<p>作者：Matt Hougan，Bitwise 首席投资官；翻译：Shaw，金色财经</p>
<blockquote>
<p>P.S. Hyperliquid 及其代币 HYPE 目前被低估。</p>
</blockquote>
<p>Hyperliquid 是近年来出现的最核心的加密项目之一。其原生代币 HYPE 是 2026 年表现最佳的大型加密资产，年初至今增长了 77%。尽管如此，我仍然相信投资者严重低估了它的行业影响力和内在价值。我将在本周的备忘录中详细阐述这一点。三个关键点如下。Hyperliquid 已成为一个全新的超级应用程序。近年来，加密领域最具影响力的监管演讲之一是美国证券交易委员会（SEC）主席 Paul Atkins 于 2025 年 11 月 12 日发表的《SEC 对加密资产的看法：‘项目加密’ 内部》。建议尚未阅读此文章的人优先学习这次演讲。Atkins 领导着全球最具影响力的金融监管机构之一，这次演讲清晰地勾勒出他对金融市场未来的愿景：他预测在未来五年内，几乎所有类型的市场交易将逐渐上链。在他的演讲中，Atkins 特别介绍了金融超级应用程序的核心概念：“众所周知，我强烈支持金融领域的超级应用平台。这些平台只需一个合规的监管许可证，就可以在一个地方处理多种资产类别的保管和交易。” 当我第一次阅读这段话时，我最初认为他指的是像 Robinhood 和 Charles Schwab 这样的传统经纪公司，超越股票交易，提供其他资产类别的交易。然而，他的真正意图远不止于此：“我已要求 SEC 团队起草提案，探索允许基于投资合同发行的代币在非 SEC 监管的平台上进行交易，包括注册于商品期货交易委员会或持有州监管许可证的中介。” 这一政策方向与 Hyperliquid 的发展路径完美契合。Hyperliquid 最初专注于加密资产的永续合约，但现在近一半的交易量来自非加密资产，包括商品、标准普尔 500 期货和 IPO 前股票。我预计到今年年底，这一传统资产交易量将攀升至 70%。该平台还增加了预测市场服务，为交易者提供更多工具来对冲现实市场风险。简而言之，Hyperliquid 是 Atkins 设想的金融超级应用程序——一个不受 SEC 直接监管的综合交易平台，提供跨所有资产类别的投资机会。当然，Hyperliquid 仍处于成熟发展阶段：该平台尚未向美国用户开放，并且急需深入适应美国监管体系。然而，这并没有阻碍其成长为我所见过的增长最快的金融领域之一。该平台的增长势头极为迅猛，仅上个月的交易量就达到了 1700 亿美元。其快速发展的核心逻辑是超越现有的加密市场，瞄准更大的全球传统金融市场。其目标不是创造下一个 Binance，而是成为全球最大、最有价值的综合交易市场。Hyperliquid 引领第二代加密代币 Hyperliquid 的原生代币 HYPE 于 2024 年 11 月 29 日正式启动交易，恰逢前 SEC 主席 Gary Gensler 辞职的一周。这也是在新监管时代下出现的首批领先加密项目之一。在 Gensler 任期内，所有加密项目都陷入恐慌，不断担心其代币会被归类为证券，可能导致开发团队承担无限的连带责任。为了降低这一风险，像 Uniswap 和 Aave 这样的第一代去中心化金融项目发行了治理代币——仅具治理功能且与项目实际收入几乎没有关联的代币。通过完全剥离确定证券的核心标准——代币的预期利润，项目创始团队能够最大限度地降低法律风险。随着 Atkins 接管 SEC，行业过去过度的风险厌恶已消失，监管边界变得越来越清晰。Atkins 的言论重新定义了将加密代币归类为证券的标准，正式为价值捕获代币的发展铺平了道路。像 Aave 这样的第一代代币项目正在调整其治理模型以适应，而 Hyperliquid 则代表了一条全新的轨道：从一开始就设计具有价值捕获能力的第二代代币。其核心机制是 Hyperliquid 平台产生的 99% 交易费用直接用于在二级市场回购 HYPE 代币。交易量越高，代币回购越强，代币价值相应稳步上升——整个价值逻辑清晰明了。我相信，这种代币设计模型将在未来成为行业主流，这也是 HYPE 在过去一年中成为全球表现最强的大型加密资产的核心原因。这也引出了第三个核心逻辑。Hyperliquid 的价值被严重低估。在我看来，HYPE 目前是加密市场中估值与其真实价值严重偏离的资产。估值偏差主要源于两个认知误区。1. 类别感知偏差。市场普遍将 Hyperliquid 简单定义为一个高增长的加密永续合约交易所，但其真正定位是一个覆盖所有资产类别的全球金融超级平台，包括加密资产、股票、商品、外汇、预测市场和结构性金融产品。其目标市场不是 3 万亿美元的加密市场，而是 600 万亿美元的全球所有类型金融资产市场——两者在规模上相差甚远。目前的市场估值仅基于小型加密交易所的标准，实际上是在以低价购买一个世界级的综合金融平台。2. 基于固有思维的锚定偏差。多年的行业发展使加密投资者形成了固定的认知：绝大多数代币无法产生真实价值。许多项目在用户数量、交易量和现实应用场景上实现了稳定增长，但其原生代币价格却保持停滞，甚至在长时间内下跌。尽管市场认可 HYPE 机制的独特性，投资者仍然难以完全改变其先入为主的观念，潜意识中将其与 UNI 等纯治理代币归为一类。然而，考虑到其回购 99% 交易费用的核心机制，HYPE 的基准应该是像 Robinhood 和 CME Group 这样的传统金融经纪公司。目前，Hyperliquid 的年收入估计在 8 亿到 10 亿美元之间，市值约为 100 亿到 110 亿美元，对应的代币回购收入流估值仅为 10 到 14 倍收益。对于一家处于快速扩张期的公司而言，这一估值水平极具性价比。作为对比：Robinhood 的市盈率为 37，CME Group 的市盈率为 24，而它们的业务增长率远低于 Hyperliquid。尽管股权持有者的法律权利比代币持有者更全面，且两者不能完全等同，但基于增长率的综合计算足以证明 Hyperliquid 当前的市场估值被严重低估。Hyperliquid 与行业创新的未来 在过去十年中，许多创新的加密项目处于 “伪开发” 状态：代币缺乏真实的价值捕获能力，基础没有实质性资产所有权，项目团队不断规避监管监督。由 Atkins 主导的新监管环境彻底打破了这一曲折的发展模式，使加密项目终于能够作为去中心化商业实体公开运营。Hyperliquid 是第一个牢牢把握政策红利并全面实施其发展的领先项目：其业务涵盖所有类别的金融资产，其代币具备真正的价值捕获能力，其平台收入可验证，且其代币回购机制完全自动化。当然，这并不意味着 Hyperliquid 必然会保持行业领先地位；后续竞争者的进入和监管政策的变化等风险仍然存在。然而，这清楚地展示了加密行业在摆脱无监管增长、走向标准化和成熟发展后的真实面貌。大多数时候，抓住未来趋势需要高成本，但当前市场提供了一个以低价买入的难得机会窗口。</p>

PURR

BHYP

<p>Bitwise 首席投资官 Matt Hougan 断言，尽管年初至今上涨了 77%，Hyperliquid 及其代币 HYPE 仍被低估。他强调 Hyperliquid 正在演变为一个金融超级应用，符合美国证券交易委员会主席 Paul Atkins 对链上市场交易的愿景。该平台正在迅速扩展到传统金融市场，上个月的交易量达到 1700 亿美元。HYPE 的设计通过交易费用捕捉价值，使其在不断变化的监管环境中成为第二代代币</p>

