TLDR Tech / Crypto
The Almanack of Hyperliquid
Hyperliquid's zero-VC capital structure gives its founder unconstrained decision-making and routes all HYPE buybacks directly between protocol usage and the community, eliminating the misaligned incentive class that has driven token dumps at VC-backed launches. The protocol generated roughly $800M in revenue in 2025, representing only ~2% of total crypto perp transaction volume, while its share of Binance's volume grew from 8% to 13.6%. A significant portion of current volume now flows through HIP-3-enabled traditional assets, including precious metals, oil, and S&P 500 futures, drawing traders from traditional finance rather than solely crypto-native participants. With prior onchain options venues (Hegic, Ribbon, Lyra, and Aevo) all having failed to achieve lasting scale, and a Grayscale HYPE ETF now live. HYPE is structurally distinct from both equity and cash-flow-disconnected tokens, requiring adapted valuation frameworks.
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