<p>作者：Matt Hougan，Bitwise 首席投資官；翻譯：Shaw，金色財經</p>
<blockquote>
<p>P.S. Hyperliquid 及其代幣 HYPE 目前被低估。</p>
</blockquote>
<p>Hyperliquid 是近年來出現的最核心的加密項目之一。其原生代幣 HYPE 是 2026 年表現最佳的大型加密資產，年初至今增長了 77%。儘管如此，我仍然相信投資者嚴重低估了它的行業影響力和內在價值。我將在本週的備忘錄中詳細闡述這一點。三個關鍵點如下。Hyperliquid 已成為一個全新的超級應用程序。近年來，加密領域最具影響力的監管演講之一是美國證券交易委員會（SEC）主席 Paul Atkins 於 2025 年 11 月 12 日發表的《SEC 對加密資產的看法：‘項目加密’ 內部》。建議尚未閲讀此文章的人優先學習這次演講。Atkins 領導着全球最具影響力的金融監管機構之一，這次演講清晰地勾勒出他對金融市場未來的願景：他預測在未來五年內，幾乎所有類型的市場交易將逐漸上鍊。在他的演講中，Atkins 特別介紹了金融超級應用程序的核心概念：“眾所周知，我強烈支持金融領域的超級應用平台。這些平台只需一個合規的監管許可證，就可以在一個地方處理多種資產類別的保管和交易。” 當我第一次閲讀這段話時，我最初認為他指的是像 Robinhood 和 Charles Schwab 這樣的傳統經紀公司，超越股票交易，提供其他資產類別的交易。然而，他的真正意圖遠不止於此：“我已要求 SEC 團隊起草提案，探索允許基於投資合同發行的代幣在非 SEC 監管的平台上進行交易，包括註冊於商品期貨交易委員會或持有州監管許可證的中介。” 這一政策方向與 Hyperliquid 的發展路徑完美契合。Hyperliquid 最初專注於加密資產的永續合約，但現在近一半的交易量來自非加密資產，包括商品、標準普爾 500 期貨和 IPO 前股票。我預計到今年年底，這一傳統資產交易量將攀升至 70%。該平台還增加了預測市場服務，為交易者提供更多工具來對沖現實市場風險。簡而言之，Hyperliquid 是 Atkins 設想的金融超級應用程序——一個不受 SEC 直接監管的綜合交易平台，提供跨所有資產類別的投資機會。當然，Hyperliquid 仍處於成熟發展階段：該平台尚未向美國用户開放，並且急需深入適應美國監管體系。然而，這並沒有阻礙其成長為我所見過的增長最快的金融領域之一。該平台的增長勢頭極為迅猛，僅上個月的交易量就達到了 1700 億美元。其快速發展的核心邏輯是超越現有的加密市場，瞄準更大的全球傳統金融市場。其目標不是創造下一個 Binance，而是成為全球最大、最有價值的綜合交易市場。Hyperliquid 引領第二代加密代幣 Hyperliquid 的原生代幣 HYPE 於 2024 年 11 月 29 日正式啓動交易，恰逢前 SEC 主席 Gary Gensler 辭職的一週。這也是在新監管時代下出現的首批領先加密項目之一。在 Gensler 任期內，所有加密項目都陷入恐慌，不斷擔心其代幣會被歸類為證券，可能導致開發團隊承擔無限的連帶責任。為了降低這一風險，像 Uniswap 和 Aave 這樣的第一代去中心化金融項目發行了治理代幣——僅具治理功能且與項目實際收入幾乎沒有關聯的代幣。通過完全剝離確定證券的核心標準——代幣的預期利潤，項目創始團隊能夠最大限度地降低法律風險。隨着 Atkins 接管 SEC，行業過去過度的風險厭惡已消失，監管邊界變得越來越清晰。Atkins 的言論重新定義了將加密代幣歸類為證券的標準，正式為價值捕獲代幣的發展鋪平了道路。像 Aave 這樣的第一代代幣項目正在調整其治理模型以適應，而 Hyperliquid 則代表了一條全新的軌道：從一開始就設計具有價值捕獲能力的第二代代幣。其核心機制是 Hyperliquid 平台產生的 99% 交易費用直接用於在二級市場回購 HYPE 代幣。交易量越高，代幣回購越強，代幣價值相應穩步上升——整個價值邏輯清晰明瞭。我相信，這種代幣設計模型將在未來成為行業主流，這也是 HYPE 在過去一年中成為全球表現最強的大型加密資產的核心原因。這也引出了第三個核心邏輯。Hyperliquid 的價值被嚴重低估。在我看來，HYPE 目前是加密市場中估值與其真實價值嚴重偏離的資產。估值偏差主要源於兩個認知誤區。1. 類別感知偏差。市場普遍將 Hyperliquid 簡單定義為一個高增長的加密永續合約交易所，但其真正定位是一個覆蓋所有資產類別的全球金融超級平台，包括加密資產、股票、商品、外匯、預測市場和結構性金融產品。其目標市場不是 3 萬億美元的加密市場，而是 600 萬億美元的全球所有類型金融資產市場——兩者在規模上相差甚遠。目前的市場估值僅基於小型加密交易所的標準，實際上是在以低價購買一個世界級的綜合金融平台。2. 基於固有思維的錨定偏差。