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"Hyperliquid Valuation Breakdown: Is the Pricing Too High Under High Growth Expectations" (Author: Donovan; Translator: AididiaoJP, Foresight News) Through reverse DCF and bottom-up model analysis, it is pointed out that at a market cap of approximately $9 billion, HYPE's current price already implies extremely high growth expectations: achieving over 100% annual compound growth within a few years, reaching revenue in the hundreds of millions, and maintaining a leading market share in the highly competitive perpetual contract market; although Hyperliquid possesses high efficiency and strong product capabilities, the entry of CEXs puts pressure on profit margins and market share. Overall, the current valuation has largely priced in most positive factors, with limited safety margin, and investment returns depend more on optimistic scenario realization. Read more: