If HIP-4 captures HALF of Polymarket's volume in the bull case, it adds $17M/year to @HyperliquidX
That's only 2.5% of HL's current revenue.
➢ 1% of Polymarket: $347K/year
➢ 10%: $3.5M/year
➢ 30%: $10.4M/year, +1.5% revenue
➢ 50%: $17.4M/year, +2.5% revenue (bull case)
HIP-4 fees alone don't move HL's P&L. Even the bull case is small.
The real bet is $USDH. Every HIP-4 position needs USDH as collateral. That's where the value actually compounds across HL's whole ecosystem.
h/t to @DefiLlama for the data
That's only 2.5% of HL's current revenue.
➢ 1% of Polymarket: $347K/year
➢ 10%: $3.5M/year
➢ 30%: $10.4M/year, +1.5% revenue
➢ 50%: $17.4M/year, +2.5% revenue (bull case)
HIP-4 fees alone don't move HL's P&L. Even the bull case is small.
The real bet is $USDH. Every HIP-4 position needs USDH as collateral. That's where the value actually compounds across HL's whole ecosystem.
h/t to @DefiLlama for the data
Here's the full image
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