I’m slowly building a $HYPE bag and figured I’d drop some context on why I think it still has a lot of upside.

July alone, Hyperliquid pulled in $92M revenue. Daily fees sit around $5M–$7.7M, annualized now past $1.1B.

→ It captured 35% of all blockchain revenue, more than any other single protocol.

And what happens to that revenue?

97% is funneled straight into TWAP buybacks. Over 28M $HYPE has already been sequestered from supply, shrinking float by nearly 9% in under 8 months.

On-chain metrics are even crazier:

– $355B+ in 30-day perp volume, #1 by far

– $15B OI, now 17.3% of CEX share

– $29B+ daily volume peaks, still trending up

– 50k+ daily active traders, with 622k in total (2.2k–4k new users/day)

– $5.1B+ total inflows

– $2.1B HyperEVM TVL, with ~200 teams already building

Bullish enough? From a valuation angle, I still think it's stupidly cheap.

→ FDV sits around $44B (mc ~$14.6B).

Meanwhile it’s generating $1.1B+ annualized revenue. So the float-adjusted P/E is scraping 3.8–4.0, cheapest levels since the $10 level.

Then there’s the institutional treasury side:

– Sonnet Bio wants to buy up to $500M worth

– Hyperion adding $50M to its vault

– Eyenovia committing to a $500M reserve

– Nuvve, DeFi Tech and others building exposure

– Whales quietly soaking up float

On fundamentals, HIP-3 coming with permissionless perp markets, builder incentives, 50% fee shares for stakers, and tighter supply locks.

Already pushing 200k+ orders/sec, #1 in perps, # 3 in protocol revenue, no VC emission pressure.

I’m happy accumulating the one that’s already printing even if some still fade it for being “too perfect” or “too high FDV.”

Simple as that, I just see $HYPE as deflationary, revenue-backed, and loved by both degens and institutions.