Multicoin Capital published a 43 page research note assessing Hyperliquid’s business model, product roadmap and market potential.

Research overview

The firm analysed Hyperliquid’s positioning within decentralized finance and outlined structural drivers that could influence the protocol’s adoption and liquidity dynamics.

Revenue and market mechanics

Multicoin reports Hyperliquid generates $873 million in revenue and describes an agreement with Coinbase that, according to the note, could produce hundreds of millions in cash used to repurchase the HYPE token on secondary markets.

Products and protocol updates

The research highlights proposed upgrades, named HIP3 and HIP4, which aim to enable on‑chain prediction markets, option instruments and tokenization of real‑world assets.

Authors argue these features may allow Hyperliquid to compete directly with established platforms in prediction markets and centralized exchange services.

Commodities trading on DEX and geopolitical factors

Multicoin notes a trend where geopolitical disruptions have pushed some traders to execute physical commodities exposure through decentralized exchanges, altering traditional venue dynamics.

Forecasts through 2028

The report sets out three price trajectories toward 2028—bearish, base and bullish—and provides financial scenarios to quantify addressable upside under varying adoption rates.

Overall, the note frames Hyperliquid as a protocol with multiple levers for growth while emphasising execution and regulatory risks that could affect the outlined outcomes.