➥ @HyperliquidX - Everything Exchange
GTM Thesis = CEX killer → onchain derivatives + prediction mkts
Distribution = Community-first, no VC, HIP-3 RWA perps (S&P 500), HIP-4 Options + Prediction Markets
Monetization = 97% fees → $HYPE buyback/burn, HyperEVM gas
Annualised fees = ~$566M ($1.55M/24h)
P/Fee ratio = $9.8B / $566M ≈ 17.3x - fair for market leader
ETF filings = Grayscale, Bitwise (BHYP, 0.67% fee), 21Shares
170+ HyperEVM projects and running native USDH stablecoin
+EV Insight:
- HIP-4 outcome markets just went live on mainnet, this is the biggest unrepriced catalyst right now
- The first contract hit $2.38M volume on day 1
- If HIP-4 reaches even 10% of HIP-3's traction ($143M OI), it adds ~$56M/yr in additional fee revenue → more buybacks → lower circulating supply
- Layer on ETF approval with Bitwise updated fee schedule April 10 and you have a structural demand shock incoming
- The May 6 with 9.92M HYPE or $405M unlock for core contributors hit well, but no dip-buy event, not a reason to avoid
@Leon_Defi@HeyElsaAI non-custodial + full simulation + MEV protection before signing is exactly what DeFi needs. This could save a lot of rugs and sandwiches.