Crypto Scenario Insights
What happened
Pantera Capital estimates Hyperliquid could reach $3.7B in annual revenue, citing a 40% market share and expansion into traditional assets.
What we think
The $3.7B revenue target is a theoretical maximum based on optimistic market capture. The most likely scenario is steady growth (55% probability) as the protocol maintains its lead in crypto-native perpetuals but encount…
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Hyperliquid's $3.7B Revenue Target: Fundamental Growth or Model Speculation?
We explain what happened and what could follow. We do not forecast prices.