Hyperliquid (HYPE) Could Outpace Rivals in Terms of Fee Generation in 2025, Syncracy Capital Co-Founder Ryan Watkins Says

The DEX platform for perpetual futures has, in the past few days, attracted attention amid speculation that hackers affiliated with North Korea-backed Lazarus Group

HyperLiquid, a recently launched layer-1 blockchain and decentralized exchange, has the potential to outpace its rivals in terms of fee generation over the next year, according to Syncracy Capital co-founder Ryan Watkins.

The DEX platform for perpetual futures has attracted attention in recent days amid speculation that hackers linked to the North Korea-backed Lazarus Group were snooping for vulnerability. Hyperliquid Labs has since dismissed the claims of potential vulnerability as linked to whale activity, which is rumored to be from North Korean hackers.

But what does Ryan Watkins, the co-founder of venture capital firm Syncracy Capital and former senior research analyst at market intelligence platform Messari, have to say about Hyperliquid (HYPE)?

On Dec. 27, the Syncracy Capital co-founder took to X to express his bullish outlook for the DEX platform.

In Watkins’ view, Hyperliquid could emerge as one of the largest blockchain projects by fee generation in the upcoming year.

“Hyperliquid is strongly positioned to be the no.1 blockchain by fees in 2025 largely because it vertically integrates nearly all the most profitable businesses in crypto’s history: exchange (spot + derivatives) + blockspace (HyperEVM).”

According to observers, HYPE token’s potential to explode in the coming months is attributed to the industry's adoption of the spot and derivatives offering as well as the traction for the HyperEVM.

In Watkins’ view, the missing component that would see Hyperliquid “complete the holy trinity” and potentially dominate is a stablecoin.

“Stablecoin is harder to do in practice, but wouldn’t be surprised if it’s attempted. Terra in the past and Berachain + Ethena (coming soon) today are doing the sam.”

Ethena Labs recently launched USDtb, a stablecoin that is backed by Blackrock’s USD Institutional Digital Liquidity Fund, in partnership with the tokenization platform Securitize.

According to DeFiLlama, Hyperliquid has recorded $5.16 million in seven-day fees and revenue. In comparison, Ethereum, Solana and Tron have generated higher levels of fees.

Among the top protocols by fees across the ecosystem, stablecoin giant Tether leads on Ethereum, while DEX protocol Raydium, liquid staking platform Jito and meme launchpad Pump.fun generate the highest fees on Solana.

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