Hyperliquid, a new trading platform, is being compared to Serum, which previously had a fully diluted valuation (FDV) exceeding $100 billion. Analysts speculate that Hyperliquid could potentially achieve valuations ranging from $10 billion to $32 billion based on its trading volumes and market position. One investor has already valued another platform, Drift, at $3.5 billion, while Hyperliquid's volumes are reportedly less than 10% of Drift's. Observers note that Hyperliquid's product is perceived as significantly more valuable than many existing projects in the market, suggesting a strong potential for growth in FDV as it gains traction. The current market landscape indicates that Hyperliquid could be worth substantially more than its competitors, with some estimates suggesting it could reach valuations as high as $10 billion or more, depending on its performance in the coming cycles.