Arthur

Story

Hyperliquid

Phantom

Arthur Hayes is pushing crypto protocols toward a narrower success formula built around real users, actual revenue and token economics that return value to holders. His latest line is direct: projects that can combine those pieces should “<a href="https://x.com/CoinMarketCap/status/2070022974854303753" rel="noopener noreferrer nofollow">be like Hyperliquid</a>.”The argument places Hyperliquid at the center of a broader token-design debate. Hayes has repeatedly praised the decentralized perpetuals exchange for avoiding venture-capital allocations, distributing a large share of HYPE to users and routing protocol economics toward the token instead of relying only on narrative, incentives or future promises.In his earlier <a href="https://cryptohayes.substack.com/p/hype-man" rel="noopener noreferrer nofollow">$HYPE Man thesis</a>, Hayes described Hyperliquid as one of the strongest revenue-generating crypto projects outside stablecoins, with most revenue directed toward market purchases of HYPE. The model gives the token a clearer connection to exchange activity than many altcoins, where usage, revenue and token value often remain loosely connected.<h2 id="no-vc-allocation-strengthens-the-token-story">No VC Allocation Strengthens The Token Story</h2>Hyperliquid’s token launch has become a reference point because it avoided the private-allocation structure that still defines much of crypto. The <a href="https://hyperfoundation.org/" rel="noopener noreferrer nofollow">Hyper Foundation describes the HYPE setup</a> around “no investors,” no paid market makers and a community-first distribution model.That structure reduced the overhang that often follows large private rounds. Many token launches enter the market with early investors, market makers and team allocations waiting behind the first public float. Hyperliquid instead pushed a much larger share of the supply directly to users through its genesis distribution.HYPE’s launch distributed 31% of supply to eligible users, making the airdrop one of the largest in DeFi. That community-heavy launch helped create a different kind of alignment, especially once the protocol’s trading business began generating large fee numbers after the token went live.<h2 id="revenue-keeps-hype-tied-to-usage">Revenue Keeps HYPE Tied To Usage</h2>Hyperliquid’s revenue model remains the core of Hayes’ argument. <a href="https://defillama.com/protocol/hyperliquid" rel="noopener noreferrer nofollow">DeFiLlama’s Hyperliquid methodology</a> tracks 99% of perps fees going to the Assistance Fund for buying HYPE, excluding builder fees. The same fee-routing structure applies to spot orderbook revenue, excluding certain unit protocol fees.That gives HYPE a mechanism tied to trading demand rather than only ecosystem branding. The stronger the exchange’s activity, the more important its fee engine becomes for the token’s market structure. The model also explains why <a href="https://cryptoadventure.com/hyperliquid-30-day-fees-top-ethereum-solana-and-bnb-chain-combined/" rel="noopener noreferrer nofollow">Hyperliquid’s 30-day fees recently topped Ethereum, Solana and BNB Chain combined</a>, turning the protocol into one of crypto’s most closely watched revenue assets.The builder layer adds another distribution channel. <a href="https://cryptoadventure.com/phantom-tops-hyperliquid-builders-as-hype-ecosystem-revenue-expands/" rel="noopener noreferrer nofollow">Phantom recently became the top revenue-generating builder on Hyperliquid</a>, showing how wallets, bots and trading frontends can route order flow into the same liquidity base while building their own fee businesses.HYPE recently traded near <a href="https://www.coingecko.com/en/coins/hyperliquid" rel="noopener noreferrer nofollow">$63.85 on CoinGecko</a>, with a market capitalization above $14 billion and more than $725 million in 24-hour trading volume. Hayes’ Hyperliquid thesis now rests on whether that revenue engine, builder distribution and no-VC token structure can keep supporting HYPE as competitors pressure perp DEX fees and traders continue rotating across onchain markets.The post <a href="https://cryptoadventure.com/arthur-hayes-says-crypto-protocols-should-follow-hyperliquids-revenue-model/" rel="noopener noreferrer nofollow">Arthur Hayes Says Crypto Protocols Should Follow Hyperliquid’s Revenue Model</a> appeared first on <a href="https://cryptoadventure.com" rel="noopener noreferrer nofollow">Crypto Adventure</a>.

Arthur Hayes Says Crypto Protocols Should Follow Hyperliquid’s Revenue Model

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