Bitwise CIO: Hyperliquid is more than a DEX, its HYPE token is undervalued

Global asset manager Bitwise has identified Hyperliquid's HYPE token as one of the most undervalued assets in the market, CoinDesk reported. Bitwise CIO Matt Hougan pointed out that the market is making a pricing error by treating Hyperliquid as just a futures decentralized exchange (DEX). He explained that the platform is evolving into a global financial super app that extends beyond crypto assets to include stocks, commodities, foreign exchange (FX), and prediction markets. Hougan emphasized that Hyperliquid has an estimated annual revenue of $800 million to $1 billion and a strong value accrual model, with 99% of its trading fees used for HYPE buybacks.