Andy
Co-Founder of The Rollup & The Rollup Ventures
Hyperliquid, Aerodrome and Sky generate revenue and will be rerated as crypto returns to fundamentals, even as Bitcoin's price action is unnerving. These tokens make money and reallocate it back to holders; projects without revenue, a real path to it, good tokenomics or institutional appeal will be stuck in the old era. x.com
Crypto is returning to fundamentals and revenue, which should favor new fundamentally strong assets such as Sky, Grass and Aerodrome. Crypto winter is over, and the next phase belongs to assets with real value rather than tribal narratives. x.com
Few new hyped token launches are crypto's most bullish feature, concentrating bids in good, fixed-supply tokens without VC scams that buy back supply. Unlike mega equity IPOs and a lack of hyperscaler buybacks, good crypto is structurally healthier than equities, with fewer headwinds and better risk/reward as tokenization stays a dominant theme for the next few years. A correlation shock remains possible, but crypto could recover fastest afterward; this is not the time to turn bearish. x.com
Hyperliquid is among the crypto projects proving that real revenue used for buybacks and burns drives the best long-term performance. Tokens without revenue, or whose buybacks do not offset emissions and unlocks, are inflationary assets relying on sentiment. Projects with revenue and value accrual, including Hyperliquid and GEODNET, held up surprisingly well through the bear market. x.com x.com x.com
Hyperliquid, Zcash and NEAR would likely drop 20-30% first if bitcoin falls, and bitcoin has 10-20% downside potential. All three are strong coins, but fundamentals do not matter in that kind of sell-off. Arthur Hayes, who called them a holy trinity, picks real projects, but his timing is the issue: his last big Zcash call came near a top. x.com
Tokens that fund buybacks from revenue gained another reason to catch a bid after SEC staff said buybacks alone don't make an otherwise non-security token a security once its protocol is live. More usage can mean more fees for buybacks: Hyperliquid fees buy HYPE, Raydium swap fees buy RAY, and Pump, Jupiter, PancakeSwap, Aster, NEAR, Pendle, Maple and Sky do similar. Uniswap burns UNI from pool fees; Lido's DAO buys LDO by accumulation. Buybacks must be big relative to market cap and new supply. … Show more
Hyperliquid's growing perp share feeds fees into HYPE buybacks even as the market shrinks. Its share among the top 12 perp DEXs rose from 25% in January to 43% in September, below August's 47% peak. Its trailing buyback yield is 3.52% versus 1.51% for the S&P 500, but depends on trading volume and shrinks on fully diluted supply as tokens unlock. Watcher Guru reported plans by the NYSE owner to bring HYPE perps to regulated US markets; $100 remains the chart target. x.com x.com x.com x.com x.com … Show more
Hyperliquid's valuation looks stretched against what serious markets pay for exchanges, and perpetual futures have been, and always will be, a niche product with no real moat. x.com
Hyperliquid's HYPE will likely always trade at the highest revenue premium because of trust in its team and its many income streams, some of them, such as stablecoin yield, independent of the market. The product is incredibly sticky, the team is probably the most aligned with its own success of any project in crypto history, and it performed well in the bear market, revenue included. That is part of what buyers pay for when it is compared with other successful projects. x.com
Hyperliquid's HYPE remains a great token, but other coins edge it out in the near term. It has unrivaled tokenomics and value accrual, clear product-market fit and a high-trust team. Price action looks locally distributive, though within a long uptrend, and part of its value is speculative premium. Well-funded perps competitors and regulatory openings for other venues are starting to play out. It could turn around at any point and is worth buying back, possibly soon. x.com x.com x.com
Hyperliquid is attractive because live protocols with oracle and liquidation risk can charge for ongoing risk management, giving them a potential moat. Easily copied protocols may see margins competed away. Crypto revenue continues to rise while total market cap is down nearly 40%, making good revenue-backed coins a generational long-term opportunity. Not every protocol has a moat. x.com x.com x.com
Hyperliquid's buybacks return value to HYPE holders as its trading business grows. Its 2025 token buybacks totaled $817.79 million, more than Robinhood's $653 million in stock repurchases. Traditional finance moving onchain could bring hundreds of trillions in digital assets and quadrillions in derivatives volume; even at today's price, HYPE still has 100x potential. x.com x.com
