Since our last report, Hyperliquid’s metrics have continued to grow despite the end of its points program, with the perp DEX making all-time highs in sector market share and open interest in October. Today, over 35 teams have announced plans to launch on or integrate with the planned HyperEVM, moving Hyperliquid closer to a broader general purpose L1. As a full-stack vertically integrated protocol, Hyperliquid warrants a unique valuation framework which accounts for both its leading perp DEX and the underlying L1 network. Our sum-of-the-parts valuation method places Hyperliquid among some of the most valuable protocols in crypto.
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