Next Hyperliquid
Search for asymmetric upside without assuming history will repeat
This view uses Hyperliquid as a reference case for product-market fit, revenue, value capture, and net emissions discipline. It does not assume that every similar token will succeed.
Survivorship bias warning
Hyperliquid is included as a reference case precisely because it worked unusually well. The model should be used to reject weak imitations as often as it surfaces candidates.
Candidate table
Reference case first, followed by shortlisted candidates and higher-risk narrative names.
| Project | Sector | Users | Revenue | Net token flow | Market cap | FDV / revenue | Overall score |
|---|---|---|---|---|---|---|---|
| Hyperliquid | Perpetual exchanges | 550,000 | $620,000,000.00 | $505,000,000.00 | $12,000,000,000.00 | 19.4x | 71.8 |
| Aave | Lending | 780,000 | $140,000,000.00 | $31,000,000.00 | $2,600,000,000.00 | Reasonable versus quality | 60.6 |
| SwissBorg | Other custom sectors | 325,000 | $28,000,000.00 | $8,500,000.00 | $350,000,000.00 | Cannot be trusted until revenue is verified | 38.2 |
| Jito | Liquid staking | 170,000 | $48,000,000.00 | -$5,000,000.00 | $700,000,000.00 | Reasonable | 36.5 |
| Aerodrome | Decentralized exchanges | 210,000 | $68,000,000.00 | -$26,000,000.00 | $900,000,000.00 | Interesting if emissions normalize | 35.7 |
| Virtuals Protocol | AI and AI agents | 95,000 | $18,000,000.00 | -$15,000,000.00 | $650,000,000.00 | Narrative premium | 25.7 |
| Jupiter | Decentralized exchanges | 1,900,000 | $95,000,000.00 | -$41,000,000.00 | $2,400,000,000.00 | Elevated relative to realized value capture | 25.6 |
| Ethena | Stablecoins | 260,000 | $75,000,000.00 | -$37,000,000.00 | $1,800,000,000.00 | Narrative premium present | 16.8 |
Historical case-study mode
The seed repository includes score history, revenue-versus-price, and buybacks-versus-emissions series for the main case-study tokens. A fuller historical mode should be fed by stored snapshots rather than retrospective memory.