<p>Author: Matt Hougan, Chief Investment Officer, Bitwise; Translated by Shaw, Jinse Finance</p>
<div class="lb-trans"><p>作者：Matt Hougan，Bitwise 首席投资官；翻译：Shaw，金色财经</p>
</div><blockquote>
<p>P.S. Hyperliquid and its token HYPE are currently undervalued.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>P.S. Hyperliquid 及其代币 HYPE 目前被低估。</p>
</blockquote>
</div><p>Hyperliquid is one of the most core crypto projects to emerge in recent years. Its native token, HYPE, is the best-performing large-cap crypto asset in 2026, with a year-to-date increase of 77%.Even so, I still believe that investors have severely underestimated its industry influence and intrinsic value. I will elaborate on this in this week's memo. The three key points are as follows. Hyperliquid has become a brand new super app. One of the most influential regulatory speeches in the crypto space in recent years is &#34;The SEC’s Approach to Crypto Assets: Inside ‘Project Crypto.’&#34; delivered by Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), on November 12, 2025. Those who haven't read this article are advised to prioritize studying this speech. Atkins heads one of the world's most influential financial regulatory agencies, and this speech clearly outlines his vision for the future of financial markets: he predicts that within the next five years, almost all types of market transactions will gradually be on-chain. In his speech, Atkins specifically introduced the core concept of a financial super app: &#34;As is well known, I strongly advocate for super app platforms in the financial sector. These platforms only require a single compliant regulatory license to handle the custody and trading of multiple asset classes in one place.&#34; When I first read this, I initially thought he was referring to traditional brokerages like Robinhood and Charles Schwab, expanding beyond stock trading to offer trading in other asset classes. However, his true intention goes far beyond that: &#34;I have asked the SEC team to draft proposals exploring allowing tokens issued based on investment contracts to be traded on non-SEC regulated platforms, including intermediaries registered with the Commodity Futures Trading Commission or holding state regulatory licenses.&#34; This policy direction perfectly aligns with Hyperliquid's development path. Hyperliquid initially focused on perpetual contracts for crypto assets, but now nearly half of its trading volume comes from non-crypto assets, including commodities, S&amp;P 500 futures, and pre-IPO stocks. I expect this traditional asset trading volume to climb to 70% by the end of this year. The platform has also added prediction market services, providing traders with more tools to hedge real-world market risks. In short, Hyperliquid is the financial super-application envisioned by Atkins—a comprehensive trading platform not directly regulated by the SEC, offering investment opportunities across all asset classes. Of course, Hyperliquid is still in its mature development stage: the platform is not yet open to