Core Insights - 21Shares has launched the 21Shares Hyperliquid ETP (Ticker: HYPE) on the SIX Swiss Exchange, providing institutional-grade exposure to Hyperliquid, a decentralized exchange redefining crypto derivatives and trading infrastructure [1][4] Company Overview - 21Shares is a leading issuer of cryptocurrency exchange-traded products (ETPs) and offers the largest suite of physically-backed crypto ETPs in the market, aiming to bridge traditional finance and decentralized finance [5][8] - The company was founded in 2018 and has built a seven-year track record in creating innovative investment solutions [5][8] Product Details - The 21Shares Hyperliquid ETP (Ticker: HYPE) is listed on the SIX Swiss Exchange with a fee of 2.50% [6] - Hyperliquid has facilitated over $2.07 trillion in cumulative trading volume since its launch in 2023 and processes more than $8 billion daily, accounting for 80% of decentralized perpetuals [3] Market Position and Strategy - Hyperliquid is positioned at the intersection of three major trends: the growth of crypto derivatives, the shift to decentralized infrastructure, and the emergence of blockchain-native financial systems [2] - The platform integrates trading, blockchain, and development layers, similar to how leading asset managers redefined ETFs through scale and infrastructure ownership [3] Economic Model - More than 95% of Hyperliquid's protocol revenue is used for daily buybacks of HYPE tokens, with over $1 billion in buybacks executed to date [7] - Monthly revenues exceed $56 million, and 76% of the token supply is allocated to the community, promoting long-term alignment [7] Technological Innovation - Hyperliquid operates entirely on-chain, eliminating external oracles and off-chain order matching, which enhances trade speed and reliability [7] - The platform features zero-gas, one-click execution, mirroring the user experience of centralized exchanges, and integrates various functionalities into a complete operating stack for decentralized finance [7]