Arthur Hayes: The competition in Perp DEX is becoming increasingly fierce, and HYPE faces the risk of valuation multiple compression

ChainCatcher news, BitMEX co-founder Arthur Hayes stated on social media that HYPE is facing the risk of valuation multiple compression. Annual revenue has nearly returned to historical highs, but the coin price is much lower. In the increasingly competitive environment of perpetual contract decentralized exchanges (Perp DEX), speculators are unwilling to pay a high premium for uncertain future income.