SaucerSwap Unveils Redesigned Platform and New Brand Identity for Hedera DeFi

A 62-page report from Cantor Fitzgerald models Hyperliquid’s HYPE token reaching a $200 billion market cap in 10 years, based on $5 billion in projected annual revenue and a 50x earnings multiple.

The investment bank began overweight coverage on two digital asset treasuries linked to the protocol, marking a shift in how Wall Street values decentralized exchange infrastructure.

Cantor Fitzgerald Projects $200 Billion Valuation for Hyperliquid HYPE Token

Cantor Fitzgerald has released a rare, 62-page research report initiating coverage on Hyperliquid and its surrounding ecosystem. The financial services company projects a long-term path toward a market capitalization of over $200 billion for the HYPE token.

The analysis marks one of the most detailed examinations yet by a major Wall Street firm into decentralized perpetual futures infrastructure.

The report models Hyperliquid generating $5 billion in annual revenue over the next decade, applying a 50x multiple to arrive at a $200 billion valuation.

Analysts frame the protocol not as speculative DeFi, but as trading infrastructure comparable to global exchanges. This approach sets the research apart from more aggressive crypto bull cases.

Hyperliquid operates a decentralized perpetual futures exchange built on a custom layer-1 blockchain. Year-to-date 2025, the platform has processed nearly $3 trillion in trading volume, generating approximately $874 million in fees.

Around 99% of protocol fees are returned to the ecosystem via token buybacks and burns, directly linking platform activity to token value.

Cantor Fitzgerald Sees Liquidity as Hyperliquid’s Durable Advantage

Cantor describes Hyperliquid as a potential “exchange of all exchanges.” The firm argues there is a realistic path for annual fees to scale toward $5 billion. This is as the protocol expands across perpetuals, spot trading, and HIP-3 markets.

The report assumes a 15% annual volume growth rate, reaching roughly $12 trillion in annual trading volume within ten years.

The analysis emphasizes that competition remains the primary variable influencing HYPE’s price trajectory.

However, Cantor argues that concerns over rival platforms may be overstated. The firm notes that traders seeking incentives, referred to as “point tourists,” tend to migrate back toward venues offering the deepest liquidity and best execution.

Even a 1% market share gain from centralized exchanges could add approximately $600 billion in volume. It could also lead to more than $270 million in annual fees, according to the report’s estimates.

Overweight DATs, Conservative Models, and a Market Missing the Setup

Alongside HYPE, Cantor initiated coverage on Hyperliquid-focused digital asset treasury companies Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). It assigns Overweight ratings with price targets of $5 and $4, respectively.

These entities hold HYPE tokens to generate staking yields while offering regulated equity exposure to the protocol’s economics. Both currently trade at discounts to net asset value, which Cantor views as an opportunity for traditional investors.

Nonetheless, market reaction highlights the disconnect between price and positioning. HYPE remains roughly 53% below its highs.

Beyond valuation, the report reflects a broader shift in how traditional finance approaches crypto. By applying equity-style revenue modeling, cash-flow multiples, and infrastructure comparisons, Cantor Fitzgerald is treating Hyperliquid less as an experimental DeFi product and more as a foundational trading venue.

Cantor’s deep dive suggests decentralized perpetual exchanges may be moving from the periphery of crypto markets toward their core. This is as regulatory clarity improves and institutions seek compliant exposure to on-chain markets.

Michael Saylor’s Strategy has been buying so much Bitcoin for so long that it is unlikely any public company will be able to catch up, according to Bitcoin entrepreneur Anthony Pompliano.

“Very hard to see that happening,” Pompliano said on The Pomp Podcast published to YouTube on Tuesday.

Strategy holds 671,268 Bitcoin (BTC) out of the total 21 million supply, valued at about $58.61 billion at the time of publication, according to Saylor Tracker. Strategy announced Monday that it acquired 10,645 Bitcoin for $980.3 million, paying an average price of $92,098 per coin.

