Matt Hougan：HYPE 翻倍仍被低估，传统资产交易占比近半

Matt Hougan: hyperliquid:native could double and still be fairly valued.

crypto’s next bull market may not be about “crypto vs tradfi”

it may be about crypto becoming the rails for tradfi.

stablecoins, tokenized stocks, 24/7 markets, instant settlement, and DeFi are all starting to merge with traditional finance.

and Hyperliquid is one of the clearest examples.

Hyperliquid started as a crypto perps exchange.

now almost half of its volume comes from traditional assets like oil, silver, and the S&P 500.

that matters.

because Hyperliquid is not just a “narrative token.”

it has: - real users - real volume - real revenue - strong token value capture

the platform is on pace to generate around $800M in annual revenue.

and 99% of that revenue is used to buy back HYPE from the open market.

this is what many DeFi tokens were missing.

usage goes up, but token value does not follow.

Hyperliquid fixes that problem better than most.

if the next cycle is about finance moving onchain, HYPE is sitting in a very strong position:

crypto-native product, but attacking tradfi markets.

Matt thinks HYPE could double and still be fairly valued.