Bitwise CIO: The Market Size and Pricing Power of DeFi Are Simultaneously Underestimated, with Projects like Hyperliquid Holding Far Greater Potential

August 14th, Bitwise Chief Investment Officer Matt Hougan stated that people have made two overlapping mistakes when evaluating current DeFi applications:

Market Size: People thought they were targeting the $2 trillion cryptocurrency market, when in reality they were targeting the $5 trillion asset market.

Value Capture: People thought they had optimized fee income, when in reality they had only scratched the surface.

Projects such as Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, Pump, and others have a larger Total Addressable Market (TAM) and stronger pricing power than people imagine.