0xResearch Cross-Post: How Should We Value Hyperliquid?

Bullish:

• $HYPE - HYPE token is viewed as extremely bullish across multiple valuation metrics, with strong market sentiment and unique tokenomics. It's compared favorably to SOL's previous bull run and is expected to see significant price appreciation as market consensus builds.

  • “I think no matter what valuation metric you ascribe to or how you wanna value hype, it's pretty much all bullish. So if you wanna use comps, it's bullish. If you wanna use supply demand dynamics, it's bullish. If you wanna use a fundamental, fee based model, like, it's it's bullish.”

    Monk·1:11:16

  • “I think there's a lot of similarities between SOL and $20.23 and hype now. And, again, that has no comment on what those tokens offer, what the product offers. It's just what the market wants to bid the most, and that is more important than the fundamentals in a lot of a lot of times.”

    Tolks·1:01:18

  • “Compare that to literally any other asset in this industry. Right. And it's just like unparalleled. So I think as we talk about valuation, as hype becomes more and more consensus across the industry, you know, I do think the the animal spirits have yet to to be deployed here.”

    Max·52:47
• $HYPERCORE - Hypercore is expected to be valued as one of the top alternative crypto assets due to its strong market position and technology.

  • “And so there's no reason why Hypercore itself can't be valued as one of the, like, top two, top three alternative crypto assets in the universe.”

    Monk·47:16
• $HYPEREVM - Hyper EVM has gained unexpected traction, particularly among Solana users, indicating strong growth potential in the short term.

  • “The EVM has gotten a shit ton of traction, and I did not expect Solana Trenchers to pop over anytime, you know, as quickly as they did and they have, which has been really interesting and not something I I factored in in the short term.”

    Omnia·6:51
• $DEFI - Builder codes in DeFi are expected to revolutionize the industry, offering unprecedented simplicity and potential impact compared to major tech platforms.

  • “I think builder codes in its truest, the most raw, insane kind of form will effectively put that to bed and make it look like kids selling lemonade outside because there is literally no product on planet Earth. Like, not even Shopify is this simple. Not even Amazon is this simple.”

    Omnia·0:00

Bearish:

• $CEFI - The emergence of lending markets for HYPE tokens could reduce reliance on centralized exchanges, potentially impacting their business model.

  • “I would just add, you know, obviously, 1,000,000 hype, $40,000,000, that's quite steep. I would personally just, you know, approach this conversation with the expectation that, you know, lending or leasing markets, will reflect this, and it becomes possible for, you know, credible actors to to source that without, you know, having $40,000,000 of directional exposure on their respective balance sheet.”

    Max·37:01