David sits down with Multicoin's Tushar Jain to break down why they believe Hyperliquid is worth far more than the market currently thinks.
Key Points
Key Highlights:
- The biggest edge is not perps, it is having one account where all your trades offset each other automatically, meaning you need less money to make bigger trades, and that keeps users from ever leaving
- Third party builders can now create their own markets on Hyperliquid and keep half the fees, this already accounts for a third of all volume and is turning Hyperliquid from an exchange into a platform
- Real usage is measured by liquidations not volume since volume can be faked, Hyperliquid has far more liquidations relative to volume than its competitors meaning real money is at risk
- Every dollar Hyperliquid makes goes straight to buying and burning the hype token, no middlemen, no corporate entity taking a cut, just direct value flowing to holders
- Getting into the US market is a slow multi-year process but Hyperliquid may not need to do anything itself since outside companies can build compliant frontends that route directly to it
Takeaway The dream of one place where anyone can trade anything has existed in crypto for years. Tushar's argument is simple, Hyperliquid is currently the most likely candidate to actually pull it off.
