Hype 300% Rally Shows Hyperliquid Growth Is It Overvalued?

With me:

• Hype has increased more than 300%since April, which has been led by increasing use of hyperliquid exchange and increasing interest of investors.

• Hyperliquide now leads the market for decentralized ages and processes more than 70% of the Dex Perp volume.

• 97% of the revenue from the protocol fees is reinvested in the redemption of the humbo and compensates for token incentives with the growth of the platform.

Hyperliquid has a moment. Since its local bottom in April, hype (hype) increased over 300% in just two months and reached a historical maximum before it was released. Meanwhile, Blockchain Layer-1 IT Powers quietly became one of the biggest players in Defi.

The numbers speak for themselves. Hyperliquid now ranks 8th place among all blockchains with total locked values ​​(TVL), according Defill. Its flag product-a powerful dex-nine cleans over $ 420 million in daily volume and places a 6th place between all decentralized exchanges.

And now, Group Lion Group NASDAQ has recently announced that it will have $ 600 million in reserves as a primary cash register.

Momentum is being built. But the question remains: Is the token meteoric output supported by the foundations, or is it just another hype of hype?

What does hyperliquide do special?

Hyperliquid was launched in 2023 Harvard Jeff Yan and Iliensinc classmates and is one of the few major crypto projects to launch without external financing.

The aim of the Hyperliquide is ambitious: to offer self -confidence and transparency of decentralized exchange, while replication of speed and comfort usually occurs on centralized platforms. In practice, DEX provides a smooth experience with functions such as one click trading, direct deposits from more than 30 chains and access to point, margins and eternal markets. In particular, the fact that the complexity of bridging assets is manifested by offering eternal contracts associated with the prices of tokens rather than tokens themselves – a design that prefers efficiency, but limits the composability and interoperability of Crosschain. It also gives considerable confidence in the accuracy of price fortune tellers and mechanisms of financing rates.

This Dex is built on hyperliquid blockchain, its own layer-1 using the Byzantine tolerance of disorders (BFT) called Hyperbft. The protocol relies on fast, high volume communication between nodes and demands to support up to 200,000 transactions per second. However, this permeability comes at the price: decentralization. The network is currently working with only 21 delegated validators, which is a sharp contrast to Ethereum 14,200 Nodes of layers.

The platform reached a critical infection point in November 2024, when the daily trading volume jumped ten times, from $ 2 billion to more than $ 20 billion. Now it boasts more than 500,000 users.

Hype tokenomics

Building a great product is one thing. The monetization in a way that meaningfully benefits the tokens is something completely different.

The token Hype was launched via Airdrop in November 2024 and distributed 31% of the total offer of 1 billion chips. Yet The most valuable Airdrop In history, its value reached $ 11 billion just a month after. At present, $ 334 million boasts a $ 12.4 billion market ceiling, which means a fully diluted award of approximately $ 38 billion.

Hype serves as a gas token and administration and control of the hyperliquid chain. It can be set on the platform, whether directly or through verification.

Yet the question persists: Does the possession of the hyperal value offer a long -term value?

Moonrock Capital Ceo Simon Dedic has expressed Its doubt Ox:

“I love hyperliquid. I really appreciate everything they have built and I sincerely believe it is one of the best projects in the whole crypto. But seriously – who buys Hype for nearly $ 50 [of fully diluted valuation]? How is the risk/reward ratio remotely reasonable? ”

Users who responded, including crypto analytics AnsIf their thoughts were clear about it, they argued that concerns about the award overlooks the performance of hyperliquide and the potential of the sector.

For example, hyperliquide currently commands 70% of all decentralized market stores, but only 10% Global binness binance. Upside down from the closure of this gap is massive, especially if the regulatory climate in the US improves.

In addition, the delivery of the hype is carefully managed. The Hyperliquid Auxiliary Fund has accumulated over the past 6 months $ 910 million As part of the renewal of the hype reinvesting of about 97% of the revenue from the platform fees to the hype. Currently, only 34% of the total offer is circulated, with most team tokens (23.8% of the total offer) being entrusted to 2027–2028. Almost 39% of the total offer is also earmarked for “community rewards” to be gradually distributed. And because the project never increased from VCS, there is no external pressure to unload tokens.

In this light, the valuation of $ 38 to $ 45 billion can be fully diluted, but not necessarily irrational, especially for long -term holders who believe in the protocol trajectory. According to ANSEM, the current buyers are likely to be closed from early wheels, the tradition of analysts who apply the logic of P/E to the crypto, and ETH, or Sol whales rotating what they see as another dominant trading layer.

Related: South Korea for investigating fees for local exchange crypto

Hyperliquide seems to be well placed to attract capital. Yet it is not always strength. Investors and users preferred centralized platforms for their comfort again and again to remind themselves that decentralization is more than an ideological preference – it is a choice for resistance. The centralization risk rarely matters – until then it suddenly.

This article does not contain investment counseling or recommendations. Every investment and business step includes a risk and readers should do their own research in decision -making.