Hyperliquid Outpaces Ethereum and Solana in Revenues – But HYPE Trades at a Massive Discount

In less than a year, Hyperliquid captured nearly 10% of BTC and ETH perp volume. It has even surpassed DeFi rivals and is now challenging CEXs.

Despite unmatched growth and revenues, HYPE trades at deep discounts to Solana and Ethereum, which has sparked debate over whether it’s severely undervalued.