Hyperliquid announces the launch of canonical prediction markets. Source: Hyperliquid Telegram Channel
Hyperliquid’s expanding functionalities are making it the crypto industry’s next “super-app,” according to Matt Hougan, chief investment officer at crypto asset manager Bitwise. He wrote in a May 19 report:
“Hyperliquid has become the ‘super-app’ Atkins envisioned—a ‘non-SEC regulated platform’ offering investors exposure to “a variety of asset classes.”
Hougan added that the Hyperliquid (HYPE) token is “one of the most mispriced assets in crypto today,” despite outperforming the wider crypto market since the start of 2026. He argued that investors are mispricing it, valuing it only as a perp DEX rather than a financial “super-app.”
HYPE & Total Crypto Market Capitalization, year-to-date chart for 2026. Source: Cointelegraph/TradingView
Since the beginning of the year, the HYPE rose more than 134% while the total crypto market capitalization fell by around 14%, TradingView data shows.
Related: Polymarket team says user funds safe as exploit losses climb above $600K
Hyperliquid is currently the fifth-largest protocol by weekly fees and generated over $11 million in fees during the past week, according to DefiLlama data.
In the month leading up to May 10, Hyperliquid generated $50.95 million in revenue, all of which went directly to token holders with zero spent on incentives.
Magazine: The legal battle over who can claim DeFi’s stolen millions
More on the subject