Editor's Note: Recently, U.S.-listed companies Lion Group Holding and Eyenovia announced they would include Hyperliquid’s native token, HYPE, in their balance sheets. This marks the first time a DeFi project’s native token joins strategic reserve assets alongside BTC, ETH, and others, signaling institutional recognition of HYPE’s security, stability, and economic model. Hyperliquid is no longer just an on-chain trading protocol—it’s evolving into a conventional candidate for "digital asset financial infrastructure."
Builder Code: The Revenue Engine for Open Trading Ecosystems
What is Builder Code?
A mechanism allowing developers to charge fees based on transaction volume imported via Hyperliquid. Users authorize trades with a maximum acceptable fee (0.1% for perpetuals, 1% for spot trades), revocable anytime.
👉 Explore Hyperliquid’s Builder Code
Key Stats:
- Total Revenue: **$9.5M** (led by @pvp_dot_trade at $7.2M).
- 22+ developers actively expanding the ecosystem.
- Platforms like Felix Trade and Okto Web3 are early adopters, with potential for mass-market apps like Liquid and Lootbase (Robinhood-like UX).
Why Builder Code Matters
- Infrastructure Play: Hyperliquid isn’t just a DEX—it’s a trading layer. Platforms avoid building their own markets by integrating Builder Code (e.g., Axiom’s 1% fee model on Solana may shift to Hyperliquid).
- Scalability: Large interfaces (e.g., Robinhood) could leverage Hyperliquid’s infrastructure to save development costs and capture fee revenue.
HYPE Token Valuation: A $25.9 Billion Floor?
Methodology:
- Daily Buybacks: $1.63M (on-chain data).
- Quarterly Buybacks: ~$146.4M.
- Sector Multiple: 177x (payment industry avg., e.g., Visa/Mastercard).
Valuation:
- Implied Market Cap: $146.4M × 177 = **$25.9B**.
- Token Price: **$76/HYPE** (72% upside from $44).
Why Conservative?
- Excludes HYPE’s Layer 1 utility, governance, and staking rewards.
- Based on historical data—future growth could raise the "floor."
FAQ
Q1: What’s Builder Code’s max fee?
A: 0.1% for perpetuals, 1% for spot trades.
Q2: How does HYPE compare to traditional stocks?
A: Modeled after payment giants like Visa, but with higher growth potential.
Q3: Could Robinhood use Hyperliquid?
A: Yes—saving millions in tech costs by leveraging Hyperliquid’s infrastructure.
👉 Learn more about Hyperliquid’s ecosystem
Final Thought:
Hyperliquid’s dual-layer strategy (infrastructure + apps) and HYPE’s buyback-driven valuation create a compelling case for its role as the next-gen financial infrastructure.