<b>Hyperliquid's HYPE Soars to $40: Is the Market Undervaluing This Crypto? </b>

Hyperliquid, a popular decentralized exchange (DEX), has been gaining traction in the cryptocurrency space. Despite its current price of $40, CEO David Schamis believes that HYPE is undervalued. According to Schamis, the protocol's fees and trading volume are substantial, indicating a large total addressable market (TAM).

The protocol's fees have been increasing rapidly, with a 56% week-over-week increase in March alone. This puts Hyperliquid on pace for over $600 million in annualized fees. The platform also holds over 70% of the perpetual DEX market by open interest and has processed $208 billion in trading volume over the past 30 days.

Schamis believes that there are three areas where Hyperliquid's potential is being underpriced: perpetual futures, real-world assets, and structured products. In perpetual futures, Hyperliquid is actively taking share from centralized exchanges, with Binance's CZ visibly rattled by the competition. The protocol's volume has also expanded beyond cryptocurrency pairs, with 93% of its top 30 markets by open interest being commodities or equities.