Contributor
Hyperliquid has taken the digital asset space by storm in 2024/25, finally validating the long-awaited seismic move away from centralised incumbents towards a fully permissionless, transparent and global perpetual futures market. In a short period, Hyperliquid has become the No. 1 revenue-generating blockchain, dominating other generalised networks, all built and capitalised by an 11-person team. Despite Hyperliquid’s success, we believe it’s prudent to take a step back and reevaluate the thesis from the ground up, along with a concrete valuation framework.
