Hyperliquid has experienced a notable increase in spot trading volume, especially compared to centralized exchanges (CEXs). Over a weekend, an entity traded approximately 22.1k BTC for ~555k ETH, marking Hyperliquid as the second highest in BTC spot trading volume with a 12% market share. Notably, Hyperliquid accounted for substantial portions of spot volumes on Kraken (38%), Coinbase (16%), and others. In the realm of perpetual futures, Hyperliquid has seen its volumes grow significantly, now representing about 14% of Binance’s futures volumes, up from just 2.2% a year ago. Regarding revenue, Hyperliquid has earned around $28 million weekly, equating to an annualized revenue of $1.2-$1.4 billion. Despite impressive growth, HYPE appears to be the cheapest leading asset on a price-to-sales basis, showing a 90% discount compared to its peers. This raises questions about the future valuation of L1s and whether HYPE is undervalued or if other L1s face inflated valuations that could be difficult to maintain.

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