In a recent clip shared by The Rollup, Ryan Watkins, co-founder of Syncracy Capital, expressed strong agreement with his partner Vance Spencer's optimistic view on Hyperliquid's native token, HYPE. If you're new to this, Hyperliquid is a high-performance blockchain designed specifically for decentralized trading, particularly perpetual futures (or "perps"), which are contracts allowing traders to bet on asset prices without expiration dates.

Watkins highlighted a jaw-dropping fact: Hyperliquid already pulls in more protocol revenue than heavyweights like Ethereum and Solana. That's huge because revenue is a key metric for valuing blockchains—it's essentially the fees generated from transactions and trading activity. Right now, this comes mainly from perp volumes and emerging spot markets, where users trade assets directly. But Watkins points out that stablecoins haven't even entered the picture yet, which could supercharge things further.

This clip ties back to Syncracy's detailed Hyperliquid Thesis, where Watkins and his team outline why they built a significant position in HYPE starting in late 2024. They see Hyperliquid as a "financial aggregator"—a one-stop shop blending a top-tier exchange with a smart contract platform. This setup could disrupt centralized giants like Binance by offering better speed, lower costs, and true decentralization over time.

낙관적 관점 — Vance Spencer의 주장

The discussion stems from a quoted clip where Andy from The Rollup asks Vance Spencer what it would take for HYPE to hit $100 or even $500. Spencer, not giving financial advice, breaks it down realistically. He estimates HYPE could reach $100 based on current perp volumes alone, trading at valuations implying billions in annual earnings.

For higher targets, Spencer emphasizes diversification: listing stocks, bonds, or commodities with leverage; expanding to options trading; or—most promisingly—growing stablecoin adoption. Stablecoins are digital dollars pegged to real-world currencies, crucial for trading as they provide stability in volatile markets.

Spencer spotlights USDH, Hyperliquid's native stablecoin battle. If bridged stablecoins on the platform hit $10 billion and earn 5% yields (from things like lending or staking), that's an extra $500 million in profits. He envisions a multi-faceted "stablecoin war" where different approaches compete, including compliant ones like USDH, fostering innovation.

밈 토큰과 그 너머에 미치는 영향

At Meme Insider, we track how these developments ripple into the meme token space. Hyperliquid's spot markets are already heating up, and with vaults for quick liquidity bootstrapping, it could become a hotspot for launching and trading viral memes. Imagine meme tokens integrated seamlessly with perps and stablecoins—lower fees, faster trades, and composability (meaning assets can interact across apps) could fuel the next wave of meme mania.

Watkins' endorsement underscores Hyperliquid's edge: a product-first approach with progressive decentralization. Started by bootstrapped founders without VC pressure, it's grown to dominate onchain perps with over 60% market share. This community-owned vibe aligns perfectly with meme culture's grassroots energy.

향후 전망

As interest rates potentially drop, yield-bearing stablecoins like USDH could attract massive inflows. Syncracy sees Hyperliquid flipping Solana or Ethereum in key metrics, as discussed in Watkins' YouTube interviews. For blockchain practitioners, this is a reminder to watch platforms blending exchanges and ecosystems—they're where real value accrual happens.

If you're diving into Hyperliquid, check out their docs for vaults and trading basics. And follow Ryan Watkins on X for more thesis-driven insights. What's your take on HYPE's potential? Drop a comment below!