Investment firm Multicoin Capital has published a comprehensive report on the Hyperliquid project, identifying the HYPE token as one of the largest positions in its liquid portfolio. The firm's analysts presented a valuation model suggesting that the asset's price could reach $319 by 2028. This forecast is based on expectations that the protocol's annual profit under the base scenario will grow to $8 billion.

Hyperliquid, which functions simultaneously as an L1 blockchain and a decentralized exchange, is demonstrating explosive growth. In 2025, the platform generated approximately $873 million in revenue with a trading volume of $2.9 trillion, while the number of users grew from 301,000 to 923,000. Today, the exchange controls over 59% of open interest in the DeFi derivatives market, and its metrics are beginning to compete with centralized giants: monthly perpetual futures trading volume already accounts for 17% of Binance's volume.

Multicoin Capital compares Hyperliquid's current trajectory to the early stages of Binance's development, emphasizing the underestimated network effect of the platform. Key advantages of the project include its non-custodial model, on-chain trade execution, and a unique economic model. Approximately 99% of protocol revenues are directed toward daily buybacks and burning of HYPE tokens. Since Hyperliquid did not raise venture capital, all economic value is accumulated directly in the asset, without dilution from investor equity.

Despite the optimism, analysts acknowledge risks related to regulatory pressure, competition, and decentralization issues. Nevertheless, the project's fundamental metrics have already attracted attention from other major market players: previously, Bitwise Chief Investment Officer Matt Hougan also called Hyperliquid the most important crypto project of recent years.

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This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.