Awesome to sit down with
@HypeStrat CEO
@dschamis at
@token2049 this week.
"The total market cap of crypto is still less than like Nvidia, one stock in the United States."
What we spoke about:
- why
@HyperliquidX is no longer just a crypto exchange
- does US regulation grow the whole market, or just split it
- why one perp beats a thousand options
- what one HYPE token is really worth
- does
@HyperliquidX still need
@chameleon_jeff
- who bought $329M of HYPE off-market, and whether it was
@HypeStrat
- what Wall Street still hasn't heard
BIGGER THAN CRYPTO: "A year ago, Hyperliquid was a really successful crypto exchange with talk about doing more than just crypto. Today it's actually doing a lot more than crypto and the TAM is just so much bigger... It's hard to put a limit on how big this could get."
THE CME: "I would even go so far as to say we've probably increased the revenues on the CME and increased volumes on CME, even though the world is worried we're going to take their volume away... People like the CME are being pretty short-sighted by seeing Hyperliquid as just a tremendous near-term threat."
PERPS VS OPTIONS: "For every one NVIDIA, there are hundreds or even thousands of different CUSIPs for the different options that trade... They don't pay Robinhood because they're good guys. They pay Robinhood because they're wide bid-ask spreads and they can take advantage of that. In the perp world, for every one NVIDIA, there's one NVIDIA perp."
THE REAL MARKET CAP: "I don't think circulating supply is the right number. I think that's too low. I also don't think a billion is the right number. That's too high... Jeff owns a lot of those tokens. I am pretty damn sure Jeff is not going to quit his job and go take a job at Goldman Sachs."
THE BUYBACK: "Ninety nine percent of that revenue every single day goes into the buyback. There's no board meeting. There's no debate. There's no discussion... As an investor, it's actually nice to know that no one's trying to outsmart themselves."
THE $329M BUYER: "Read my lips. I'm a public company CEO. That was not us... The answer is I don't know who bought it."
WALL STREET: "The majority of the time I'm sitting with people who run big firms, lots of capital, and they say, okay, what is Hyperliquid? And I say, well, have you heard of Jeff Yan? They say, no, who's Jeff Yan? And I say, okay, sit down. This is going to take 45 minutes."
Timestamps:
0:00 Coming up
1:03 Why Hyperliquid is bigger than crypto
3:44 Does regulation grow the whole pie?
9:24 Why one perp beats 1,000 options
12:43 What one HYPE token is worth
15:10 Does Hyperliquid still need Jeff Yan?
19:26 What Hyperliquid Strategies does with cash
23:04 Are tokens better than shares?
27:15 Who bought $329 million of HYPE?
29:56 How many new markets come next?
33:39 What Wall Street still hasn't heard