users in the United States, and it also urgently needs to deeply adapt to the US regulatory system. However, this has not hindered its growth into one of the fastest-growing financial sectors I've ever seen. The platform's growth momentum is extremely rapid, with a trading volume of $170 billion last month alone. The core logic behind its rapid development is to move beyond the existing crypto market and target the much larger global traditional financial market. Its goal is not to create the next Binance, but to become the world's largest and most valuable integrated trading market. Hyperliquid Leads the Second Generation of Crypto Tokens Hyperliquid's native token, HYPE, officially launched trading on November 29, 2024, coinciding with the week-long resignation of former SEC Chairman Gary Gensler. It was also one of the first leading crypto projects to emerge under the new regulatory era. During Gensler's tenure, all crypto projects were gripped by panic, constantly fearing their tokens would be classified as securities, potentially leading to unlimited joint and several liability for the development team. To mitigate this risk, first-generation decentralized finance projects like Uniswap and Aave issued governance tokens—tokens with only governance functions and virtually no connection to the project's actual revenue. By completely stripping away the core criterion of determining securities—the expected profit of the token—the project's founding team was able to minimize legal risks. With Atkins taking the helm at the SEC, the industry's past excessive risk aversion has disappeared, and regulatory boundaries have become increasingly clear. Atkins's remarks have redefined the criteria for classifying crypto tokens as securities, officially clearing the way for the development of value-capturing tokens. First-generation token projects like Aave are adjusting their governance models to adapt, while Hyperliquid represents a completely new track: second-generation tokens designed from the outset with value-capturing capabilities. The core mechanism is that 99% of the transaction fees generated by the Hyperliquid platform are directly used to buy back HYPE tokens on the secondary market. The higher the trading volume, the stronger the token buyback, and the token value steadily increases accordingly—the entire value logic is clear and unambiguous. I believe that this token design model will become the mainstream in the industry in the future, which is the core reason why HYPE has become the strongest performing large-cap crypto asset globally in the past year. This also leads to the third core logic. Hyperliquid's value is severely underestimated. In my opinion, HYPE is currently the asset in the crypto market whose valuation is seriously deviating from its true value. The valuation deviation mainly stems from two cognitive misconceptions. 