Crypto Exchanges
By Pankaj K
1 / 15
Binance Grabs Half the RWA Perps Market. Binance launched tokenized real-world asset perpetuals — RWA perps — and moved fast.
2 / 15
Buybacks Drive Hype, But Revenue Risk Looms. Here's the core of Hyperliquid's current story: the platform takes its revenue and buys back its…
3 / 15
AI Tokens Get a Cold Shoulder. Liu isn't buying the AI-crypto hype. Not most of it, anyway.
4 / 15
Hyperliquid is growing fast. Over $400 million in token buybacks have pushed its native token, Hype, to a fresh all-time high of $86 — but Binance is now circling, and the…
5 / 15
Alice Liu, Head of Research at CoinMarketCap, laid out the situation plainly. Bitcoin's recent wobble — it dropped to around $59,000 in June — didn't spiral into a full collapse.
6 / 15
Binance launched tokenized real-world asset perpetuals — RWA perps — and moved fast. Per Liu, Binance captured around 50% of that market's share almost immediately, pulling…
7 / 15
But it's not a clean sweep. Hyperliquid still leads in the decentralized exchange space. DEX leadership is something, and it's not nothing — but the centralized side of the…
8 / 15
The tension between centralized and decentralized exchanges isn't new. It's kind of been the defining fault line of crypto market structure for years.
9 / 15
Here's the core of Hyperliquid's current story: the platform takes its revenue and buys back its own token. Over $400 million worth of buybacks so far. The result? Hype is up 47.
10 / 15
Liu's view is that the buyback strategy is directly responsible for the token's market performance. It's a straightforward mechanism — reduce supply, support price, reward holders.
11 / 15
See also: Symbiosis Recovers $1.15 Million in Bitcoin After Massive 46 Billion Token Exploit
12 / 15
The vulnerability is obvious, though. If revenue slows down, buybacks slow down. And if buybacks slow down, the primary engine driving Hype's price momentum loses fuel.
13 / 15
So Hyperliquid's future is basically a question of whether it can hold enough market share to keep funding the machine.
14 / 15
Her warning is direct: AI tokens without real-world utility face heavy competition from established AI stocks and companies, and some of them will probably decline sharply.
15 / 15
She does carve out space for solid AI infrastructure projects — ones with genuine utility potential. But even those, she says, will likely come at discounted prices.
The Currency Analytics
Want the full story?