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Du Jun: The HYPE repurchase model is hard to support a $45 billion valuation, with risks far outweighing the benefits.
Odaily News ABCDE co-founder Du Jun published an article on the X platform stating that HYPE's buyback model is insufficient to support a Fully Diluted Valuation (FDV) of $45 billion, and the risks do not equate to the rewards. He pointed out that even if Hyperliquid's market capitalization surpasses BNB, the theoretical profit potential is only about 3 times, while the competition in the Perptual Futures DEX sector is fierce, with strong rivals lurking. Furthermore, Hyperliquid has yet to experience a "large compliance and security incident" test, and should problems arise, the downside risks could be quite significant.