“Is it possible? Absolutely. Is it likely? I don’t think so,” he said. Strategy holds around 3.2% of Bitcoin’s supply, which Pompliano said is “a big number, but it’s also a small number.”

“It’s not like they own 10%,” he said.

Strategy’s Bitcoin holdings have caused some concerns 

However, Pompliano said that there are certain things that public companies could do, such as “tap capital markets,” but said that Saylor’s initial Bitcoin purchase in 2020 totaled around $500 million, when Bitcoin was trading between $9,000 and $10,000.

Russia’s stance on cryptocurrency payments is becoming increasingly clear. Despite growing adoption and interest in digital assets, senior lawmakers insist that Bitcoin and other cryptocurrencies will never be allowed as a means of payment for goods and services inside the country. According to top officials, crypto may have a place in Russia’s financial system, but strictly as an investment tool, not as money.

Crypto Regulations: “Only the Ruble Can Be Money”

Anatoly Aksakov, chairman of the State Duma’s Committee on Financial Markets and the key architect of Russia’s crypto legislation, made the position unmistakable. Speaking to the state news agency TASS, Aksakov stated that Russians will never be permitted to pay for goods or services using Bitcoin, Ethereum, or other cryptocurrencies. Any form of payment, he emphasized, must be made exclusively in rubles.

Aksakov reinforced that cryptocurrencies will not be recognized as legal money in Russia under any circumstances. Instead, lawmakers see digital assets as speculative instruments that can be held or traded, but not used for everyday transactions between individuals or businesses.

Central Bank’s Longstanding Resistance

The Bank of Russia has been the strongest and most consistent opponent of crypto payments. Governor Elvira Nabiullina has repeatedly pushed for sweeping restrictions, including bans on crypto transactions, exchanges, and even mining. This hardline view shaped Russia’s 2020 law that formally outlawed cryptocurrency payments within the country.

Since then, tensions have simmered between the central bank and the Ministry of Finance. While the bank favored a near-total ban similar to China’s approach, the finance ministry advocated regulation, oversight, and taxation instead. For years, competing bills stalled in parliament, leaving Russia’s crypto framework in limbo.

Russia’s Plan B for Crypto

Despite the firm ban on payments, Russia is making efforts towards crypto. Officials, including Aksakov himself, have acknowledged that Russian companies have already used cryptocurrencies to settle billions of dollars in cross-border trade. President Vladimir Putin has also spoken favorably about the growth of the country’s crypto mining sector, signaling a pragmatic shift driven by economic realities.

Major Russian banks have echoed this sentiment, noting rising demand for crypto exposure among customers, even as domestic payment use remains prohibited.

Moreover, the recent comments from policymakers suggest that regulation, not legalization of payments, is now the priority. Evgeny Masharov, a member of the Civic Chamber’s regulatory commission, argued that properly regulating crypto could boost federal revenues and help law enforcement combat financial crimes such as fraud and money laundering.

Bitcoin layer-2, the Lightning Network, has reached a new all-time capacity high amid increased adoption from major crypto exchanges and functionality improvements. 

Lightning Network (LN) capacity reached 5,606 BTC on Monday, beating its previous record in March 2023, according to Bitcoin Visuals.

LN analytics platform Amboss also reported a capacity peak of 5,637 BTC, worth approximately $490 million, on Tuesday.

Data shows a surge in capacity in November and December, following a year of declines, as more Bitcoin was added to the network, enabling faster and cheaper transactions.

The number of Lightning nodes, which open payment channels with each other that are funded with Bitcoin (BTC), was at 14,940, down from a March 2022 peak of 20,700, while the number of channels between those nodes was at 48,678, also down from a 2022 peak. 

The data indicates that more Bitcoin is being added to the LN, but not necessarily a corresponding increase in usage, as measured by the number of nodes and channels. 

More companies are using the LN 

“It’s not just one company that’s putting more Bitcoin into the Lightning Network; it’s across the board,” said Amboss.

