Bitwise CIO: DeFi's market size and pricing power are underestimated at the same time, and the potential of projects such as Hyperliquid far exceeds imagination

Comparing the news, Matt Hougan, chief investment officer at Bitwise, said that people made two superimposed mistakes when evaluating current DeFi applications:

Market size: People think they're targeting the $2 trillion cryptocurrency market; in fact, they're targeting the $500 trillion asset market.

Value capture: People think they have reached the extreme in processing fee revenue; in fact, they have only just touched the surface.

Projects such as Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, Pump, etc. have greater TAM (Total Addressable Market) and stronger pricing power than people think.