Jitender Shekhawat — Repository
Independent research
Independent Research · Digital Assets

Assumption-explicit
valuation frameworks

This page serves as Jitender Shekhawat's Repository — a small, independent collection of fundamental valuation frameworks for digital assets. Each thesis is a live, editable model: no black boxes, no price targets dressed as forecasts. Every number is an output of an assumption you can see, test and break.

◆Two frameworks ◆Research — not investment advice
Thesis · Contents 02 entries
01 Hyperliquid (HYPE) Fundamental valuation framework A protocol-cash-flow model — trading volume × take rate × protocol take × value-accrual — discounted, diluted by unlocks, and reverse-engineered against the market price. The market already pays for the bull case. $96.00 Last updated on 23 Sep 2026 Base 2030 · $77.0 31.3× revenue → 02 Zcash (ZEC) Monetary valuation framework No cash flow, so no DCF. ZEC is valued as scarce privacy money — privacy TAM × liquid float × relative fundamentals — then split into fundamental value and a market-clearing reflexivity multiplier. $1,500 Last updated on 23 Sep 2026 Base 2030 · $3,715 1.68× reflexivity →
Approach Method
01

Assumptions first

Every external input carries a value, a date, a source and a URL — flagged observed or estimated. Disputed inputs stay visible and parameterised rather than silently resolved.

02

Two questions

What is it fundamentally worth, and what is already priced in? Frameworks answer both — and inverting them shows exactly what a given price would require.

03

Regenerable

Each thesis is a dynamic model. Change a TAM, a take rate or a discount rate and every downstream figure updates. Nothing here is a forecast.