Discrepancy in Hyperliquid's Q2 Earnings
The reported figures for Hyperliquid's (HYPE) Q2 earnings differ from the public protocol metrics. According to some reports, Hyperliquid's net profit for Q2 is $30.95 million, a 250% increase compared to the previous quarter; however, this does not align with the figures released by DefiLlama. DefiLlama states that Hyperliquid's total protocol revenue for Q2 is $208.3 million, with a cost of revenue of $36.77 million, resulting in a gross profit of $148.64 million. The reported net profit of $30.95 million is not confirmed in this table. Over the past 30 days, the fees amounted to $10.1 million, with revenue and earnings totaling $91.22 million, respectively. Hyperliquid supports perpetual futures and spot trading on its own Layer 1, with HYPE being the central asset for network governance and fee structure. The value proposition of HYPE is more closely related to fee flows and token supply dynamics, with increased network usage leading to higher fees. According to CoinGecko, HYPE's price is $54.62, reflecting a 0.1% decrease over the past 24 hours. The amended S-1 related to HYPE indicates that the top 100 wallets hold approximately 43% of the circulating HYPE. The accounting figures of the Hyperliquid ecosystem and protocol metrics should be interpreted as distinct indicators.
-- Price
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