1. Category perception bias. The market generally defines Hyperliquid simply as a high-growth crypto perpetual contract exchange, but its true positioning is a global financial super platform covering all asset classes, including crypto assets, stocks, commodities, forex, prediction markets, and structured financial products. Its target market is not the $3 trillion crypto market, but the $600 trillion global market for all types of financial assets—the two are worlds apart in scale. The current market valuation is based solely on the standards of a small crypto exchange, essentially buying a world-class integrated financial platform at a low price. 2. Anchoring Bias Based on Inherent Thinking Years of industry development have led crypto investors to a fixed perception: the vast majority of tokens cannot generate real value. Numerous projects have achieved steady growth in user numbers, trading volume, and real-world application scenarios, but their native token prices have remained stagnant or even declined for extended periods. Even though the market recognizes the unique nature of the HYPE mechanism, investors still find it difficult to completely change their preconceived notions, subconsciously categorizing it with pure governance tokens like UNI. However, considering its core mechanism of repurchasing 99% of transaction fees, HYPE's benchmark should be traditional financial brokerage firms like Robinhood and CME Group. Currently, Hyperliquid's estimated annual revenue is between $800 million and $1 billion, with a market capitalization of approximately $10 billion to $11 billion, corresponding to a token buyback revenue stream valuation of only 10 to 14 times earnings. For a company in a period of rapid expansion, this valuation level is extremely cost-effective. For comparison: Robinhood's P/E ratio is 37, and CME Group's is 24, while their business growth rates are far lower than Hyperliquid's. Although equity holders have more comprehensive legal rights than token holders, and the two cannot be completely equated, a comprehensive calculation based on growth rate is sufficient to demonstrate that the current market valuation of Hyperliquid is severely undervalued. Hyperliquid and the Future of Industry Innovation Over the past decade, many innovative crypto projects have been in a state of &#34;disguised development&#34;: tokens lacked real value capture capabilities, foundations had no substantial asset ownership, and project teams constantly evaded regulatory oversight. The new regulatory landscape led by Atkins has completely broken this circuitous development pattern, allowing crypto projects to finally operate openly as decentralized commercial entities. Hyperliquid is the first leading project to firmly grasp policy dividends and fully implement its development: its business covers all categories of financial assets, its tokens possess genuine value capture capabilities, its platform revenue is verifiable, and its token buyback mechanism is fully automated. Of course, this does not mean that Hyperliquid will necessarily remain the industry leader; risks such as subsequent competitor entry and regulatory policy shifts still exist. However, it clearly demonstrates the true form of the crypto industry after it has moved away from its unregulated growth and towards standardized and mature development. Most of the time, grasping future trends requires a high cost, but the current market is offering a rare window of opportunity to buy in at low prices.</p>
