If you’ve been keeping an eye on the crypto space, you’ve probably heard the buzz around Hyperliquid. Just yesterday, on August 3, 2025, Jon Ma dropped a thread on X that’s got everyone talking. Hyperliquid, a standout player in the decentralized finance (DeFi) world, has hit an impressive $1.1 billion in annualized revenue, with a jaw-dropping 40% month-over-month (MoM) growth in July 2025. Let’s break it down and see what this means for the $HYPE token and the broader market.

What’s Driving Hyperliquid’s Revenue Surge?

So, what’s behind this massive growth? According to Jon’s post, Hyperliquid defines its revenue as the protocol fees that go to the Assistance Fund—used for buying back $HYPE tokens—plus the gas fees paid on the HypeEVM. A whopping 97% of these protocol fees are allocated to the Assistance Fund, with revenue measured based on buybacks and additional gas fees paid in $HYPE on Hyperliquid L1. Even cooler? Those gas fees are permanently burned, which can help reduce the token supply over time and potentially boost its value.

This unique model sets Hyperliquid apart from traditional centralized exchanges. By redistributing revenue back to users and burning fees, it creates a self-sustaining ecosystem that’s clearly resonating with the community. The latest data shows this strategy is paying off big time, with $1.1 billion in annualized revenue reflecting the platform’s growing popularity.

The Numbers Game: MC/Revenue Multiple

One of the standout points from Jon’s thread is Hyperliquid’s current market cap (MC) to revenue multiple, which sits at 11.2x. This is the lowest it’s been since March/April 2025, when it dipped to 7.2x. For those new to this metric, the MC/revenue multiple compares a company’s market cap to its revenue, giving us a sense of how “expensive” or “cheap” it might be relative to its earnings. A lower multiple can signal a potential bargain, especially if the company keeps growing.

To put this in perspective, Jon compares Hyperliquid to traditional fintech giants:

• Best-in-class fintech trades at 7.2x with a modest 32% year-over-year (YoY) growth.
• Coinbase ($COIN) trades at 13.4x revenue or 11.6x gross profit (GP).
• Robinhood ($HOOD) is at 22.3x revenue or 23.4x GP.
• Circle ($CRCL) sits at 18.4x revenue or 42.6x GP.

At 11.2x, Hyperliquid looks competitively priced, especially with its 40% MoM growth outpacing many of these established players. Even as crypto markets and $HYPE prices dip, this multiple suggests the platform still holds strong value.

What Does This Mean for $HYPE and Investors?

The $HYPE token is at the heart of Hyperliquid’s success. The Assistance Fund’s buyback program, which has already hit $1 billion, is a key driver behind the token’s recent rally. Some experts, like those cited in related analyses on [meme-insider.com], argue that buybacks can align tokenomics with user incentives, making $HYPE a hot topic among investors. However, there’s a flip side—critics worry that this growth might not be sustainable long-term if market conditions shift.

For now, though, the numbers are hard to ignore. With a 40% MoM growth rate and a revenue multiple that’s lower than some fintech peers, Hyperliquid seems poised for more action. If you’re into meme tokens or DeFi projects, keeping an eye on $HYPE could be a smart move.

Final Thoughts

Hyperliquid’s $1.1 billion annualized revenue milestone is a big deal in the crypto world. Its innovative revenue model, aggressive growth, and competitive valuation make it a project worth watching. Whether you’re a blockchain newbie or a seasoned practitioner, this thread from Jon Ma offers a goldmine of insights. Head over to [meme-insider.com] for more updates on meme tokens and DeFi trends, and let us know your thoughts in the comments below!