It highlighted that large crypto exchanges, such as Binance and OKX, have been depositing more BTC onto the LN this month, explaining the capacity jump. 

Solana started a recovery wave above the $126 zone. SOL price is now consolidating and faces hurdles near the $132 zone.

• SOL price started a decent recovery wave above $126 and $128 against the US Dollar.
• The price is now trading below $130 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $132 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could continue to move up if it clears $130 and $132.

Solana Price Faces Resistance

Solana price remained stable and started a decent recovery wave from $124, like Bitcoin and Ethereum. SOL was able to climb above the $126 level.

There was a move above the 23.6% Fib retracement level of the downward move from the $136 swing high to the $124 low. The bulls even pushed the price above $130. However, the bears remained active near $130. There is also a key bearish trend line forming with resistance at $132 on the hourly chart of the SOL/USD pair

Solana is now trading below $130 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $130 level, the 100-hourly simple moving average, and the 61.8% Fib retracement level of the downward move from the $136 swing high to the $124 low.

The next major resistance is near the $132 level. The main resistance could be $135. A successful close above the $135 resistance zone could set the pace for another steady increase. The next key resistance is $144. Any more gains might send the price toward the $150 level.

Another Decline In SOL?

If SOL fails to rise above the $132 resistance, it could continue to move down. Initial support on the downside is near the $126 zone. The first major support is near the $124 level.

A break below the $124 level might send the price toward the $116 support zone. If there is a close below the $116 support, the price could decline toward the $108 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $126 and $124.

Major Resistance Levels – $130 and $132.

U.S. President Donald Trump is slated to interview Federal Reserve Governor Christopher Waller on Wednesday as he vets potential successors to Chair Jerome Powell, according to The Wall Street Journal.

Waller is one of the five candidates for the next Fed Chair, alongside former Fed Governor Kevin Warsh and current National Economic Council Director Kevin Hassett, who are widely viewed as the two leading contenders. Trump interviewed Warsh last week.

Waller, who joined the Fed's Board of Governors following Trump's nomination in 2020, is a supporter of crypto, particularly in stablecoins and DeFi. 

"I wanted to send a message that this is a new era for the Federal Reserve in payments — the DeFi industry is not viewed with suspicion or scorn," Waller said during the Fed's Payments Innovation Conference in October. He also said he views stablecoins as "simply a new form of private money" that will coexist with other payment instruments.

On decentralized prediction markets platform Polymarket, Waller currently has a 15% chance of being nominated as the next chair, while Hassett holds 52% and Warsh holds 29%. Hassett, despite being considered the leading contender, faced pushback from high-level officials close to Trump, CNBC reported earlier this week.

Trump vs. Powell

Trump has been a vocal critic of current Fed Chair Powell, mainly over disagreements on the pace and depth of interest rate cuts. 

Powell has overseen rate reductions at three consecutive Federal Open Market Committee meetings, bringing the benchmark rate to the current target range of 3.50% to 3.75%. While signaling a more dovish stance, Powell has also emphasized uncertainty around the path of future rate decisions. Trump, on the other hand, has repeatedly pressed the Fed for deeper and faster cuts, calling for a benchmark of 1% or lower. 

Waller has been the leading internal advocate for rate cuts, according to the WSJ. The Fed governor is receiving favorable views from Wall Street, the report said, as he made logically sound arguments for the Fed's recent rate cuts and is deemed capable of navigating divisions within the Fed. 

However, the report also said that Waller remains seen as a "heavy underdog," citing his lack of a personal relationship with Trump compared with Hassett or Warsh.

Treasury Secretary Scott Bessent said earlier this week that Trump will likely announce his pick next month. Powell's term as Fed Chair expires in May next year.

Meanwhile, some experts view the arrival of a new Fed Chair as a positive catalyst for the crypto market. Ethereum treasury firm BitMine Chairman Tom Lee recently said that a new Fed Chair will shift the central bank to a more dovish tone that will potentially translate into a market reversal. 

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