Hyperliquid fee generation could explode in 2025, expert says

HyperLiquid, the recently launched Layer 1 blockchain and decentralized exchange, could overtake its competitors in fee generation over the next year, said Ryan Watkins, co-founder of Syncracy Capital.

The DEX platform for perpetual futures contracts has in recent days attracted attention amid speculation that hackers affiliated with the North Korea-backed Lazarus Group were snooping on its vulnerability. Hyperliquid Labs has since refuted claims of a potential vulnerability linked to whale activity, which it said came from North Korean hackers.

But aside from that, what does Ryan Watkins, co-founder of venture capital firm Syncracy Capital and former senior research analyst at market intelligence platform Messari, say about Hyperliquid (THRESHING) ?

On December 27, the co-founder of Syncracy Capital spoke to X to express his optimistic outlook for the DEX platform.

According to WatkinsHyperliquid could become one of the largest blockchain projects in terms of fee generation in the coming year.

“Hyperliquid has strong potential to become the first blockchain thanks to fees generated in 2025, largely because it vertically integrates almost all the most profitable activities in crypto history: exchange (spot + derivatives) + blockspace (HyperEVM).”

Observers say the potential for the HYPE token to explode in the coming months is due to industry adoption of spot offering and derivatives as well as traction from HyperEVM.

According to Watkins, the missing component that would allow Hyperliquid to “complete the holy trinity” and potentially dominate is a stablecoin.

“Stablecoin is more difficult to implement in practice, but I would not be surprised if it were attempted. Terra in the past and Berachain + Ethena (soon) today do the same thing.”

Ethena Labs recently launched USDtba stablecoin backed by Blackrock’s USD Institutional Digital Liquidity Fund. The initiative is in partnership with the tokenization platform Securitize.

By DeFiLlama dataHyperliquide recorded $5.16 million in fees and revenue over seven days. In comparison, Ethereum, Solana and Tron generated more. The top protocols in terms of fees across the entire ecosystem are on Ethereum, led by stablecoin giant Tether. On Solana, DEX protocol Raydium, liquid staking platform Jito, and meme launchpad Pump.fun lead in fee generation.