HyperLiquid, a layer-one blockchain network and recently launched decentralized exchange, could overtake competitors in terms of fee generation next year, says Ryan Watkins, co-founder of Syncracy Capital.

In the past few days, the perpetual futures DEX platform has attracted attention amid speculation that hackers affiliated with the North Korean-backed Lazarus Group have been spying for vulnerabilities. Hyperliquid Labs has since revealed claims of a potential vulnerability linked to whale activity, which is said to be from North Korean hackers.

But beyond that, what does Ryan Watkins, co-founder of venture capital firm Syncracy Capital and former senior research analyst at market intelligence platform Messari, have to say about Hyperliquid (The noise)?

On December 27, the co-founder of Syncracy Capital took to X to express his bullish outlook for the DEX platform.

According to WatkinsHyperliquid could grow into one of the largest blockchain projects by generating fees in the next year.

“Hyperliquid has strong potential to become the top blockchain by fees generated in 2025 largely because it vertically integrates almost all of the most profitable businesses in the history of cryptocurrencies: exchange (spot + derivatives) + block space (HyperEVM).”

Observers say the potential for the HYPE token to explode in the coming months is due to the industry's adoption of spot offers and derivatives as well as the traction of HyperEVM.

In Watkins' view, the missing ingredient that would make Hyperliquid "complete the holy trinity" and potentially dominate it is a stablecoin.

“A stablecoin is difficult to implement in practice, but we wouldn't be surprised if it was tried. Terra in the past and Berachain + Ethena (coming soon) today do the same thing.”

Athena Laboratories recently USDtb launcheda stablecoin backed by Blackrock's USD Institutional Digital Liquidity Fund. The initiative is in partnership with the Securitize coding platform.

per Devilama dataHyperliquid reported $5.16 million in fees and seven-day revenue. In comparison, Ethereum, Solana, and Tron produced more. The best protocols in terms of fees across the ecosystem are on Ethereum, led by stablecoin giant Tether. At Solana, the DEX Raydium protocol, liquid storage platform Jito, and the Launchpad meme Pump.fun lead the charge generation.