HyperLiquid, the recently launched Layer 1 blockchain and decentralized exchange, could outperform competitors in terms of fee generation next year, says Ryan Watkins, co-founder of Syncracy Capital.
The perpetual futures DEX platform has attracted attention in recent days amid speculation that hackers linked to the North Korea-backed Lazarus Group are looking for vulnerabilities. Hyperliquid Labs has since refuted claims of a potential vulnerability related to whale activity, allegedly coming from North Korean hackers.
But what else does Ryan Watkins, co-founder of venture capital firm Syncracy Capital and former senior research analyst at market research platform Messari, have to say about Hyperliquid (HYPE)?
On December 27, the co-founder of Syncracy Capital at X expressed his bullish outlook for the DEX platform.
According to Watkins, Hyperliquid could become one of the largest blockchain projects by fee generation in the coming year.
“Hyperliquid has great potential to become the top blockchain based on fees generated in 2025, especially because it vertically integrates almost all of the most profitable trades in cryptocurrency history: Exchange (Spot + Derivatives) + Blockspace (HyperEVM).”
Observers say the HYPE token’s explosive potential in the coming months is due to the industry’s acceptance of its spot and derivative offerings, as well as the traction of the HyperEVM.
In Watkins’ view, the missing component that would cause Hyperliquid to “complete the holy trinity” and potentially dominate is a stablecoin.
“Stablecoin is more difficult to implement in practice,…
