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The debate over crypto’s next $200 billion valuation might be forming, reminiscent of Solana’s previous cycle, according to a newly released report by Cantor Fitzgerald, which has begun coverage of Hyperion DeFi (HYPD) and Hyperliquid Strategies (PURR).
Cantor views these entities as more than just passive digital asset treasury firms (DATs). Unlike traditional DATs that merely hold tokens in anticipation of price increases, both firms function as yield-generating players in the Hyperliquid ecosystem through staking, validation, and market-building endeavors.
This operational facet supports a valuation hypothesis that positions Hyperliquid less as a speculative DeFi protocol and more akin to a Layer 1 platform business, echoing bullish perspectives once attributed to Solana.
According to Cantor’s decade-long model, Hyperliquid is projected to produce over $5 billion in annual fees and is valued at a 50x multiple, suggesting a HYPE market capitalization exceeding $200 billion, with HYPD and PURR providing public-market avenues to capitalize on that growth through active balance-sheet utilization rather than mere token custody.
This comparison is essential as it alters the perspective on how decentralized exchanges are valued. In Solana’s instance, investors eventually shifted their view from regarding the token as merely a speculative throughput asset to modeling it as financial infrastructure capable of producing sustainable cash flows.
Cantor is making a similar case for Hyperliquid, highlighting the protocol’s fee structure where around 99% of trading revenue is reinvested into token buybacks, establishing a direct link between volume growth and supply reduction rather than shareholder dilution.
Cantor notes that these fees are sourced from a target market still largely controlled by centralized exchanges, where perpetual futures volumes surpassed $60 trillion in 2025.
Even modest share gains from these venues could result in hundreds of billions of dollars in additional volume and tens of millions in extra annual fees, solidifying Hyperliquid’s growth rationale in the shift of existing liquidity rather than speculative demand generation.
The report also discusses rising competitive pressures, particularly from Aster, a competing perpetual DEX supported by Binance-related interests that momentarily exceeded Hyperliquid in monthly volume.
Cantor asserts that Aster’s activities are significantly boosted by points-based incentives and airdrop farming, indicated by unusually high volume-to-open-interest ratios that imply trading is motivated by rewards rather than a strong directional belief. As these incentives wane, Cantor anticipates liquidity will revert to platforms that offer deeper order books, superior execution, and robust fee structures.
Whether the markets will ultimately endorse a 50x multiple for a leveraged trading network remains uncertain; nonetheless, the fact that this discussion mirrors Solana’s progression indicates Hyperliquid is being evaluated under a familiar but more ambitious valuation benchmark.
Market Movements:
BTC: Bitcoin remained stable around $87,572, rising 0.2% in the last hour and 2.0% over the last 24 hours, but is down 4.9% for the week and 7.8% over the past 30 days.
ETH: Ether traded at approximately $2,954, gaining 0.4% in the last hour and over the last day, while trailing longer-term with a 10.9% decline weekly and a 4.6% decrease over the past 30 days.
Gold: Gold is experiencing volatile trading near the upper end of its range, with indications of short-term fatigue suggesting a potential retreat toward $4,200 as traders prepare for central bank decisions, though the overall upward trend remains unchanged.
Nikkei 225: Asia-Pacific markets showed mixed results on Wednesday as Japan’s exports exceeded expectations; stocks in the region were mostly stable, and oil prices increased due to new sanctions against Venezuela, while U.S. stocks dipped overnight due to uncertainties around jobs data.
Other Crypto News
- U.S. Senator Warren calls for an investigation into Trump-related crypto as the market structure bill stagnates (CoinDesk)
- Coinbase Risks Crypto ‘Cannibalization’ With Prediction Market Initiative: Mizuho (Decrypt)
