth
- Hyperliquid prints massive revenue from a small core of highly active traders.
- 40–60k daily users generate ~$409M fees in six months, ~1.6k per user monthly.
User-First Token Genesis
- Hyperliquid launched with a strong fair-launch airdrop and no VC allocation.
- That $1.2B user distribution created loyalty and a powerful community flywheel.
Centralized UX With On‑Chain Custody
- Hyperliquid delivers a Binance-like trading UX while keeping assets self-custodial.
- Fast listings and integrations with wallets and terminals attract liquidity and users.