DeFiBullishBlockonomi · 3h ago7/10
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Grayscale Calls Hyperliquid the Biggest Breakout Success in Modern Crypto Markets
Grayscale Research has identified Hyperliquid as a major breakthrough in crypto markets, noting the platform generated nearly $800M in revenue during 2025 without venture funding while its HYPE token reached a $13B market cap. Despite being unavailable in the U.S., Hyperliquid processed $2.9T in perpetual futures volume, leading Grayscale to assess the token as undervalued relative to traditional exchange valuations.