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Multicoin Capital Report: HYPE Could Reach $319 by 2028, Backed by CEX-Like Revenue Model

Multicoin Capital Report: HYPE Could Reach $319 by 2028, Backed by CEX-Like Revenue Model

N
News Editor
2026-06-29 04:01:40
Multicoin Capital's latest report sets a base-case valuation of $319 for Hyperliquid's HYPE token by 2028, implying ~4x upside from current levels. The key driver is Hyperliquid's shift to a centralized exchange-like business model: high trading share, 99% fee buyback-and-burn policy, HIP-3 market deployment, USDC reserve yields, and wallet onboarding expansion. However, the valuation is highly contingent on actual revenue realization.
Multicoin CapitalHYPEHyperliquidprice targetbuyback and burnDeFi derivativesvaluation modelCEX-like model

Multicoin Capital, a prominent crypto venture capital firm, has released a research report forecasting the long-term valuation of HYPE, the native token of decentralized derivatives exchange Hyperliquid. The report's base case sees HYPE reaching $319 by 2028, representing roughly a 4x increase from current prices. The optimistic outlook is underpinned by Hyperliquid's transition to a revenue model resembling that of centralized exchanges (CEXes).

Key Revenue Drivers Supporting the $319 Target

Multicoin identifies several structural factors that could propel HYPE's value:

  • High Trading Share: Hyperliquid commands a significant portion of the perpetual futures market, generating substantial fee income.
  • 99% Protocol Fee Buyback and Burn: The protocol allocates 99% of its fee revenue to buy back HYPE on the open market and permanently remove the tokens from circulation, creating strong deflationary pressure.
  • HIP-3 Market Deployment Mechanism: This mechanism facilitates rapid listing of new markets and allocates market-making incentives via auctions, attracting traders and liquidity providers.
  • USDC Reserve Yield: The protocol earns passive yield on its large USDC treasury, adding a steady revenue stream beyond trading fees.
  • Wallet Onboarding Expansion: By offering self-custodial wallets and fiat on-ramps, Hyperliquid lowers barriers for retail users, broadening its user base and transaction volume.
The combination of high fee revenue, aggressive buyback-and-burn, and expanding user acquisition creates a flywheel that Multicoin believes can drive HYPE to a fully diluted valuation consistent with top-tier CEX tokens.

Risks and Caveats

Despite the compelling model, Multicoin explicitly warns that the $319 target hinges on revenue delivery. Downside risks include slower-than-expected volume growth, increased competition from other DeFi derivatives platforms (e.g., dYdX, GMX), or a general downturn in the DeFi sector. Additionally, token unlock schedules, potential regulatory actions, and market sentiment shifts could weigh on HYPE's price. Investors should monitor monthly protocol revenue figures and the adoption rate of HIP-3 markets to gauge whether the valuation thesis remains intact.

At the time of writing, HYPE trades around $70, and the market has reacted positively to the report. However, the path to $319 is filled with execution hurdles, making this a high-conviction but high-risk bet on Hyperliquid's ability to sustain its current trajectory.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.
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