[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Ansem [@blknoiz06](/creator/twitter/blknoiz06) on x 749.9K followers Created: 2025-06-16 19:59:36 UTC risk/reward is there because its the fastest growing product in crypto's most profitable verticle & the leaders by comparison make ~$10B+ yearly $45B FDV is approx. XX% team XX% future community allocation XX% circulating if you believe what founder has said in interviews and acknowledge how they've operated the past couple years then you understand that they intentionally did not take outside capital when they could have because they self-funded development of the protocol, & that they've decided to operate as lean as possible with the focus on longterm vision since the protocol makes ~$1B in revenue annualized, & currently ~97% goes back into the ecosystem through token buybacks, its unlikely team will need to exit via selling their token when they've demonstrated doing the opposite regarding the XX% community allocation, they waited a long time (multiple years) before doing their initial airdrop of ~30% & are not beholden to any external parties for how they decide to use those tokens unlike XX% of other teams in crypto, so again its unlikely that a large swath of token supply would hit the market all at once & seems more likely that they'd carefully distribute tokens in a way that incentivizes their most important users & benefits the protocol so believe the concerns regarding FDV are overblown & even when additional tokens do hit the market it'll likely be a few extra % of supply at a time ---- Why does it have upside @ $15B market cap? • most dominant decentralized perps exchange @HyperliquidX is currently doing ~90% of all decentralized perps volumes but remains only ~10% of Binance's volumes & ~20% of Bybit's volumes w/ ~15% of OI compared to CEXs there is still a ton of growth to happen there in closing that gap & over the recent months theyve demonstrated their ability to handle very large positions w/ deep liquidity (see: Wynn's $1B btc longs) & have been fastest to market in listing new relevant coins (see: $TRUMP & others) many users are on Bybit or Binance because they are comfortable there, but Hyperliquid has substantially lower fees by an order of magnitude while also having larger dangling carrot for MMs and traders w/ XX% of token supply set aside for future rewards, also unlike other CEXs the revenues of the exchange directly back to buying the token so the user relationships are very strong & it is easy for anyone to access the exchange as all you need is a crypto wallet • HIP-3 & other markets HIP-3 allows external parties the ability to stake 1M $HYPE for access to creating their own perpetuals markets on the exchange, the extensibility of the protocol should in theory allow for a lot more experimentation outside of the core team and make it possible for users to get access to even more markets, being the backend for multiple different teams is a very strong value prop • Regulatory Environment + Hypergambling Culture although perps in crypto have been the most successful business for a long time they've never been easily accessible to users in the United States, Trump's admin has been loudly supportive of crypto & with Coinbase announcing US perps there will be an influx soon of users that typically needed to jump through hoops to get access, right now it is pretty difficult to buy $HYPE but won't be in the future sports betting, options trading, and futures trading have already spiked meaningfully in popularity over the past few years & access to 24/7 perps will probably follow this trend in attracting retail attention • HyperEVM the connected L1 is still in its infancy, but if utilized correctly there will be an ecosystem of dApps built on top of HyperCore - if they successfully are the most popular venue for all trading then its easier to get users to stay within the eco for lending/borrowing & other onchain activity ----- to answer Q of who's buying I believe it's ppl who are overweight $ETH & $SOL + VCs who got no private allo + tradfi guys doing their p/e ratio mumbo jumbo XXXXXXX engagements  **Related Topics** [$45b](/topic/$45b) [$10b](/topic/$10b) [cryptos](/topic/cryptos) [ansem](/topic/ansem) [Post Link](https://x.com/blknoiz06/status/1934702420795535547)
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Ansem @blknoiz06 on x 749.9K followers
Created: 2025-06-16 19:59:36 UTC
risk/reward is there because its the fastest growing product in crypto's most profitable verticle & the leaders by comparison make ~$10B+ yearly
$45B FDV is approx.
XX% team XX% future community allocation XX% circulating
if you believe what founder has said in interviews and acknowledge how they've operated the past couple years then you understand that they intentionally did not take outside capital when they could have because they self-funded development of the protocol, & that they've decided to operate as lean as possible with the focus on longterm vision
since the protocol makes ~$1B in revenue annualized, & currently ~97% goes back into the ecosystem through token buybacks, its unlikely team will need to exit via selling their token when they've demonstrated doing the opposite
regarding the XX% community allocation, they waited a long time (multiple years) before doing their initial airdrop of ~30% & are not beholden to any external parties for how they decide to use those tokens unlike XX% of other teams in crypto, so again its unlikely that a large swath of token supply would hit the market all at once & seems more likely that they'd carefully distribute tokens in a way that incentivizes their most important users & benefits the protocol
so believe the concerns regarding FDV are overblown & even when additional tokens do hit the market it'll likely be a few extra % of supply at a time
Why does it have upside @ $15B market cap?
• most dominant decentralized perps exchange
@HyperliquidX is currently doing ~90% of all decentralized perps volumes but remains only ~10% of Binance's volumes & ~20% of Bybit's volumes w/ ~15% of OI compared to CEXs
there is still a ton of growth to happen there in closing that gap & over the recent months theyve demonstrated their ability to handle very large positions w/ deep liquidity (see: Wynn's $1B btc longs) & have been fastest to market in listing new relevant coins (see: $TRUMP & others)
many users are on Bybit or Binance because they are comfortable there, but Hyperliquid has substantially lower fees by an order of magnitude while also having larger dangling carrot for MMs and traders w/ XX% of token supply set aside for future rewards, also unlike other CEXs the revenues of the exchange directly back to buying the token so the user relationships are very strong & it is easy for anyone to access the exchange as all you need is a crypto wallet
• HIP-3 & other markets
HIP-3 allows external parties the ability to stake 1M $HYPE for access to creating their own perpetuals markets on the exchange, the extensibility of the protocol should in theory allow for a lot more experimentation outside of the core team and make it possible for users to get access to even more markets, being the backend for multiple different teams is a very strong value prop
• Regulatory Environment + Hypergambling Culture
although perps in crypto have been the most successful business for a long time they've never been easily accessible to users in the United States, Trump's admin has been loudly supportive of crypto & with Coinbase announcing US perps there will be an influx soon of users that typically needed to jump through hoops to get access, right now it is pretty difficult to buy $HYPE but won't be in the future
sports betting, options trading, and futures trading have already spiked meaningfully in popularity over the past few years & access to 24/7 perps will probably follow this trend in attracting retail attention
• HyperEVM
the connected L1 is still in its infancy, but if utilized correctly there will be an ecosystem of dApps built on top of HyperCore - if they successfully are the most popular venue for all trading then its easier to get users to stay within the eco for lending/borrowing & other onchain activity
to answer Q of who's buying I believe it's ppl who are overweight $ETH & $SOL + VCs who got no private allo + tradfi guys doing their p/e ratio mumbo jumbo
XXXXXXX engagements