多年的行業發展使加密投資者形成了固定的認知：絕大多數代幣無法產生真實價值。許多項目在用户數量、交易量和現實應用場景上實現了穩定增長，但其原生代幣價格卻保持停滯，甚至在長時間內下跌。儘管市場認可 HYPE 機制的獨特性，投資者仍然難以完全改變其先入為主的觀念，潛意識中將其與 UNI 等純治理代幣歸為一類。然而，考慮到其回購 99% 交易費用的核心機制，HYPE 的基準應該是像 Robinhood 和 CME Group 這樣的傳統金融經紀公司。目前，Hyperliquid 的年收入估計在 8 億到 10 億美元之間，市值約為 100 億到 110 億美元，對應的代幣回購收入流估值僅為 10 到 14 倍收益。對於一家處於快速擴張期的公司而言，這一估值水平極具性價比。作為對比：Robinhood 的市盈率為 37，CME Group 的市盈率為 24，而它們的業務增長率遠低於 Hyperliquid。儘管股權持有者的法律權利比代幣持有者更全面，且兩者不能完全等同，但基於增長率的綜合計算足以證明 Hyperliquid 當前的市場估值被嚴重低估。Hyperliquid 與行業創新的未來 在過去十年中，許多創新的加密項目處於 “偽開發” 狀態：代幣缺乏真實的價值捕獲能力，基礎沒有實質性資產所有權，項目團隊不斷規避監管監督。由 Atkins 主導的新監管環境徹底打破了這一曲折的發展模式，使加密項目終於能夠作為去中心化商業實體公開運營。Hyperliquid 是第一個牢牢把握政策紅利並全面實施其發展的領先項目：其業務涵蓋所有類別的金融資產，其代幣具備真正的價值捕獲能力，其平台收入可驗證，且其代幣回購機制完全自動化。當然，這並不意味着 Hyperliquid 必然會保持行業領先地位；後續競爭者的進入和監管政策的變化等風險仍然存在。然而，這清楚地展示了加密行業在擺脱無監管增長、走向標準化和成熟發展後的真實面貌。大多數時候，抓住未來趨勢需要高成本，但當前市場提供了一個以低價買入的難得機會窗口。</p>

PURR

BHYP

<p>Bitwise 首席投資官 Matt Hougan 斷言，儘管年初至今上漲了 77%，Hyperliquid 及其代幣 HYPE 仍被低估。他強調 Hyperliquid 正在演變為一個金融超級應用，符合美國證券交易委員會主席 Paul Atkins 對鏈上市場交易的願景。該平台正在迅速擴展到傳統金融市場，上個月的交易量達到 1700 億美元。HYPE 的設計通過交易費用捕捉價值，使其在不斷變化的監管環境中成為第二代代幣</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 首席投資官；翻譯：Shaw，金色財經</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 及其代幣 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 是近年來出現的最核心的加密項目之一。其原生代幣 HYPE 是 2026 年表現最佳的大型加密資產，年初至今增長了 77%。儘管如此，我仍然相信投資者嚴重低估了它的行業影響力和內在價值。我將在本週的備忘錄中詳細闡述這一點。三個關鍵點如下。Hyperliquid 已成為一個全新的超級應用程序。近年來，加密領域最具影響力的監管演講之一是美國證券交易委員會（SEC）主席 Paul Atkins 於 2025 年 11 月 12 日發表的《SEC 對加密資產的看法：‘項目加密’ 內部》。建議尚未閲讀此文章的人優先學習這次演講。Atkins 領導着全球最具影響力的金融監管機構之一，這次演講清晰地勾勒出他對金融市場未來的願景：他預測在未來五年內，幾乎所有類型的市場交易將逐漸上鍊。在他的演講中，Atkins 特別介紹了金融超級應用程序的核心概念：“眾所周知，我強烈支持金融領域的超級應用平台。這些平台只需一個合規的監管許可證，就可以在一個地方處理多種資產類別的保管和交易。” 當我第一次閲讀這段話時，我最初認為他指的是像 Robinhood 和 Charles Schwab 這樣的傳統經紀公司，超越股票交易，提供其他資產類別的交易。然而，他的真正意圖遠不止於此：“我已要求 SEC 團隊起草提案，探索允許基於投資合同發行的代幣在非 SEC 監管的平台上進行交易，包括註冊於商品期貨交易委員會或持有州監管許可證的中介。” 這一政策方向與 Hyperliquid 的發展路徑完美契合。Hyperliquid 最初專注於加密資產的永續合約，但現在近一半的交易量來自非加密資產，包括商品、標準普爾 500 期貨和 IPO 前股票。我預計到今年年底，這一傳統資產交易量將攀升至 70%。該平台還增加了預測市場服務，為交易者提供更多工具來對沖現實市場風險。簡而言之，Hyperliquid 是 Atkins 設想的金融超級應用程序——一個不受 SEC 直接監管的綜合交易平台，提供跨所有資產類別的投資機會。