Apollo Crypto has made Hyperliquid its largest altcoin position, with head of research Pratik Kala arguing that the protocol stands apart not only because of its product-market fit, but because its token design and expanding market structure give traders something few crypto venues currently offer: usable, revenue-linked infrastructure. In comments shared via X, Kala described Hyperliquid in unusually direct terms. “Hyperliquid is our biggest altcoin position in the fund. Why? Because it is phenomenal. The product works,” he said. For Apollo, the case appears to rest on two pillars: the exchange’s traction as a trading venue, and a token model Kala framed as cleaner and more transparent than much of the industry’s recent experimentation. He contrasted Hyperliquid’s buyback structure with the more convoluted token systems that defined earlier market cycles. “The tokenomics is refreshing. It uses 97 to 99%, depending on how you want to calculate it, of all the revenues to buy back its to