I. The US$ 20 Billion Wake-Up Call On 7 Oct 2025 Intercontinental Exchange (ICE)—parent of the New York Stock Exchange—announced a US$ 2 billion strategic investment in Polymarket, valuing the four-year-old DeFi site at US$ 9 billion. It is one of the largest private financings in Web3 history and the clearest signal yet that prediction markets are graduating from crypto curiosity to core financial infrastructure.II. From Election Indicator to Reference Feed Prediction markets let traders buy...

I. The US$ 20 Billion Wake-Up Call On 7 Oct 2025 Intercontinental Exchange (ICE)—parent of the New York Stock Exchange—announced a US$ 2 billion strategic investment in Polymarket, valuing the four-year-old DeFi site at US$ 9 billion. It is one of the largest private financings in Web3 history and the clearest signal yet that prediction markets are graduating from crypto curiosity to core financial infrastructure.II. From Election Indicator to Reference Feed Prediction markets let traders buy...

Why DCF Beats Multiples for $HYPE Most exchange tokens are valued like tech stocks—slap an EBITDA multiple on Coinbase or Robinhood and call it a day. $HYPE is different. Ninety-three per cent of HyperLiquid’s trading fees flow straight to token-holders through the Assistance Fund (AF). That is a programmable dividend, not a board-room maybe. Discounted-cash-flow (DCF) therefore captures the economics far better than any static comp.Step 1 – Picking a Discount Rate We start with a classic CAP...

Why DCF Beats Multiples for $HYPE Most exchange tokens are valued like tech stocks—slap an EBITDA multiple on Coinbase or Robinhood and call it a day. $HYPE is different. Ninety-three per cent of HyperLiquid’s trading fees flow straight to token-holders through the Assistance Fund (AF). That is a programmable dividend, not a board-room maybe. Discounted-cash-flow (DCF) therefore captures the economics far better than any static comp.Step 1 – Picking a Discount Rate We start with a classic CAP...