According to him, the platform’s key advantage is its sustainable business model. The current capitalization-to-revenue ratio of 12.6 “indicates a fair valuation against the project’s profitability,” the expert emphasized.
“Trading volume records operational activity, while open interest is a barometer of real liquidity. Hyperliquid’s dominance with a 62% market share in this key metric underscores its ability to maintain deep markets even amid fierce competition,” he also noted.
Scott added that a year after the HYPE airdrop, the decentralized exchange has not only retained but also expanded its user base. In his view, loyalty is “a result of product quality, not incentive programs.”
The analyst linked Hyperliquid’s growth prospects to the active development of its ecosystem:
“Hyperliquid demonstrates resilience in the face of growing competition, maintaining key competitive advantages and expanding its ecosystem beyond the core business model,” Scott concluded.
The BounceBit team has unveiled a major update. The upgrade transforms the project’s business model from a Bitcoin staking service into a comprehensive DeFi ecosystem with its own perp-DEX.
The project also announced a liquidity provider token for perpetual futures — BLP. The new perp-DEX uses this asset pool as a counterparty for all participants.
BLP holders will be able to earn from fees, successful traders’ transactions, and the growth of the entire pool’s value.
In September, trading volume on decentralized perpetual futures exchanges surpassed $1 trillion for the first time. The top three included Aster, Hyperliquid, and Lighter.
