BULLISH 📈 : Apollo Crypto makes Hyperliquid largest altcoin position, citing 97-99% buybacks
Apollo Crypto makes Hyperliquid its biggest altcoin bet. The fund cites working product, rising volumes, and a clean, revenue-linked token.
Head of research Pratik Kala: “Hyperliquid is our biggest altcoin position… The product works.” He contrasts its momentum with peers, pointing to venue traction and a token model traders can track. Reference: Hyperliquid’s derivatives momentum.
He says the protocol uses 97–99% of revenues to buy back its token, done transparently. “No governance mumbo-jumbo… no dynamic inflation, burning, minting stuff.” The pitch: trading activity drives revenue, and revenue funds buybacks. Details: HIP‑3 rollout and thesis.
Adoption is growing. “A lot of the volumes are going there.” Market makers and funds use the platform. He calls listings, pre‑markets, and extensions “superior” in many ways.
HIP‑3 is key. It opens weekend and off‑hours trades in assets typically shut: private markets, listed equities, and commodities. Kala cites a weekend OpenAI–Anthropic spread example and says the market briefly handled 1–2% of global silver volume during the recent silver spike, only 4–6 weeks after launch. Source: HIP‑3 trading and volumes.
Revenues from HIP‑3 split 50–50 between deployed markets and Hyperliquid. Hyperliquid’s share feeds into HYPE buybacks, reinforcing accrual. More on buybacks: HYPE buyback model.
What’s next. HIP‑4 aims at prediction markets and options. A KYC‑compliant US version could follow regulatory shifts. Competition exists, including Lighter, but Apollo argues Hyperliquid has captured trader attention, liquidity, and loyalty.
