HYPE tokenomics and deflationary pressures as Hyperliquid becomes a base layer
Argues HYPE has strong tokenomics, clear product-market fit, millions in daily revenue and no toxic VCs, and that deflationary pressures compound if Hyperliquid becomes the base layer of internet-native capital markets across perps, spot, RWAs and HyperEVM.
HYPE purchase/deflation pressures: • 100% burn of gas on HyperEVM (~$120k y'day) • 97% of ~$800Mn annualized fees • Ticker auctions Am I missing anything? t.co/wgqagDjlni
How the call played out · since 28 May 2025
Prices as of 23 Oct 2026This piece takes a view on $HYPE, so that move is read against the call.
Millions in daily revenue, no VC overhang and deflationary pressure compound if Hyperliquid becomes the base layer for perps, spot and RWAs.
- At publication
- $36.02
- Now
- $78.30
- vs BTC
- +190%
- After 1 month
- −0.7%
- After 3 months
- +35%
- After 1 year
- +61%
- High since
- +170% 23 Sep 2026
- Low since
- −42% 21 Jan 2026
Zero has written 38 more pieces on Hyperliquid and $HYPE since this one.
- State of Hyperliquid: two years after the airdrop (A1 Research report)Covers $HYPE
- Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venueCovers $HYPE
- Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersOn Hyperliquid
- Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueCovers $HYPE
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis piece is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.