Hyperliquid is bringing new investors from outside of the crypto ecosystem into this particular digital asset. I think it speaks to a much different type of investor than bitcoin,” said Zach Pandl, Grayscale head of research. Pandl said investors are drawn to a revenue model they can understand. Most crypto tokens have an indirect relationship with the underlying platform activity, but hyperliquid is different. “In the case of hyperliquid, 99% of the fees generated on the platform go towards buying back HYPE, the asset,” Hougan said. “There is this very tight loop between the activity taking place in crypto and the value of the hyperliquid asset,” Hougan said. $HYPE.X
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