DEX adoption, HIP-3 fuel $200 HYPE case as rivals threaten Hyperliquid’s dominance
Hyperliquid's HYPE token is forecasted to reach $200 by 2035, driven by DEX adoption and HIP-3, despite threats from rivals like Lighter DEX.Summary
Decentralized perpetuals exchange Hyperliquid is experiencing significant growth, with Cantor Fitzgerald forecasting its HYPE token to surge to over $200 by 2035. Hyunsu Jung, CEO of Hyperion DeFi, attributes this potential surge to the Hyperliquid Improvement Proposal 3 (HIP-3), which is seen as a key enabler for the valuation framework. Cantor Fitzgerald's prediction assumes a 15% CAGR and significant token buybacks funded by 99% of protocol trading fees via the Assistance Fund, which reduces the total supply. However, Hyperliquid faces threats from emerging rival DEXs, particularly Lighter DEX, which is using aggressive incentives like zero-fee trading and points-based yield farming ahead of its rumored Token Generation Event (TGE) to capture market share. The overall market share for perpetual futures DEXs has been growing significantly, rising from 2.1% in January 2023 to 11.7% in November 2025.
(Source：Cointelegraph)