$HYPE has a problem most tokens would kill to have.
The longer I stare at Hyperliquid, the more I think people are looking at HYPE backwards.
Most tokens need a story to create demand.
HYPE is increasingly sitting underneath a product that creates the demand first.
Someone trades. Hyperliquid collects fees.
99% of protocol fees currently go to the Assistance Fund.
The fund buys HYPE from the market.
And the HYPE gets removed from supply.
This isn’t a promise buried in a whitepaper.
46.7m HYPE had already been bought and permanently removed by August 23.
The latest on-chain tracking puts the burned figure above 47m HYPE.
Look outside the box.
Hyperliquid’s ecosystem generated about $945m in fees/value accrual over the 12 months ending June 30, according to Hyperliquid Strategies’ SEC filing.
And the machine is getting bigger. perps. spot. stablecoins. RWA markets. prediction markets.
And now Payward, Kraken’s parent, intends to bring onchain perpetuals to eligible U.S. clients through Hyperliquid’s HIP-3* infrastructure, subject to regulatory approval.
That last part is the one I keep coming back to.
Because Jeff was asked almost a year ago:
“How big can Hyperliquid get?”
His answer was two words:
“finance as a whole.”
Back then, it sounded like a vision.
Today, you can actually start tracing the machinery behind it.
The traders create activity. The activity creates fees. The fees create buy pressure. The buybacks reduce supply. The liquidity attracts more markets.
More markets create more reasons to use the network.
And now outside financial infrastructure is beginning to plug into the same rails.
That is a very different HYPE thesis from “numbers go up.”
I’m not watching $86 wondering whether it goes to $100 next.
I’m watching what happens when the thing generating the demand for the token keeps getting bigger.
Because if Hyperliquid really does become “finance as a whole,”
HYPE won’t be interesting because it has a good chart.
The chart will be interesting because of what sits underneath it.
@Anthonyjun7 Been holding since $62USD and worth while holding long term as up in a big way and it will only continue to grow higher over the next 12mths. Better than any bank could do interest wise. Why sell when it’s only going to grow. Love #HYPE
NASDAQ INDIRECTLY INVESTING INTO @HyperliquidX THROUGH @Payward@krakenfx ?
Gud hedge as Kraken starts to deploy regulated US perpetuals built on @HyperliquidX
$HYPE is undervalued
@crypto_banter@lookonchain Batter than any bank interest and held for 12mths so CGT (Capital Gains Tax) not paid or discounted. Thats the thing we all need to keep in the back of our mind. The tax man with his hand out. We in Australia pay 50% of profit back to government if we sell within 12mths. Robbery!