DeFi Market Size Underestimated at $500T, Hyperliquid Potential Exceeds Expectations

Bitwise CIO argues DeFi targets $500T asset market, not $2T crypto. Projects like Hyperliquid possess greater pricing power and TAM than currently realized.

Woofun AI reports that Matt Hougan, Chief Investment Officer at Bitwise Asset Management, identifies two critical errors in current DeFi valuation: misjudging market size and underestimating value capture. He asserts that DeFi applications target a $500 trillion asset market rather than the $2 trillion cryptocurrency sector, and that fee revenue optimization remains largely untapped. Consequently, projects such as Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, and Pump exhibit significantly larger Total Addressable Markets and pricing power than widely acknowledged.