Hyperliquid ($HYPE), a crypto exchange, is projected to achieve $1.295 billion in annualized earnings, potentially surpassing Nasdaq's ($NDAQ) 2024 net income of $1.1 billion. This highlights the rapid growth and profitability potential within the crypto application sector, suggesting a "supercycle" for crypto apps. Investors should monitor $HYPE for potential investment opportunities if it becomes publicly tradable or if its underlying token is available.