Investor and analyst James Dorman (@jdorman81) argues that the most attractive valuations in crypto are found at the application layer rather than the base layer, pointing to Hyperliquid as a prime example. Dorman highlighted that Hyperliquid generates $70 million to $100 million in monthly revenue, supporting his view that the perpetual futures exchange deserves a valuation of $20 billion to $25 billion. The analysis underscores growing attention on high-revenue decentralized applications as potential undervalued assets relative to infrastructure protocols.