Bitwise CIO likens Hyperliquid’s growth to Amazon’s evolution

Bitwise CIO Matt Hougan compared Hyperliquid’s expansion into a multi-asset trading platform to Amazon’s transformation of retail, arguing the decentralized exchange could similarly reshape financial services. Hyperliquid has grown beyond its original perpetual futures focus, and Hougan’s thesis rests on the platform’s ability to capture trading activity across asset classes rather than a single product line. The comparison matters because it frames Hyperliquid’s total value locked and volume trajectory as an early test of whether onchain venues can compete with centralized exchanges at scale. Watch next for whether Hyperliquid sustains multi-asset volume growth and whether the platform’s native token and TVL keep pace with the narrative Hougan has set.