#DG_SorryChallenge# Blame it on the beat. “I’m SORRY, it’s not my fault fault fault” 🥵 @JAYBUMAOM #박재범# #JayPark# @millimdk @flowerfarr @galchanie #DREAMGALS# @officialyupp #YUPP#

"Dreamgate Special" Arc Research Program Coming Soon The "Dreamgate Special" Arc Research Program is coming soon, with boosted rates on the exclusive S-class Arc "The Wrong Gate"! ▸ Available July 29, 2026 (after update) – August 19, 2026, 05:59 (UTC+8) ▸ Unlock Requirement Complete the Episode Quest "Prologue: A New Destination - Head to Eibon Antique Shop" ▸ Details 1. The "Dreamgate Special" Arc Research Program runs for a limited time. Spend Tri-Keys or Dreamgate Keys to take part and claim the program rewards. 2. During the event, the drop rate for the S-class Arc "The Wrong Gate" is greatly increased! 3. The "Dreamgate Special" Arc Research Program uses "Limited Issue" pulls. Each pull grants 10 Arcs of random rarity. 4. All "Limited Issue" pulls share the same Arc pity counter. 5. During the "Dreamgate Special" program, an S-class Arc is guaranteed within 6 pulls, and the featured S-class Arc "The Wrong Gate" is guaranteed within 8 pulls. Pity counts are permanent and carry over to other "Limited Issue" type Arc Research Programs. 6. "The Wrong Gate" is currently only available through the "Dreamgate Special" Arc Research Program, with no other ways to obtain it planned at this time. *For full details, head to Arc Shop › Arc Research Program in-game. Ver.1.2 "999 Nights" is now live! Download Now >> #NTE# #NevernesstoEverness# #Iroi#

In 1995 Nvidia $NVDA was 6 months from dead. They’d bet on the wrong graphics method, Microsoft made triangles the standard with DirectX, and the Sega contract they were building for fell apart. Shoichiro Irimajiri at Sega put $5 million in anyway. Huang has said outright that without it Nvidia wouldn’t exist. That money bought them 6 months. They used it to build the RIVA 128, which shipped in 1997 and sold a million units in 4 months. Nvidia IPO’d in 1999 at $12 a share, valued at $300 million. Sega sold the whole stake for $15 million. Tripled their money. Perfectly sensible decision at the time, and Sega needed the cash because the Dreamcast was failing. Huang’s estimate is that stake would be worth about $1 trillion now. The two of them were back together in a Tokyo arcade in July, 30 years on. Huang thanked Irimajiri in person. Worth remembering Sega didn’t do anything stupid here. They 3x’d an investment in a company that had nearly died. Almost anyone would have taken it. That’s the part people miss about these stories. The mistake is never obvious at the time…

►HIP3 Deployer Economy - Where The Yield Comes From Spent a lot of time trying to understand where the yield actually comes from for a HIP-3 deployer, and I got that ppl are mixing 3 completely different things together. → staking yield on the 500k $HYPE. → actual fee income from running markets. → whatever strategic upside comes from subsidies, distribution, collateral adoption. Let’s look at the picture piece by piece. 1/ A deployer needs 500k HYPE staked = ~$40M at the current $HYPE price. It can still earn ~2.4% staking APR = ~$960k/year, or ~$80k/month, before validator commission. So the deployer is still long HYPE and still earning staking rewards. The real cost is locking up liquidity, ~7-day unstake friction, slashing/tail risk, $HYPE downside + the actual cost of operating the exchange. 2/ The incremental business created by HIP-3 mostly comes from trading fees. Very simplified, $1B taker volume can generate around $225k for the deployer at 4.5 bps. Funding isn’t extra revenue btw. But new markets can cut fees by ~90% to get liquidity going, taking deployer revenue toward ~$22.5k per $1B. Who is actually reaching scale? – @tradexyz: $87B volume over the last 30d with $3.4B OI. – @Dreamcash: $78.4M – @entropyIO: $307M / $9.6M OI – @tradeparagon: $148M / $12M OI controls ~99.5% of current HIP-3 volume, OI and fees among the tracked deployers. It’s one scaled exchange + a bunch of experiments rather than an ecosystem of equal deployers. Only economics show that HIP-3 absolutely can become a great cash-flow business once the liquidity flywheel exists. Their edge also comes from deploying when $HYPE was around $30. Meanwhile every new competitor might enter at ~2.6x the capital cost to compete with the guy who already has 99% of the flow. Even inside the returns look insanely power-lawed. One XYZ100 market was doing ~95% of the whole exchange’s volume. Does the data basically say each deployer only needs one ticker winner? Dreamcash shows what happens when you try to manufacture that with subsidies. – $23.2B cumulative volume – $850K earned from deployer share. Tether meanwhile was reportedly subsidizing trading by $200k/week = ~$10.4M annualized subsidy. So Dreamcash wasn’t really proving HIP-3 deployer yield. @felixprotocol did $3.54B lifetime volume. Once listed equivalent markets using deeper USDC liquidity, the flow basically disappeared. Being first to discover a market isn’t a moat if someone with 50x your distribution can clone the trade. Entropy is maybe the most interesting version of this. Raised ~$14Mand instead of trying to list 100 generic markets it went after weird stuff like Anthropic pre-IPO exposure. Their thesis may be that if pre-IPO markets scale to $5B–$20B–$50B monthly volume, being the place that owns the early price discovery could become a very profitable deployer business. When deployers compete to find product-market fit, the structure seems designed to make $HYPE the most obvious winner. → if more deployers win, more fees + more volume + more $HYPE demand. → if one dies, Hyperliquid already collected its share and someone else can try the market. After many deployers come and go, I think someone with 500K $HYPE can’t win without a distribution edge or a market unique enough to defend.