As the CEO of a company built around creating value, accumulating HYPE, and generating revenue from the cryptocurrency, Hyperion DeFi's Hyunsu Jung has a vested interest in the token's success.

But when asked why he believes Hyperliquid's native asset (HYPE) can continue climbing, Jung argued investors are still underestimating the decentralized exchange's transformation into a broader blockchain ecosystem.

"If you compare it to a CME or IBKR or Robinhood, it's starting to get into that range if you consider the fully diluted valuation," Jung told The Block. "Hyperliquid is moving beyond that."

Jung compared Hyperliquid's fully diluted valuation, which approached $75 billion before HYPE's recent pullback, to the market capitalizations of exchange stocks CME Group, Interactive Brokers Group, and Robinhood.

HYPE recently hit an all-time high of over $76 amid a series of bullish catalysts, including strong inflows into newly launched exchange-traded funds tracking the token, robust revenue generation, and Hyperliquid's aggressive buyback program. HYPE was down 10% on Thursday, changing hands at $67.14 as of 1:55 p.m. ET, according to The Block Price Page.

Hyperliquid has been one of crypto's biggest success stories in recent months. Citrini Research specifically pointed to the exchange's ability to generate significant cash flow while funding a large-scale token buyback program. Additionally, Hyperliquid’s HIP-3 perp for SpaceX shares recorded $1.4 billion in volume on its IPO debut day, as the pair accounted for 30% of all HIP-3 volume that session.

Despite the exchange executing a monthly token unlock, HYPE's price has continued to climb in recent months. HYPE is up over 150% so far this year, compared to bitcoin, which is down nearly 30% year-to-date.

Evolution of Hyperliquid ecosystem

Jung said Hyperliquid could eventually evolve beyond a trading venue into a broader blockchain ecosystem. He pointed to Ethereum, where applications such as Uniswap, Aave, and Lido generate millions of dollars in daily revenue, arguing that a similar dynamic could emerge around Hyperliquid as more capital flows into the network.

"Most Layer 1 blockchains like Ethereum, Solana, XRP, even Cardano, they have that L1 premium," Jung said. "We expect the same thing to happen in Hyperliquid."

Jung also sees a scenario in which the Clarity Act could pave the way for registered investment advisers, insurance funds, and pension funds to participate in the Hyperliquid ecosystem. In February, Hyperliquid Foundation helped create a policy center tasked with seeking "meaningful impact in favor of clear regulations for decentralized finance."

Besides stockpiling HYPE — Hyperion holds two million tokens — the company also began earlier this year providing collateral for the writing and settling of options so it can earn revenue on premiums and fees. Hyperion also earns revenue from staking its HYPE tokens.