An L1 token, on its own, is not worth much. Jeff Dorman, chief investment officer at digital asset investment manager Arca, built a valuation call on that premise: Hyperliquid (HYPE) is, in his view, the first crypto project to hold all three of what he described as crypto's “three crowns.”

According to a COINOTAG report published on November 6, 2026, those three crowns are Layer 1 fees, decentralized exchange (DEX) fees, and stablecoin fees — a trio that, in Dorman's assessment, no other crypto project has held simultaneously.

Historically, crypto's main fee streams have been split across separate categories of projects. Layer 1 networks such as Ethereum collect transaction fees for blockspace, decentralized exchanges such as Uniswap charge trading fees, and stablecoin issuers such as Tether and Circle earn revenue on the reserves backing their tokens. Because that revenue has been spread across different tokens, a fee-based read on any single project has generally captured only one stream at a time — the backdrop against which Dorman's single-project framing stands out.

Hyperliquid operates a decentralized exchange specializing in perpetual futures on its own Layer 1 blockchain, with HYPE serving as the network's native token. The platform has ranked among the most active decentralized derivatives venues by trading volume and fee generation, and it has been rolling out its own dollar-pegged stablecoin, USDH. That structure is what places all three fee categories under one roof: blockspace fees from the L1, trading fees from the perpetuals exchange, and stablecoin fees via USDH — the one leg of the stack still being rolled out, making its progress a concrete development for readers tracking the fee-stream framing.

Arca is a digital asset investment manager focused on crypto markets, and Dorman regularly writes on crypto valuation and fund flows.

This content was first published on COINOTAG: https://en.coinotag.com/arca-dorman-hyperliquid-first-project-three-fee-streams