Cantor models $200 Billion HYPE token valuation on Hyperliquid fee economics: Asia Morning Briefing
Cantor Fitzgerald models Hyperliquid's HYPE token valuation exceeding $200 billion based on its fee-generating infrastructure model.Summary
Cantor Fitzgerald initiates coverage on Hyperion DeFi (HYPD) and Hyperliquid Strategies (PURR), modeling a potential $200 billion market capitalization for HYPE based on Hyperliquid's fee economics. Cantor views Hyperliquid as infrastructure, similar to Solana's early bull case, rather than a speculative DeFi protocol. The valuation thesis rests on Hyperliquid generating over $5 billion in annual fees within a 10-year model, applying a 50x multiple. This projection is supported by the protocol's fee structure, where 99% of trading revenue is recycled into token buybacks, linking volume growth directly to supply reduction. Cantor believes Hyperliquid can capture significant share from centralized exchanges' perpetual futures volumes, anchoring growth in liquidity migration. Furthermore, Cantor dismisses competitive threats like Aster, attributing its high volume to temporary incentive farming rather than sustainable conviction.
(Source：CoinDesk)