Grayscale report sees Hyperliquid as a blockchain finance giant

According to the Grayscale report, Hyperliquid is transitioning from an encrypted perpetual trading platform to a blockchain financial infrastructure, with an expected revenue of $800 million by 2025. It has processed $2.9 trillion in perpetual futures trading volume and approximately $7 billion in open interest. Hyperliquid extends to tokenized stock, commodity, and prediction markets through HIP-3 and HIP-4 systems, providing 24/7 trading and challenging traditional trading time constraints. The report points out that its open architecture supports developers to go online in new markets, showcasing network effects and innovation potential. Regulation is seen as a key risk to its growth, currently blocking US users, but with increasing interest from institutions such as Coinbase and regulatory evolution, perpetual products may enter the US market.