Arthur Hayes: HYPE faces the risk of "valuation compression" amidst fiercer competition from perpetual contract DEXs

According to Odaily Planet Daily, BitMEX co-founder Arthur Hayes wrote that HYPE's current risk lies in "multiple compression." Although its annualized revenue is close to its historical high, the token price has fallen significantly.

Arthur Hayes pointed out that in the context of increasingly fierce competition in perpetual contract decentralized trading platforms (perp DEX), speculators are no longer willing to pay high valuations for uncertain future income, which has led to conservative market pricing of HYPE.