The chart indicates Hyperliquid has seen significant growth in network revenue share, particularly from late 2024 into 2025. With Hyperliquid (implied as $HYPE) doing 36% of crypto revenues but only 1.2% of the total crypto market cap, it suggests a potential undervaluation, trading 30x lower than its revenue proportion. This disparity could present an investment opportunity if its market cap converges with its revenue generation.