In the fast-paced world of cryptocurrency, where venture capital often dictates the trajectory of projects, Hyperliquid stands out as a beacon of self-reliance and efficiency. A recent tweet from @hantengri highlights the platform's remarkable journey, drawing parallels to Polymarket's success but emphasizing Hyperliquid's unique approach of raising zero dollars from investors.

Hyperliquid, known for its native token HYPE, chose to ignore persistent VC offers and bootstrap its operations. This decision paid off handsomely, allowing the team to maintain control and align incentives directly with users. Instead of diluting equity, VCs were forced to buy HYPE on the open market, boosting liquidity and value for early holders.

One of the standout achievements mentioned is the historic 31% airdrop at genesis, initially valued at $1.2 billion and now soaring to $11 billion. Airdrops, for those new to crypto, are distributions of free tokens to community members, often to bootstrap adoption and decentralize ownership. This move not only rewarded supporters but also cemented Hyperliquid's community-driven ethos.

With just 11 employees, Hyperliquid has built what the tweet calls "the most efficient business in the universe," generating $1.2 billion in total revenue. To put that in perspective, that's more than Nasdaq's $1.1 billion revenue, achieved with over 9,000 employees. Efficiency in crypto often means leveraging smart contracts and decentralized protocols to minimize overhead while maximizing output—Hyperliquid exemplifies this.

Revenue from the platform funnels into an assistance fund dedicated to HYPE buybacks. So far, they've repurchased 3.61% of the total supply, holding $1.2 billion worth of the token. Buybacks reduce circulating supply, potentially increasing scarcity and value over time. Additionally, the HyperEVM features a HYPE burn mechanism, where tokens are permanently removed from circulation, further enhancing deflationary pressures.

The platform's trading volume is staggering: $3.4 trillion without even a mobile app. Perp DEX, or perpetual decentralized exchange, refers to platforms allowing leveraged trading of perpetual futures contracts without expiration dates. Hyperliquid dominates this space thanks to superior UI/UX, low latency, and deep liquidity, leaving centralized exchanges scrambling.

Recent updates like HIP-3 have introduced 24/7 stock perps, enabling trading of traditional assets like stocks in a crypto-native way. More innovations are on the horizon, positioning Hyperliquid as a leader in bridging traditional finance and DeFi (decentralized finance).

Transparency shines through in actions like restaking a big portion of team unlocks just hours ago. Restaking involves locking tokens again to earn yields or support network security, a practice that's transparent here unlike in many other projects.

Currently sitting at a $35 billion fully diluted valuation (FDV)—the total value if all tokens were in circulation—without major centralized exchange listings, the tweet argues Hyperliquid deserves far more. FDV is a key metric in crypto for assessing potential market cap.

As seen in the screenshot shared in the tweet, metrics back up the hype: over $4.4 billion in total value locked (TVL), annualized fees exceeding $1.2 billion, and perp volume hitting $256 billion in the last 30 days. TVL measures the amount of assets staked or deposited in a protocol, indicating user trust and activity.

For meme token enthusiasts, HYPE embodies the spirit of community-driven projects that blend utility with viral potential. While not a pure meme coin like Dogecoin, its rapid ascent and cultural buzz make it a must-watch in the broader token ecosystem.

As blockchain practitioners, keeping an eye on platforms like Hyperliquid can provide insights into sustainable growth models in crypto. Whether you're trading perps or building on HyperEVM, this project's trajectory suggests a bright future ahead. Moon that, indeed.