Hyperliquid’s $200 billion pitch: Is this next Solana-scale DeFi bet?: Asia Morning Briefing

Group 1 - The valuation debate for crypto may be shifting towards a $200 billion mark, with comparisons drawn to Solana's previous cycle, as highlighted in a report from Cantor Fitzgerald regarding Hyperion DeFi (HYPD) and Hyperliquid Strategies (PURR) [2][5] - Cantor Fitzgerald positions Hyperliquid and HYPD as yield-generating entities within the Hyperliquid ecosystem, contrasting them with traditional digital asset treasury companies that merely hold tokens [3][5] - The operational model of Hyperliquid is likened to a layer 1 platform business rather than a speculative DeFi protocol, suggesting a more stable valuation approach [4][6] Group 2 - Cantor's 10-year projection indicates that Hyperliquid could generate over $5 billion in annual fees, leading to a market capitalization exceeding $200 billion based on a 50x valuation multiple [5] - The fee structure of Hyperliquid is designed to recycle approximately 99% of trading revenue into token buybacks, which connects volume growth directly to supply reduction [7] - The report notes that the addressable market for Hyperliquid is still largely controlled by centralized exchanges, with perpetual futures volumes surpassing $60 trillion in 2025, indicating significant potential for market share gains [7][8] Group 3 - Hyperliquid's growth is anchored in the migration of existing liquidity from centralized exchanges rather than speculative demand, which could lead to substantial increases in annual fees [8] - Competitive concerns are acknowledged, particularly regarding Aster, a competing decentralized exchange that has recently outperformed Hyperliquid in monthly trading volume [8]