In the cryptocurrency market, the decentralized derivatives exchange Hyperliquid (HYPE) is rising at an astonishing speed, with impressive trading volume and revenue data. Recently, Hyperliquid's spot trading volume even briefly surpassed that of Coinbase, and its perpetual contract trading volume far exceeded that of its centralized competitors. However, what is even more shocking is that despite the continuous improvement in HYPE's fundamentals, its valuation remains undervalued compared to other L1 public chains. Is this a serious undervaluation of HYPE's value by the market, or are the valuations of other L1s incredibly high?
- Hyperliquid's Trading Volume "Soars": Spot and Perpetual Contracts Overtake
Hyperliquid's spot trading volume has seen significant growth, especially compared to centralized exchanges.
Spot Trading Volume Surge: Last weekend, an unknown entity deposited and sold approximately 22,100 BTC on Hyperliquid, then bought about 555,000 ETH, worth over $2.4 billion. This surge in spot trading volume made Hyperliquid the second-highest exchange for BTC spot trading volume on August 24, with a market share of 12%, second only to Binance (38%). This is a significant increase compared to Hyperliquid's average daily market share of about 1% over the past 30 days.
Perpetual Contract Trading Volume: Hyperliquid's growth rate is far faster than that of its centralized competitors. Over the past year, Hyperliquid's perpetual contract trading volume has increased more than six times compared to the three major CEXs. Hyperliquid's monthly perpetual contract trading volume now accounts for nearly 14% of Binance's futures trading volume, up from just 2.2% a year ago.
Stunning Monthly Revenue: Hyperliquid (HyperCore + HyperEVM) has achieved approximately $28 million in weekly revenue for two consecutive weeks, with total revenue over the past 30 days reaching $98 million. These figures equate to an annualized revenue between $1.2 billion and $1.4 billion. Hyperliquid has been the highest weekly revenue chain for the past two weeks, with a market share reaching a historic high of 36%.
- The Mystery of HYPE's Valuation: The "Most Undervalued Dark Horse" Among L1 Public Chains?
Despite Hyperliquid's impressive trading volume and revenue data, its valuation appears unusually "cheap" compared to other L1 public chains.
Lowest Price-to-Sales Ratio (P/S): Based on the price-to-sales ratio (P/S), HYPE is the cheapest asset among mainstream public chains, with a P/S of 12 times, which is 90% lower than similar assets. Even when calculated based on fully diluted valuation/sales (FDV/sales), HYPE remains the cheapest L1.
Valuation Discrepancy: While we often debate whether L1s should enjoy a premium or be valued based on revenue, the fact is that based solely on this metric, HYPE's current price seems more attractive than all other L1s.
- Hyperliquid's "Highest Efficiency": A Small Team Creates Huge Wealth
Streamlined Team: CEO Jeff Yan confirmed that the exchange has only 11 core contributors.
Revenue Per Employee: According to estimates from DefiLlama as of August 20, Hyperliquid's annual revenue reaches up to $1.167 billion. The platform achieved $106 million in revenue per employee on August 20, surpassing tech giants and the previous record holder Tether Limited's $93 million per employee.
Conclusion:
Hyperliquid stands out in the decentralized derivatives exchange space with its astonishing growth in trading volume and revenue performance. However, its valuation appears exceptionally undervalued compared to other L1 public chains, making it the "most undervalued dark horse" among L1s. Is this a serious undervaluation of HYPE's value by the market, or are the valuations of other L1s incredibly high? The future trajectory of Hyperliquid will be a focal point worth watching in the crypto market.
Related Reading: Hyperliquid Whales Net $48 Million Amid 200% Surge in XPL, Sparking Manipulation Allegations
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