$HYPE Could Get Boost from US Market Expansion Plans
Grayscale's Head of Research Zach Pandl believes that a US market for Hyperliquid could expand its reach and strengthen the protocol. The plan, proposed by Payward, the parent company of crypto exchange Kraken, would allow U.S. customers to trade on Hyperliquid's public blockchain. This move could bring more traders to Hyperliquid and increase fee revenue, which is currently used to buy $HYPE, the protocol's native token.
The proposal involves creating a regulated US path for Hyperliquid's markets, with Bitnomial's clearinghouse clearing and settling contracts. However, access would be restricted to customers onboarded by Ninjatrader and included on allowlists maintained by Ninjatrader and Bitnomial.
Grayscale notes that the planned onchain arrangement remains subject to regulatory approval. If approved, this could expose traders to leverage and liquidation risk due to the mechanics of onchain perpetual trading.