{"id":30447,"date":"2026-06-25T19:19:12","date_gmt":"2026-06-25T18:19:12","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/06\/25\/multicoin-hype-319-2028-hyperliquid-universal-exchange\/"},"modified":"2026-06-25T19:19:17","modified_gmt":"2026-06-25T18:19:17","slug":"multicoin-hype-319-2028-hyperliquid-universal-exchange","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/multicoin-hype-319-2028-hyperliquid-universal-exchange\/","title":{"rendered":"Multicoin Predicts HYPE at $319 by 2028: Is Hyperliquid Becoming a Universal Exchange?"},"content":{"rendered":"\n

Multicoin Capital<\/strong> has broken its silence with a prediction that’s turning heads: $319 for the HYPE token by 2028<\/strong>, representing a significant multiple from current levels. Behind that figure lies a structural thesis on Hyperliquid<\/strong>‘s potential to become far more than a simple perpetuals DEX<\/strong>.<\/p>\n\n\n\n

The investment firm backs its case with user growth that’s hard to dismiss and a strategic pivot that could redefine the platform’s positioning across the broader DeFi<\/strong> ecosystem. Here’s what the data reveals.<\/p>\n\n\n\n

User Growth That Validates Multicoin’s Thesis<\/h2>\n\n\n\n

The figures put forward by Multicoin Capital<\/strong> speak for themselves: Hyperliquid<\/strong>‘s user base grew from 300,000 to 923,000 over the course of 2025<\/strong>, a rise of more than 200% in just a few months. That kind of organic traction, in an ultra-competitive DEX<\/strong> market, sends a strong signal to institutional investors.<\/p>\n\n\n\n

This momentum is anything but incidental. Hyperliquid<\/strong> has established itself as the go-to platform for on-chain perpetuals trading<\/strong><\/a>, capturing market share that traditional CEXs<\/strong> like Binance<\/strong> and Bybit<\/strong> once considered their exclusive territory. Daily volume processed on the platform now rivals that of several second-tier centralized exchanges, which lends further credibility to Multicoin<\/strong>‘s long-term projection.<\/p>\n\n\n\n

\"Hyperliquid<\/figure>\n\n\n\n

To reach $319<\/strong>, HYPE<\/strong> would need to multiply its current valuation by a considerable factor. Multicoin<\/strong> anchors this projection on the assumption that the platform will continue capturing significant trading flows while expanding its product offering \u2014 a necessary condition, though far from guaranteed in a sector where competition is intensifying.<\/p>\n\n\n\n

Hyperliquid as an ‘Everything Exchange’: The Real Strategic Shift<\/h2>\n\n\n\n

The concept of an ‘everything exchange’<\/strong> sits at the heart of Multicoin<\/strong>‘s thesis. The idea: Hyperliquid<\/strong> would no longer be limited to perpetual contracts, but would progressively integrate spot trading<\/strong>, structured products, tokenized RWAs<\/strong>, and potentially other financial verticals. A positioning that echoes the original ambition of platforms like FTX<\/strong>, but this time entirely on-chain<\/strong> and non-custodial<\/strong>.<\/p>\n\n\n\n

This expansion strategy is built on HyperEVM<\/strong>, the Ethereum<\/strong>-compatible virtual machine deployed by Hyperliquid<\/strong>, which opens the door to a full application ecosystem. Third-party DeFi<\/strong> protocols can now plug directly into the platform’s native liquidity, creating a network effect that is difficult to replicate. It is precisely this kind of technological moat<\/strong> that Multicoin<\/strong> is pricing into its 2028 model.<\/p>\n\n\n\n

The HYPE<\/strong> token plays a central role in this mechanic: it captures fees generated across the entire ecosystem through a buyback and burn<\/strong> mechanism, while also serving as a staking asset to secure the network. The more activity grows on Hyperliquid<\/strong>, the greater the structural buying pressure on HYPE<\/strong> \u2014 at least in theory.<\/p>\n\n\n\n

The Risks Multicoin Cannot Ignore<\/h2>\n\n\n\n

A projection of $319<\/strong> implies optimistic market assumptions that deserve scrutiny. The primary risk remains direct competition<\/strong>: dYdX<\/strong>, GMX<\/strong>, Drift Protocol<\/strong><\/a>, and other DeFi<\/strong> players will not stand idle as Hyperliquid<\/strong> continues its ascent. A single smart contract<\/strong> exploit or a vulnerability in HyperEVM<\/strong> could erode user confidence and derail the growth trajectory entirely.<\/p>\n\n\n\n

Regulation<\/strong> is also a critical variable. An on-chain universal exchange<\/strong> that integrates derivatives, spot trading, and potentially RWAs<\/strong> is exposed to a far broader regulatory spectrum than a straightforward perpetuals DEX<\/strong>. Legislative developments in the United States<\/strong> and Europe<\/strong> could restrict access or impose significant operational friction.<\/p>\n\n\n\n

Finally, HYPE<\/strong>‘s current valuation already prices in a substantial growth premium. Investors entering today are paying for a future scenario whose realization depends on flawless execution over multiple years \u2014 a long-term bet that demands both high conviction and a strong tolerance for risk.<\/p>\n\n\n\n

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