Crypto Research & Blockchain Analysis Partly open
Hyperliquid — an exchange that has become an infrastructure platform
Hyperliquid has already gone beyond the scope of a typical crypto exchange: the protocol generates significant cash flows, and its buyback mechanism ties its success to the economics of the HYPE token. We’ll take a closer look at how much the market is already willing to pay for Hyperliquid’s success and what risks lie beyond today’s metrics.
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