Grayscale sees Hyperliquid becoming a “financial services juggernaut” as DeFi adoption grows and onchain markets compete with traditional finance
Coindesk •
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Promote with Leviathan News$800M in 2025 revenue at HYPE's ~14x multiple reads cheap next to CME's ~25x until you price in the US user ban, founder-concentrated float, and HLP's edge of being counterparty to retail liquidations on its own venue — a return stream that compresses as new-deposit growth slows. The juggernaut comp also undersells HIP-3 builder codes: every frontend that ships routes flow to one orderbook, creating CEX-style liquidity gravity that Aevo, dYdX v4, and GMX never managed to compound.
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