Du Jun: HYPE's buyback model cannot sustain a $45 billion valuation; the risks far outweigh the benefits

According to Odaily Planet Daily, ABCDE co-founder Du Jun posted on the X platform that HYPE's buyback model is insufficient to support a fully diluted valuation (FDV) of $45 billion, arguing that the risks and rewards are not balanced. He pointed out that even if Hyperliquid's market capitalization surpasses BNB, the theoretical profit potential is only about three times higher. The perpetual contract DEX market is highly competitive, with strong competitors. Furthermore, Hyperliquid has yet to experience a major compliance or security incident, and if issues arise, the downside risk could be significant.