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The HYPE currency of the “Hyperliquid” platform has performed strongly in the past three months, rising by about 80%, significantly outperforming Bitcoin, which has experienced limited gains during the same period.
But this price increase does not fully reflect the platform’s actual performance on a fundamental level.
A recent report suggests that the token is already highly valued relative to revenue, with price-to-sales multiples reaching near-peak levels, at a time when valuations typically decline.
Quarterly platform fees also dropped significantly, but annual fees remain higher.
From the perspective of activity, “Hyperliquid” still dominates the decentralized perpetual contract platform market, but some important indicators have declined, such as reduced positions, reduced inflows, and hundreds of millions of people leaving the network recently.
On the other hand, some indicators also show positive signs, such as the increase in the number of active users and significant growth within the HIP-3 framework, which allows the launch of the sub-trading platform to help significantly increase the trading volume within this system.
Currency buybacks also continued to reduce supply, creating deflationary pressures but not enough to offset the slowdown in activity in some areas.
Overall, HYPE’s performance has been mixed, with prices rising faster than usage and revenue, raising questions about the sustainability of the rally.
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