當然，Hyperliquid 仍處於成熟發展階段：該平台尚未向美國用户開放，並且急需深入適應美國監管體系。然而，這並沒有阻礙其成長為我所見過的增長最快的金融領域之一。該平台的增長勢頭極為迅猛，僅上個月的交易量就達到了 1700 億美元。其快速發展的核心邏輯是超越現有的加密市場，瞄準更大的全球傳統金融市場。其目標不是創造下一個 Binance，而是成為全球最大、最有價值的綜合交易市場。Hyperliquid 引領第二代加密代幣 Hyperliquid 的原生代幣 HYPE 於 2024 年 11 月 29 日正式啓動交易，恰逢前 SEC 主席 Gary Gensler 辭職的一週。這也是在新監管時代下出現的首批領先加密項目之一。在 Gensler 任期內，所有加密項目都陷入恐慌，不斷擔心其代幣會被歸類為證券，可能導致開發團隊承擔無限的連帶責任。為了降低這一風險，像 Uniswap 和 Aave 這樣的第一代去中心化金融項目發行了治理代幣——僅具治理功能且與項目實際收入幾乎沒有關聯的代幣。通過完全剝離確定證券的核心標準——代幣的預期利潤，項目創始團隊能夠最大限度地降低法律風險。隨着 Atkins 接管 SEC，行業過去過度的風險厭惡已消失，監管邊界變得越來越清晰。Atkins 的言論重新定義了將加密代幣歸類為證券的標準，正式為價值捕獲代幣的發展鋪平了道路。像 Aave 這樣的第一代代幣項目正在調整其治理模型以適應，而 Hyperliquid 則代表了一條全新的軌道：從一開始就設計具有價值捕獲能力的第二代代幣。其核心機制是 Hyperliquid 平台產生的 99% 交易費用直接用於在二級市場回購 HYPE 代幣。交易量越高，代幣回購越強，代幣價值相應穩步上升——整個價值邏輯清晰明瞭。我相信，這種代幣設計模型將在未來成為行業主流，這也是 HYPE 在過去一年中成為全球表現最強的大型加密資產的核心原因。這也引出了第三個核心邏輯。Hyperliquid 的價值被嚴重低估。在我看來，HYPE 目前是加密市場中估值與其真實價值嚴重偏離的資產。估值偏差主要源於兩個認知誤區。1. 類別感知偏差。市場普遍將 Hyperliquid 簡單定義為一個高增長的加密永續合約交易所，但其真正定位是一個覆蓋所有資產類別的全球金融超級平台，包括加密資產、股票、商品、外匯、預測市場和結構性金融產品。其目標市場不是 3 萬億美元的加密市場，而是 600 萬億美元的全球所有類型金融資產市場——兩者在規模上相差甚遠。目前的市場估值僅基於小型加密交易所的標準，實際上是在以低價購買一個世界級的綜合金融平台。2. 基於固有思維的錨定偏差。多年的行業發展使加密投資者形成了固定的認知：絕大多數代幣無法產生真實價值。許多項目在用户數量、交易量和現實應用場景上實現了穩定增長，但其原生代幣價格卻保持停滯，甚至在長時間內下跌。儘管市場認可 HYPE 機制的獨特性，投資者仍然難以完全改變其先入為主的觀念，潛意識中將其與 UNI 等純治理代幣歸為一類。然而，考慮到其回購 99% 交易費用的核心機制，HYPE 的基準應該是像 Robinhood 和 CME Group 這樣的傳統金融經紀公司。目前，Hyperliquid 的年收入估計在 8 億到 10 億美元之間，市值約為 100 億到 110 億美元，對應的代幣回購收入流估值僅為 10 到 14 倍收益。對於一家處於快速擴張期的公司而言，這一估值水平極具性價比。作為對比：Robinhood 的市盈率為 37，CME Group 的市盈率為 24，而它們的業務增長率遠低於 Hyperliquid。儘管股權持有者的法律權利比代幣持有者更全面，且兩者不能完全等同，但基於增長率的綜合計算足以證明 Hyperliquid 當前的市場估值被嚴重低估。Hyperliquid 與行業創新的未來 在過去十年中，許多創新的加密項目處於 “偽開發” 狀態：代幣缺乏真實的價值捕獲能力，基礎沒有實質性資產所有權，項目團隊不斷規避監管監督。由 Atkins 主導的新監管環境徹底打破了這一曲折的發展模式，使加密項目終於能夠作為去中心化商業實體公開運營。Hyperliquid 是第一個牢牢把握政策紅利並全面實施其發展的領先項目：其業務涵蓋所有類別的金融資產，其代幣具備真正的價值捕獲能力，其平台收入可驗證，且其代幣回購機制完全自動化。當然，這並不意味着 Hyperliquid 必然會保持行業領先地位；後續競爭者的進入和監管政策的變化等風險仍然存在。然而，這清楚地展示了加密行業在擺脱無監管增長、走向標準化和成熟發展後的真實面貌。大多數時候，抓住未來趨勢需要高成本，但當前市場提供了一個以低價買入的難得機會窗口。</p>
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Bitwise 的首席投資官表示，Hyperliquid 和 HYPE 仍然被嚴重低估