<div class="lb-trans"><p>Hyperliquid 是近年来出现的最核心的加密项目之一。其原生代币 HYPE 是 2026 年表现最佳的大型加密资产，年初至今增长了 77%。尽管如此，我仍然相信投资者严重低估了它的行业影响力和内在价值。我将在本周的备忘录中详细阐述这一点。三个关键点如下。Hyperliquid 已成为一个全新的超级应用程序。近年来，加密领域最具影响力的监管演讲之一是美国证券交易委员会（SEC）主席 Paul Atkins 于 2025 年 11 月 12 日发表的《SEC 对加密资产的看法：‘项目加密’ 内部》。建议尚未阅读此文章的人优先学习这次演讲。Atkins 领导着全球最具影响力的金融监管机构之一，这次演讲清晰地勾勒出他对金融市场未来的愿景：他预测在未来五年内，几乎所有类型的市场交易将逐渐上链。在他的演讲中，Atkins 特别介绍了金融超级应用程序的核心概念：“众所周知，我强烈支持金融领域的超级应用平台。这些平台只需一个合规的监管许可证，就可以在一个地方处理多种资产类别的保管和交易。” 当我第一次阅读这段话时，我最初认为他指的是像 Robinhood 和 Charles Schwab 这样的传统经纪公司，超越股票交易，提供其他资产类别的交易。然而，他的真正意图远不止于此：“我已要求 SEC 团队起草提案，探索允许基于投资合同发行的代币在非 SEC 监管的平台上进行交易，包括注册于商品期货交易委员会或持有州监管许可证的中介。” 这一政策方向与 Hyperliquid 的发展路径完美契合。Hyperliquid 最初专注于加密资产的永续合约，但现在近一半的交易量来自非加密资产，包括商品、标准普尔 500 期货和 IPO 前股票。我预计到今年年底，这一传统资产交易量将攀升至 70%。该平台还增加了预测市场服务，为交易者提供更多工具来对冲现实市场风险。简而言之，Hyperliquid 是 Atkins 设想的金融超级应用程序——一个不受 SEC 直接监管的综合交易平台，提供跨所有资产类别的投资机会。当然，Hyperliquid 仍处于成熟发展阶段：该平台尚未向美国用户开放，并且急需深入适应美国监管体系。然而，这并没有阻碍其成长为我所见过的增长最快的金融领域之一。该平台的增长势头极为迅猛，仅上个月的交易量就达到了 1700 亿美元。其快速发展的核心逻辑是超越现有的加密市场，瞄准更大的全球传统金融市场。其目标不是创造下一个 Binance，而是成为全球最大、最有价值的综合交易市场。Hyperliquid 引领第二代加密代币 Hyperliquid 的原生代币 HYPE 于 2024 年 11 月 29 日正式启动交易，恰逢前 SEC 主席 Gary Gensler 辞职的一周。这也是在新监管时代下出现的首批领先加密项目之一。在 Gensler 任期内，所有加密项目都陷入恐慌，不断担心其代币会被归类为证券，可能导致开发团队承担无限的连带责任。为了降低这一风险，像 Uniswap 和 Aave 这样的第一代去中心化金融项目发行了治理代币——仅具治理功能且与项目实际收入几乎没有关联的代币。通过完全剥离确定证券的核心标准——代币的预期利润，项目创始团队能够最大限度地降低法律风险。随着 Atkins 接管 SEC，行业过去过度的风险厌恶已消失，监管边界变得越来越清晰。Atkins 的言论重新定义了将加密代币归类为证券的标准，正式为价值捕获代币的发展铺平了道路。像 Aave 这样的第一代代币项目正在调整其治理模型以适应，而 Hyperliquid 则代表了一条全新的轨道：从一开始就设计具有价值捕获能力的第二代代币。其核心机制是 Hyperliquid 平台产生的 99% 交易费用直接用于在二级市场回购 HYPE 代币。交易量越高，代币回购越强，代币价值相应稳步上升——整个价值逻辑清晰明了。我相信，这种代币设计模型将在未来成为行业主流，这也是 HYPE 在过去一年中成为全球表现最强的大型加密资产的核心原因。这也引出了第三个核心逻辑。Hyperliquid 的价值被严重低估。在我看来，HYPE 目前是加密市场中估值与其真实价值严重偏离的资产。估值偏差主要源于两个认知误区。1. 类别感知偏差。市场普遍将 Hyperliquid 简单定义为一个高增长的加密永续合约交易所，但其真正定位是一个覆盖所有资产类别的全球金融超级平台，包括加密资产、股票、商品、外汇、预测市场和结构性金融产品。其目标市场不是 3 万亿美元的加密市场，而是 600 万亿美元的全球所有类型金融资产市场——两者在规模上相差甚远。目前的市场估值仅基于小型加密交易所的标准，实际上是在以低价购买一个世界级的综合金融平台。2. 基于固有思维的锚定偏差。多年的行业发展使加密投资者形成了固定的认知：绝大多数代币无法产生真实价值。许多项目在用户数量、交易量和现实应用场景上实现了稳定增长，但其原生代币价格却保持停滞，甚至在长时间内下跌。尽管市场认可 HYPE 机制的独特性，投资者仍然难以完全改变其先入为主的观念，潜意识中将其与 UNI 等纯治理代币归为一类。然而，考虑到其回购 99% 交易费用的核心机制，HYPE 的基准应该是像 Robinhood 和 CME Group 这样的传统金融经纪公司。目前，Hyperliquid 的年收入估计在 8 亿到 10 亿美元之间，市值约为 100 亿到 110 亿美元，对应的代币回购收入流估值仅为 10 到 14 倍收益。对于一家处于快速扩张期的公司而言，这一估值水平极具性价比。作为对比：Robinhood 的市盈率为 37，CME Group 的市盈率为 24，而它们的业务增长率远低于 Hyperliquid。尽管股权持有者的法律权利比代币持有者更全面，且两者不能完全等同，但基于增长率的综合计算足以证明 Hyperliquid 当前的市场估值被严重低估。Hyperliquid 与行业创新的未来 在过去十年中，许多创新的加密项目处于 “伪开发” 状态：代币缺乏真实的价值捕获能力，基础没有实质性资产所有权，项目团队不断规避监管监督。由 Atkins 主导的新监管环境彻底打破了这一曲折的发展模式，使加密项目终于能够作为去中心化商业实体公开运营。Hyperliquid 是第一个牢牢把握政策红利并全面实施其发展的领先项目：其业务涵盖所有类别的金融资产，其代币具备真正的价值捕获能力，其平台收入可验证，且其代币回购机制完全自动化。当然，这并不意味着 Hyperliquid 必然会保持行业领先地位；后续竞争者的进入和监管政策的变化等风险仍然存在。然而，这清楚地展示了加密行业在摆脱无监管增长、走向标准化和成熟发展后的真实面貌。大多数时候，抓住未来趋势需要高成本，但当前市场提供了一个以低价买入的难得机会窗口。</p>
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Bitwise 的首席投资官表示，Hyperliquid 和 HYPE 仍然被严重低估