Multicoin Capital's 2028 Valuation for HYPE
Leading venture capital firm Multicoin Capital has released a research report projecting a base-case valuation of $319 for the Hyperliquid ecosystem token HYPE by 2028, representing approximately 4x potential upside from current prices. The report attributes this valuation to Hyperliquid's business model that closely mirrors that of centralized exchanges (CEXs), providing strong fundamental support for the token price.
Key Value Drivers: Replicating CEX Profit Logic
According to Multicoin, Hyperliquid's protocol revenue is diverse and sustainable: high trading market share generates consistent fee income; 99% of protocol revenue is used to buy back and burn HYPE, creating a deflationary narrative; the HIP-3 market deployment mechanism incentivizes liquidity provision; USDC reserve interest income and wallet expansion further broaden revenue channels. Together, these components form a value capture flywheel reminiscent of top-tier CEX tokenomics.
Risk Note: Valuation Hinges on Revenue Delivery
The report also warns that the $319 base-case valuation is highly contingent on Hyperliquid's ability to sustain and grow its protocol revenue. Intensified competition in the decentralized derivatives market or slower-than-expected user adoption could lead to actual price deviation from the base case. Investors should closely monitor Hyperliquid's monthly revenue data and burn progress as key metrics to gauge valuation reasonableness.