Valuation frameworks for crypto assets

HYPE Valuation

Hyperliquid inherits the Exchange Tokens model set.

Static methodology preview. Live data pipeline planned. Not investment advice.

HYPE Exchange Tokens Static methodology preview

Hyperliquid

Market cap: data pipeline not connected

Composite model-implied value

$46.4B Valuation gap 22%

Model Cards

The asset page uses the model set assigned to its asset class.

Fee economics

Fee Multiple

Capitalizes fee generation using explicit multiple assumptions.

Model-implied value method Applies a fee multiple range to annualized fees.

Core inputs

annualized feesfee multiplefee quality

Fees and tokenholder capture are separate questions.

Tokenholder capture

Revenue Capture

Assesses how much venue or protocol revenue is economically connected to the token.

Model-implied value method Capitalizes captured revenue after float and policy adjustments.

Core inputs

gross revenuecapture ratefloat adjustment

Revenue linkage can change through governance or venue policy.

Venue position

Volume Market Share

Evaluates share of trading volume or venue activity against comparable platforms.

Model-implied value method Applies share-based valuation bands to venue economics.

Core inputs

spot volumederivatives volumemarket share

Volume share can be incentive-sensitive.

Supply policy

Repurchase / Burn Yield

Measures supply reduction or treasury return mechanics where disclosed.

Model-implied value method Converts burn or repurchase flows into a yield-like adjustment.

Core inputs

burn amountrepurchase flowcirculating float

Mechanics must be verified through source trails.

Liquidity depth

Open Interest / Liquidity

Evaluates exchange-token relevance through liquidity and open-interest depth.

Model-implied value method Applies liquidity depth modifiers to revenue-based model ranges.

Core inputs

open interestliquidity depthvenue concentration

Liquidity metrics can be cyclical and venue-specific.

Supply pressure

Float / Unlock Pressure

Adjusts valuation ranges for unlock schedules and effective float.

Model-implied value method Applies supply-pressure discounts to model ranges.

Core inputs

unlock schedulefloatvesting concentration

Unlock pressure is a risk adjustment, not a valuation model by itself.

Fundamentals Panel

Current fundamental fields are static methodology categories, not live data.

Data completeness 66/100

Method confidence 60/100

Tokenholder capture Partial

Fundamental evidence score 64/100

feesvenue shareliquidity depthfloat

Method Rating Panel

Confidence scores are class-level method ratings, not asset guidance.

Medium confidence

57/100

Revenue linkage

Venue economics can be strong, but token linkage and float structure need explicit source trails.

Medium confidence

63/100

Liquidity and volume evidence

Volume and open interest help, but they are cyclical and venue-specific.

Scenario Simulator

A local assumption shell for scenario sensitivity.

Scenario sensitivity

Exchange-token scenario

Model-implied FDV $45.0B

annualized fees bn 4 take rate % 0.08 market share % 12 revenue multiple x 10 float adjustment % 78

Static methodology preview. Changes here recompute a local scenario number only.

Source Trail

Planned data sources for the valuation architecture.

CoinGecko

price, market cap, FDV, supply, and volume

Source

DefiLlama

TVL, fees, revenue, and DeFi volumes

Source

Coin Metrics

BTC-style realized cap, MVRV, and network metrics

Source

Dune or manual source trails

custom on-chain datasets and methodology notes

Source

Static methodology preview. Live data pipeline planned. Not investment advice. The displayed model-implied value is an architecture test for assumption-led valuation.