Announcing HRC - The Research Hub for Hyperliquid
*Initiated by GLC Research and Four Pillars, with support from HypurrCollective, Hyperion DeFi, Hyperliquid Strategies, and B-Harvest.
Hyperliquid Research Collective (HRC) is an initiative by GLC Research and Four Pillars, two independent crypto research firms focused on producing unbiased, high-integrity analysis. Independence has always been our anchor.
We write to create real value for readers and for the companies we work with while aligning our incentives with theirs.
We’re launching HRC because Hyperliquid is one of the most important projects in crypto today. Our goal is simple: contribute as much as possible to its growth through research, accessible intelligence, and tools that make the ecosystem easier to understand.
The Three Challenges HRC Aims to Solve
1. Information Asymmetry
The gap between Hyperliquid’s fundamentals and market perception is still wide.
Many investors still see Hyperliquid as “another perp DEX,” missing the depth of its technology, execution, and economics.
Reducing information asymmetry is critical for any public asset. Equity markets are efficient because this gap is minimized. Hyperliquid deserves the same.
HRC will help close this gap through structured reporting, including:
Research and analysis on Hyperliquid updates
Valuation frameworks
Financial reporting
Ongoing coverage of Hyperliquid related news, upgrades, and HyperEVM companies
This is only the beginning.
2. Fragmented Information & Data
The community already produces exceptional research, commentary, and analytics, but it’s scattered across X, Discord, private chats, and niche forums.
Unless you’re deeply embedded, it’s hard to get the full picture.
HRC aims to aggregate the best intelligence on Hyperliquid: a single hub for research, commentary, data, and, over time, a metrics dashboard that makes key indicators transparent and easy to track.
3. Distribution
Distribution remains one of $HYPE’s biggest bottlenecks.
It’s still difficult to buy, still unfamiliar to many investors, and still under-distributed relative to Hyperliquid’s fundamentals, even though this is one of the clearest success stories in crypto, with real cash flows backing its valuation.
Meanwhile, traditional finance is looking for credible, fundamentally strong crypto exposure.
Hyperliquid is arguably the best candidate in the market today.
HRC’s mission is to help broaden global awareness so Hyperliquid reaches the audience it deserves: Wall Street, institutional allocators, and global capital markets.
HRC’s Impact: Understanding the Token Risk Premium
Centralizing high-quality information about Hyperliquid reduces information asymmetry and improves accessibility for new entrants, benefiting the entire ecosystem.
But beyond that, there are mathematical reasons this initiative creates value for every $HYPE holder.
Below is a visual of the Token Risk Premium, first popularized by Theia Research. We thank them for raising awareness about this topic months ago. It compares how the same company would trade as an equity versus as a token.
Equities carry a risk premium. Investors expect higher returns than the risk-free rate because they take on additional risk. Tokens follow the same logic, but crypto’s structural risks are far higher. Investors demand much greater returns, far beyond the ~9.5% they might expect from equities.
This higher required return reflects poor transparency, weak reporting, incentive misalignment, founder behavior, volatility, and more.
These risks compress valuation multiples. They are a major reason $HYPE trades at a lower multiple than equities like $HOOD or $COIN.
Hyperliquid is the closest thing crypto has to an equity-like company. Through HRC, we believe we can meaningfully lower perceived market risk and improve $HYPE’s valuation multiples.
This is how valuation works in traditional finance. Our mission is to bring those same standards to Hyperliquid by improving information distribution, transparency, financial reporting, and analyst consensus around $HYPE valuation.
HRC will be for the Community
GLC Research and Four Pillars have published dozens of Hyperliquid research pieces over the past months, entirely for free. We’ve invested heavily into education by engaging with researchers, analysts, builders, and community members, driven by our conviction in Hyperliquid’s long-term potential.
We’re launching HRC now because we want to contribute even more to Hyperliquid’s success by deploying our resources and expertise. We want this to grow into a truly collaborative community effort.
Whether through engagement on X, sharing our website, suggesting ideas, contributing research, or giving feedback, everyone in the Hyperliquid community will have a role to play.
Every step forward for HRC is a step forward for Hyperliquid.
We are one of the most informed and capable communities this industry has seen. What unites us isn’t just enthusiasm for $HYPE, but the desire to contribute, build, and help Hyperliquid succeed.
For everyone who feels the same way, your support is always welcome.
We’re grateful to be part of this community.
Let’s make Hyperliquid a Wall Street asset.
Hyperliquid.
