币界网报道：According to DeFiLlama, Hyperliquid [HYPE] topped the on-chain perpetual contract market this month, with over $214 billion in volume over the past 30 days. In fact, the data shows that Binance Smart Chain (BSC) is in second place and Ethereum [ETH] in third place, having processed $44 billion and $30 billion in volume, respectively. In other words, Hyperliquid’s volume is about 5 times that of BSC and 7 times that of Ethereum. In addition, the on-chain DEX currently ranks 7th among the highest-earning crypto applications and chains in the past 30 trading days. It earned $62.5 million in fees last month, with cumulative revenue of over $300 million. This makes it a strong investment candidate based on performance and fees alone. Is HYPE a great buying opportunity in Q3? According to cryptocurrency analyst and influencer Ansem, HYPE’s current valuation is severely undervalued at a market cap of $10 billion – $15 billion. In fact, he added, he speculates that HYPE could reach a $100 billion market cap in this cycle. If a $100 billion market cap is reached, this would mean approximately $299 per HYPE. In fact, a similar sentiment was shared by Ryan Watkins of Syncracy Capital, who believes that Hyperliquid could have a longer moat in the perpetual swap (perps) market. For the uninitiated, perps are a derivative instrument that allows traders to speculate on prices without directly owning the underlying asset and have no expiration date like options contracts. The highly leveraged structure of perps makes it popular with those looking to amplify profits. Additionally, Hyperliquid’s no-KYC makes it a perfect avenue for those in restricted regions. In fact, an executive at Jump Trading recently called it “a meaningful competitor to Binance.” Nonetheless, some predict short-term risks from Robinhood and Coinbase launching similar, but regulated, perps products. That being said, HYPE’s recent price action has flashed weak bullish sentiment as of late. Perhaps reflecting a broader downturn at the end of the second quarter. In fact, according to CoinGlass’ 30-day liquidation heatmap, major liquidity and potential price magnets are located at $35.1, $41.6, $43, and $45. This means that in the event of a liquidity sweep, HYPE could hit $43 or $45 before falling back to $35, or start at $35 and then climb upwards. Interestingly, one whale deposited $16.51 million and opened a long position on HYPE. While the outcome of this bet will depend on BTC’s next move, the aforementioned liquidity pools will be key price levels in the short term.