Hyperliquid’s Rise: Revenue, Valuation & Risks | Michael Nadeau

Ryan Sean Adams interviews Michael Nadeau from the DeFi Report about Hyperliquid (Hype), a purpose exchange and EVM chain that's generating significant revenue. They discuss whether Hype is overvalued or undervalued, its risks, property rights for users, and its potential threat to other Layer 1s. Michael shares insights from his Hyperliquid memo, highlighting its impressive revenue, active user base, and unique token inception story with a fair launch and no VCs. The conversation covers Hype's product, ecosystem, team, decentralization, and token economics, including its buyback program. They also touch on valuation, comparing Hype to Coinbase and Tether, and debate whether it's a buy at its current price, considering its growth potential and risks.