Wu said that according to a research report released by 21Shares, the market is pricing HYPE using the traditional exchange valuation framework. According to a research report, Hyperliquid will have a revenue of 873 million US dollars in 2025, with a team of 11 people and a per capita income of 79.36 million US dollars; CME Group has a revenue of 6.5 billion US dollars in 2025, with 3875 employees and a per capita income of 1.7 million US dollars. HYPE has generated revenue of $944 million in the past 12 months, with a current market value of approximately $9.4 billion and a market to sales ratio of about 10 times, while CME Group has a market to sales ratio of 17.32 times. 21Shares stated that HIP-3 accounts for approximately 35% to 37% of Hyperliquid's total trading volume, with half of the top ten traded assets being traditional market assets; The Assistance Fund will allocate 97% to 99% of the platform's transaction fees to automatic repurchases, with a cumulative repurchase of over $1.5 billion and an implied annualized repurchase yield of approximately 13%. The research report presents three scenarios: a bull market target of $62 to $70 (with a market value of approximately $15 billion to $17 billion); The benchmark target is approximately $75 (market value of approximately $17 billion to $18 billion); The bear market target is $15 to $19 (with a market value of approximately $3.5 billion to $4.5 billion). https://(wublock123.com)/news/21shares-market-prices-hype-under-traditional-exchange-framework-61505