We are witnessing a tectonic shift in the structure of the digital asset market. The era of mindlessly chasing "hype" and memes appears to be coming to an end. It is being replaced by an era of pragmatism, where real revenues, a project's economic model, and its ability to generate cash flow take center stage. This trend is most clearly demonstrated by the success of Hyperliquid (HYPE) and its category — financial protocols.
The market rewards real value
Since the beginning of 2024, we have seen a clear polarization: the financial protocols sector (Financials), according to Grayscale's classification, has gained about 15%. At the same time, the consumer and cultural sector, dominated by memecoins, has collapsed by 75%. The gap between these categories has reached nearly 90 percentage points. This is not a coincidence, but a direct market reaction to fatigue from speculation and growing institutional interest. When a correction occurs, assets without fundamental support lose value much faster, as we are observing.
Hyperliquid: a new value model
A key example of this trend is Hyperliquid. This is not just another decentralized exchange. Its model is unique: trading fees are directed to a special fund, which is then used to buy back the HYPE token from the market. Thus, the coin's price is directly tied to the popularity and activity of the platform itself. This creates a closed loop of positive feedback.
The result is impressive: from an all-time low of around $3.81 at the end of 2024, the HYPE token surged to a peak of $76.70 in June 2026. Since the start of the year, the asset has gained approximately 29% and has confidently entered the top ten largest cryptocurrencies. This is not just growth — it is a demonstration that the market is willing to pay for real economic utility.
Institutional perspective
Grayscale's position is shared by other major players. For example, Multicoin Capital's Chief Investment Officer, Tushar Jain, openly calls Hyperliquid one of the leaders in the on-chain derivatives space and holds HYPE in his portfolio. His approach is simple: protocols like Solana or Hyperliquid should be valued like a traditional business that generates cash flow. It is this ability to generate revenue that forms the value of their tokens.
In the near future, we will see whether other projects can follow this model. However, it is already clear: the industry is betting on projects with a solid economic foundation, leaving pure speculation in the past. Hyperliquid has become a benchmark for a new, mature era of the crypto market.
Expert opinion: The transition from "faith" to "fundamentals" is a sign of the market's maturation. Hyperliquid has shown that a successful protocol can build a sustainable economy around its token, which is a prerequisite for attracting institutional capital in the long term.