Author: Winnie, CryptoPulse

Recently, as HYPE continues to approach its historical high, the market attention on Hyperliquid is rapidly increasing. On May 21, HYPE stood at $55 after 241 days and even surged to around $57. At the same time, Hyperliquid's FDV (Fully Diluted Valuation) has officially surpassed that of Solana.

Many people see the soaring HYPE on the surface, but what’s truly noteworthy is the new narrative forming behind it, as the IPO frenzy of AI giants is driving the price discovery system of on-chain assets.

And Hyperliquid may be gradually evolving from a Perp DEX into the Nasdaq of on-chain.

1. The AI Giant Pre-IPO Frenzy Behind: On-chain Price Discovery Again

For a long time, there has been a significant information and participation barrier between the primary market and ordinary investors. For instance, the valuations of top global AI and tech unicorns like OpenAI, Anthropic, and SpaceX have long been exclusive to Silicon Valley VCs, Wall Street institutions, and a few high-net-worth individuals.

By the time ordinary users can access these companies, they often have already completed their IPOs and even gone through the first major price surge. But Hyperliquid is changing that.

Now, its HIP-3 Pre-IPO perpetual contract ecosystem has launched various products related to AI giants, allowing users to trade these companies’ expected public offerings directly on-chain.

This means that future valuation expectations previously confined to the primary market are being moved onto the chain for public trading. The most crucial significance of this is not speculation but the capacity for price discovery.

Especially in the case of Cerebras, the market has begun to reevaluate the efficiency of on-chain markets. Previously, the Cerebras perpetual contract launched by Trade.xyz had a price deviation of only about 3% from Nasdaq's opening price, while traditional secondary market prices had a deviation as high as 35%. What does this indicate?

It indicates that on-chain markets are exhibiting a faster emotional response capability than traditional finance for the first time.

This is because on-chain trading has several inherent advantages. First, it is a 24-hour global market. Traditional stock markets are still limited by opening and closing hours, while on-chain funds can be traded around the clock, enhancing the efficiency of emotion transmission.

Secondly, on-chain markets are better at trading expectations. Especially with high-growth, high-narrative assets like AI, which are essentially emotion-driven markets.

The core capability of Crypto is precisely to price the future ahead of time. Thus, the real reason Hyperliquid is being revalued by the market is not merely due to increasing trading volume, but because it has begun to touch upon the most central part of the traditional financial system—the price discovery rights of global risk assets.

2. Hyperliquid is Evolving into On-chain Financial Infrastructure

Many people's understanding of Hyperliquid has remained at the level of decentralized contract exchanges. But now the market is increasingly realizing that its true potential may extend far beyond this.

If in the future, AI companies, pre-IPO assets, stock indices, macro events, and global tech assets can all be traded on-chain, then Hyperliquid's role will no longer be just a DEX, but rather resemble a global trading layer for risk assets on-chain.

This is fundamentally different from the logic of past DeFi.

Traditional DEXs are more centered around trading on-chain Tokens and essentially still serve the Crypto-native ecosystem. However, Hyperliquid is attempting to map the most essential financial assets of the real world onto the chain.

The AI IPO frenzy happens to be the perfect entry point. AI is currently the strongest narrative in the global capital markets. Since the explosion of AI in 2023, global funds have continuously flowed into AI computing power, AI agents, AI data, AI infrastructure, and AI unicorns, while the crypto market naturally favors high volatility, high growth, and high expectation assets.

Therefore, the combination of AI and Crypto is almost bound to form a new capital resonance.

This is also why the market is increasingly willing to liken Hyperliquid to an on-chain Nasdaq. Because what it is doing essentially allows global risk assets to begin to break free from traditional trading hours, traditional brokerage systems, and the boundaries of traditional finance.

From a longer-term perspective, this could even change the structure of future financial markets. Over the past few decades, Nasdaq has defined the Internet era. In the future, the on-chain market may redefine the asset trading methods of the AI era.

3. Why are Institutions Frenziedly Accumulating HYPE? What are they really betting on?

If this were just a short-term hotspot, institutions would not be continuously building large positions. But the recent market clearly shows that several institutions and whales are steadily increasing their holdings of HYPE. This includes a16z continuously accumulating positions, addresses associated with Grayscale continuously staking, Anchorage repeatedly withdrawing from CEX, and several OG whales continuing to buy.

Meanwhile, the Hyperliquid ETF (THYP) launched by 21Shares has also seen rapid growth in trading volume, increasing from approximately $1.8 million on its first day to levels in the tens of millions.

This genuinely indicates that traditional capital is beginning to reevaluate the long-term value of on-chain trading infrastructure. In past cycles, exchange-like assets have always been one of the strongest segments in the crypto market.

Whether it is BNB or FTT, they have essentially benefitted from the valuation dividends brought by increasing trading volume, user growth, liquidity expansion, and enhanced market activity.

However, the main difference with Hyperliquid is that it is not simply a platform token logic. What the market is actually betting on is whether future global derivatives trading will gradually migrate to on-chain.

Because the derivatives market is the part of the entire financial system with the highest profits. And Hyperliquid’s core advantage is precisely its high-performance trading capability on-chain.

If in the future, AI IPOs, US stock mapped assets, global macro events, and real-world financial assets continue to migrate on-chain.

Then HYPE's value anchoring may upgrade from a DEX platform asset to an on-chain financial infrastructure asset. And this is also the core reason the current market is willing to give it an extremely high valuation.

To some extent, what this round of market is truly speculating on may no longer be merely HYPE, but rather betting on whether a truly on-chain Wall Street will gradually emerge in the future global financial market.

Conclusion

In the past few years, the crypto industry has been searching for the next narrative that can truly break through layers. DeFi resembles on-chain banks, NFTs resemble digital collectibles, and Memes resemble emotional markets. But what Hyperliquid is attempting to touch now is the core asset pricing power of the global financial system.

The AI giant IPO frenzy has provided it with an opportunity to enter the mainstream capital spotlight. Uncertainty still exists for the future, and regulatory risks will not disappear.

But what can be confirmed is that when AI, global capital markets, and on-chain trading begin to gradually merge, Crypto is very likely entering a new stage. And Hyperliquid may just be the start of this era.

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