On-chain analyst MLM reported that venture capital firm Paradigm holds approximately $765 million worth of HYPE tokens – the native cryptocurrency of decentralized exchange Hyperliquid – representing roughly 6% of its circulating supply. Though unconfirmed by Paradigm, the position suggests a $315 million cost basis at an average entry price of $16.46 per token, yielding $450 million in unrealized gains at current valuations.
Hyperliquid has demonstrated explosive growth with 40% monthly volume increases, projecting $1.1 billion in annualized revenue. Its $231 billion monthly trading volume recently surpassed Robinhood's, attributed to its off-chain order book technology enabling near-instant matching. However, the platform experienced a brief outage disrupting user transactions, though refunds were later issued.
While Paradigm's substantial stake signals institutional confidence in Hyperliquid's next-gen DEX model, concerns linger over token concentration risks. Any large-scale sell-off could destabilize HYPE's price, currently trading at $38.40 (23% below July's all-time high). Analyst Jon Ma noted the platform's remarkable performance but emphasized sustainability requires validation across market cycles.