Bankless10 Sep 2025

Hyperliquid’s Rise: Revenue, Valuation & Risks | Michael Nadeau

Hyperliquid is less than a year old, yet it’s already rivalling Ethereum and Solana in revenue. In this episode, Ryan and Michael from the DeFi Report dive deep into the rise of crypto’s hottest exchange: from its fair-launch token drop to its Binance-like UX, to why whales and builders can’t get enough of it. We cover the project’s inception story, the ecosystem forming around HyperEVM, and the unique buyback model funnelling millions back into its token. Along the way, we unpack tough questions about valuation, decentralization, and regulatory risk. Is Hyperliquid the future of on-chain trading or just another bull market phenomenon? Tune in for a full breakdown of the fundamentals, the risks, and the potential upside. --- 📣SANCTUM | STAKE YOUR SOL https://bankless.cc/Sanctum-report --- BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🎩DEGEN | JOIN THE COMMUNITY https://bankless.cc/degen --- TIMESTAMPS 0:00 Intro 1:47 Hyperliquid’s Revenue Surge 6:33 Valuation Questions 13:42 Product Experience & Growth Flywheel 18:16 The Team Behind Hyperliquid 20:14 Ecosystem Expansion 24:33 Decentralization & Risks 33:34 Regulation, AML, and KYC 38:35 Tokenomics & Buybacks 49:18 Valuation Comparisons 57:15 Closing Thoughts --- RESOURCES Michael Nadeau https://x.com/JustDeauIt The DeFi Report https://x.com/the_defi_report Hyperliquid (HYPE) https://x.com/HyperliquidX --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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