This Secret Crypto Project Hit $10B Before Anyone Noticed… Hyperliquid EXPLAINED

No KYC, no venture capitalist, a billion dollars in buybacks. Is Hyperliquid the most dangerous project in DeFi? Let's find out. All right, we're over here at Coin Gecko and the Hype token itself was launched. A massive airdrop around November 29th, 2024. And it's a layer 1 blockchain. It's been around about seven months since the token itself debuted, but about four months since the full layer 1 mainet mainet launched, right? And the reason why we're at Coin Gecko is because tokconomics. And for the tokconomics, the market cap 12.9 billion. This is a very large market cap for a lot of these coins that are not Bitcoin, that are not Ethereum, right? So next thing we definitely need to take a look at is the max supply which is a billion tokens. But what is the ratio of circulating supplies and

that is 333.9 million tokens. So there are quite a bit of tokens that are not fully out in circulation. Just keep that in mind. Now, if we go to the MAX chart here, we'll take a look and you'll see that it came out around November 28th, 2024 at about $6.50, right? We ran up from there to about $29. Then it dipped down to $1027 and our most recent high was $42.14. So, that is pretty good price action. All right. To me, the second most important thing about looking at any project is its use case, right? So, we hopped right over to their website. Got this directly from Coin Gecko. Easy place to find their website, right? And they say, "The blockchain to house all finances." Big bold claim right out the gate. Crypto is fragmented today, but it doesn't

need to be. For the first time, build projects, create value, and exchange assets on the same hyperformant chain. Right? So, they're trying to be all-inclusive. Now, this button here, you can start trading or you can start building. And if you scroll down, it'll make a little more sense if you've ever used an exchange in crypto, even Coinbase. It says the flagship application, the premier decentralized exchange versus a centralized exchange. Coinbase is centralized. Decentralized exchange is a little different, right? So, low fee, up to 40x leverage, transparent, and seamless. And you can see the photo that they have there looks pretty much like any exchange rather decentralized or centralized. They have this kind of layout, this format with a chart and then all your options to buy and sell rather spot or perpetual futures. And another really important thing I

think is who founded the project, right? Are they doxed or are they undoceded? So doxed is we know who they are and undoceded is we have no idea who they are. Have they done other projects before? or do they have experience launching and moving a project into the limelight? Um, or have they tried those things before and completely failed? So, Nova, please give us some information on who are the founders behind this project. The founder of Hyperlid is Jeff Yen, who co-founded the project alongside another Harvard alumnist. According to Coin Ledger, Hyperlid Labs was founded by Jeff Yen and Ilsync, both classmates from Harvard. Jeff previously co-founded the centralized trading firm Chameleon Trading and self-funded Hyperlquid after FTX's collapse to bring institutional grade perpetuals trading on chain. All right, Nova, thank you very much. Always appreciate your insight and

help. And uh yeah, that's our AI agent, Nova, everybody. All right, welcome back to my underground cave office because this is underground crypto, right? So please like, share, subscribe if you like this review. We're trying to change the format, make it shorter. I'm not going to harp on that, but that's why these videos seem different. I hope you like it. Now, this is the part where we're going to do positive and negative news. Just relevant things that you should probably know. I think that's important when you're looking at a coin. So, of course, I'm sure you've noticed that the price has rallied 60 to 70% in the last 30 days, breaking that, you know, 40 to $43 mark. And it's driven by strong momentum, whales buying, and of course dominant positions in the perpetual market, which is leads me

right to my next point, which is that it has record TVL, right, in open interest. It has surpassed $10 billion in market cap. That's really cool. But I think the biggest news story at the time of recording or story in general is the $1 billion worth of buybacks that they're kind of saying is the catalyst for the price surge that we've had. And I just wanted to be really clear, they didn't all of a sudden just take a billion dollars and buy the token back. As far as I know, what it does is the protocol itself has what's called an assistance fund. And that's where it takes 97% of fees and repurchases the hype token, right? And now it has hit the point where it's bought a billion dollars worth of the hype token. Just to be really clear

on that. Another really cool thing is they've got Hyper EVM which allows seamless token swap directly in their wallet. A lot of wallets have this, but it's cool that they also have integrated that as well and couldn't leave out some institutional interest. A guy named Tony G from co-investment holdings, a Canadian public company, has bought quite a bit of the token of Hype token, but it's unclear in my research exactly what it was. It says 438,000. I don't know if it means of the token or dollars worth of the token. So, that's a little unclear, but the fact that it has some institutional um interest from a public company, even if it's in Canada, is really cool. Now, points of caution, sustainability of buybacks. Some analysts question the $1 billion worth of buybacks. Is it sustainable long-term? These are

just questions about the ecosystem of hype in general. Then you have the regulatory risk, right? So a recent deep dive report flagged Hyperlquid's KYC free model as possible future regulation flash point, right? So a lot of the different exchanges have been forced into KYC. It's not something they want to do. It's something that governments and regulations want them to do. So that model itself might be make it a target, right? Because it's decentralized. And I don't really have a lot of negatives there. I mean, the big thing is that the surge of positive momentum, record-breaking liquidity and usage. What could go wrong, right? All right, here we are over at their Twitter. Last but not least, we're getting kind of rid of the Twitter smell test, per se, but I do want to see exactly how many followers they

have, which is 271.6,000 followers on Twitter. That's pretty good. and just their pin post has 119,000 impressions. That's a pretty good percentage of their overall followers. Now, my gut rating of this project, I'm going to have to say, is about a nine. I mean, this project is pretty solid. I love the niche that it's in, and it doesn't seem like it's going anywhere, and it's rather new. A lot of times, older tokens seem to fall off over time. you know, they just don't get the interest because there's too much new stuff coming out on the market, right? So, follow me, cryptoron_ground crypto, and that is cryptoron with the blue check mark. You'll see my face in the little thumbnail. If you don't see those things, it isn't me. I don't know if I have any imposters, but it's going

to happen at some point, I'm sure. So, anyways guys, I hope you enjoyed this video. I'll catch you in the next one. [Music] you crypto past. [Music]