Hyperdash Co-founder: Hyperliquid Bull Thesis for 2026 (Updated View)

**Robbie Klages** (0:00)
All righty, guys, welcome back to the Tokenization Tower. We're here with Hanson Birringer, the Chief Revenue Officer and Co-Founder of Hyperdash, as well as a core contributor to the Hyper Holdings company in SPV and a Hyperliquid Megabull Early Ecosystem Adopter. Hanson, great to have you in the tower, man.

**Hanson Birringer** (0:17)
Thank you.

**Robbie Klages** (0:17)
Good to see you here, buddy.

**Hanson Birringer** (0:18)
Likewise.

**Robbie Klages** (0:19)
And how you doing today, man? How's the month been?

**Hanson Birringer** (0:24)
It's been a great month. We've had a ton of really exciting announcements.
Me kind of coming out, joining Hyperdash full time officially. Yesterday, we just announced our acquisition of Imperator. So we're kind of now launching our whole data and node infrastructure validator business. We're really looking forward to the Hyperliquid Summit, which we're sponsoring later this week. And just a really exciting time to be building within the Hyperliquid ecosystem.

**Robbie Klages** (0:47)
Yeah, man, most definitely. I feel like the thesis around Hyperliquid has evolved so much over the last couple of years, just with the evolution of the product as well as the state of tokenization and trading. Maybe just give us what is your current Hyperliquid thesis? When you're going out to raise money for this SBV, for the Grayscale ETF, you're speaking of high net worths, institutional allocators.
What is the thesis that has really resonated with them and that you've compiled into the state of things as they are now?

**Hanson Birringer** (1:19)
Yeah, it's one of my favorite topics. I think we could talk about why Hyperliquid is important for not just the crypto capital markets, but the larger traditional finance market that's evolving together. But I think at its core, the real reason why investors and researchers, traders and just market participants are really excited about what Hyperliquid is building and want to be a part of it is a couple of core reasons. I think one, it's open source, permissionless, decentralized. It really has the same rules for every participant on the platform. And it also takes that crypto ethos and pairs it with really high performant financial systems and applications where you can actually have institutional capital participating in this decentralized world, which we haven't really seen before.
In my 10 years of crypto, it's really been the only thing that's kind of kept those two worlds really growing together instead of separately.

**Robbie Klages** (2:14)
Yeah. I mean, yeah, I think that that convergence is kind of is the core thematic of where we're at in the industry. And I think, you know, we we talk about it as perps, tokenization, stable coins, and these three kind of mega trends. And, you know, we've been talking a lot about how do we best express the bullishness of these trends? Like, what is the best way for our community for us to kind of be able to put our capital on the line and express a bullish view on these three mega trends? And we keep coming back here to Hyperliquid. In the lens of these three, how do you think about Hyperliquid as a way to express the bullish trend for perps, tokenization, and stable coins? How do you kind of think about the combination of these three, you know, decade long mega trends? These are all set to grow exponentially.
Is Hyperliquid a good expression for these three?

**Hanson Birringer** (3:01)
I think absolutely. I think it's the purest expression of that.
You know, with perps, you obviously have the obvious answer. Hypercore is the leading kind of, you know, perp decks, its rivaling centralized exchange, you know, from a market share of OI and volume perspective. On a liquidity perspective, it's already, you know, one of the top, if not second best or third best markets for some of these pairs. And, you know, a category leader in listing new types of assets, right? We saw the introduction of HIP3, you know, introduce, you know, RWA perps, right? So you're kind of combining two of these, you know, larger trends into one really great product. And Hyperliquid today, you know, is a de facto category leader as far as crypto exchanges go for trading those sort of, you know, commodities and equity perps.
And what they did is really, you know, not outsource, but kind of open source that builder aspect, right? Which is a core to the Hyperliquid ethos is let other high, you know, high quality competent builders come in and start adding to this value add of the ecosystem. You know, TradeXOZ has done a fantastic job of, you know, deploying these perps and continuing to list new assets that traders want to trade around the world. As far as stable coins go, you know, we obviously saw the latest news with USDC now becoming a kind of a line quote asset V2, kind of a mouthful. But, you know, with that, I don't think the market really appreciates how big of a move that was for, you know, since its inception, these stable coins have never done a deal like this. They voluntarily are giving up 90% of their revenue just to be a part of the Hyperliquid story. And I think that's really important for people to really digest and understand, not just from a narrative perspective, but also from a revenue perspective. You know, there's now almost 10 billion or so, you know, give or take a couple of billion, given, you know, the volumes and things that happened on the exchange. But there's now about 10 billion or so stable coin supply on Hyperliquid, HyperDVM, HyperCore combined. And 90% of that, you know, make call it earning 4% NIM on the backend and their T-bills. 90% of that goes to the Assistance Fund, which is buying back hype, you know, programmatically on chain. This is adding hundreds of millions of dollars of buying pressure to the protocol, in addition to obviously the trading fees. So to kind of, I guess, wrap that all up to your question, right? Hype as a token and hype as an ecosystem is truly the purest form of these three mega trends in crypto, you know, perpetuals, RWAs and stable coins, all expressed and, you know, have a compounding effect as well over time together.