Hyperliquid is being treated like the cleanest up only narrative in crypto and I want to add some nuance here. To be clear, this is not Luna. Luna was a closed loop algorithmic peg with no real revenue. Hyperliquid has real fees from real users, a genuinely best in class product, a dominant share of onchain perps volume, and a team that has shipped relentlessly. The bull case is real. I'm not dismissing it. I just don't think the risks are getting the airtime they deserve. I called Luna a ponzi here in 2021 around $50 and got absolutely hammered on the tl for daring to suggest anything negative about it as it ran to $120 before it vaporized to $0 within days. Very similar to yesterday when I simply said HL does not have remarkable tokenomics and got piled on for it. Being early on structural risk often looks wrong for a long time. And Luna was not just a retail rug. It roped in 3AC, Galaxy, Delphi, Hashed. Sophisticated money held the bag right alongside everyone else. Here is what I see with Hyperliquid. 97% of fees buy back HYPE. That sounds incredible, and in an active perps bull market it absolutely is. But fees come from perp volume, volume comes from people chasing the token, and the token is held up by buybacks funded by that same volume. Every leg moves together. It's a functional flywheel. And in the other direction every leg turns at once. However, nobody can tell you how much of the volume is organic either. If buybacks pump the token and the chart pulls in size and size funds buybacks, you cannot cleanly separate real activity from reflexive activity onchain. It doesn't mean the volume is fake. It just means you cannot prove how much of it isn't. Then the supply side. Only 25% circulates. Team and foundation together hold roughly 30% (23% team plus the foundation allocation which is essentially team with extra steps). Buybacks absorb about 90 million of unlocks a month. Actual pressure is closer to 400 million plus. Revenue keeps growing at a real clip, which is the whole bull case, but it has to roughly 4x just to keep price flat through vesting. Then the part nobody wants to touch. 31 validators, foundation controls the supermajority of stake, closed source binary, an assistance fund holding billions that we are simply told has no private key, on a chain the team built and runs. A lot of the business is regulatory arbitrage. Offshore venue, no KYC, users that shouldn't be using it are all over it. The founder is in DC right now precisely because everyone knows this. SBF was in DC lobbying for the DCCPA right up until FTX collapsed. Do Kwon was meeting Korean regulators before Terra blew up. Doesn't mean Jeff is anything like them. And to be clear, none of this means price stops going up. This is the part that matters for traders. Reflexive setups run for a long time, sometimes years. Luna ran from $5 to $120 while plenty of smart people screamed about the structure. HYPE can absolutely do the same. The flywheel is real while it's spinning, and standing in front of it is a great way to underperform. Just know what you're actually holding. Trade the tape, respect the trend, but don't fall in love and confuse a beautiful reflexive setup with a riskless cash machine. We have seen structures like this before and it tends to end the same way for usually the same reasons.

HyperEVM is dead. Since then: Active addresses: 8,500 to 15,800 Daily transactions: 200K to 500K Network utilization: 15% to 35% HYPE burned: near zero to 200+ per day What happened? Degens showed up. crossed $100M in perps volume from coins launched on their platform. papertrade shipping 1000x leverage fully onchain. Both using CoreWriter, the EVM-to-L1 bridge that lets smart contracts place orders directly on HyperCore. This is how every chain bootstraps. The degens come first. They stress test every primitive, break things, find edges, push limits. The serious infrastructure follows. HyperEVM was never dead. It was waiting for its crash test. Hyperliquid.

hyperliquid just restructured its entire revenue model. circle deploys $5b USDC treasury, 90% of yield flows to HYPE buybacks. that's ~$180m/year in structural buy pressure before counting $150m in trading revenue. circle and coinbase each staked $20m as validators. they sunset USDH to make it happen. traded ecosystem sovereignty for $330m combined annual revenue at a 31x P/S. dydx, gmx, vertex have no path to replicating this. the perps war just became a two-tier market and the second tier doesn't have regulated validators buying their token with treasury yield

Hyperliquid just became the price discovery layer for the entire IPO market. Morgan Stanley analysts were watching Hyperliquid charts before Cerebras even opened. @mlmabc put it perfectly "Cerebras was a test. When SpaceX, Anthropic, OpenAI, and every other major company IPOs now, the whole world will be watching Hyperliquid." @BCheque1 continues: "I think that is the world that we are now literally in. This is the biggest asset class possible at a size that is so many times bigger, and it's going to take crypto brains a bit of time to adjust. This is not just a random ticker. This is going to get everyone's attention in a far, far bigger way."

Hyperliquid (HYPE) price has changed by +19.79%. . The highest price was 1,524.67 baht and the lowest price was 1,250.00 baht in the past 24 hours on Bitkub Exchange. . Check the latest prices at: . Bitkub Exchange reminds investors to thoroughly research before investing. . Cryptocurrency and digital tokens involve high risks; investors may lose all investment money and should study information carefully and make investments according to their own risk profile. . #Bitkub# #BitkubExchange# #Token# #priceupdate# #marketupdate# #Hyperliquid# #HYPE# _________________________________ Website: Facebook: Instagram: Tiktok: Call Center: 1518

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Hyperliquid should watch their back now? A friend asked me the other day: "@HyperliquidX is taking too much market share. Do you think there's another perp DEX that can actually catch up?" It made me think for a while. So I went digging, and found the answer on @solana. It's called @PhoenixTrade How so? Recently @toly, co-founder of Solana, has been mentioning perp DEXs and Phoenix quite a few times. Around the same time, Solana launched a new X account @perps. And right after @DriftProtocol collapsed, around 70% of Solana's perp DEX volume bled out to Hyperliquid & @Lighter_xyz The entire Solana stack is rebuilding the perp DEX category from scratch. And Phoenix is the one they picked Why Phoenix specifically: - Built by @ellipsis_labs, the same team behind @SolFiAMM - Raised $44M from @paradigm, @ElectricCapital, @robotventures - Fees at 0.005%, cheaper than most other perp DEXs - The original Phoenix orderbook had one of the tightest spreads Why Solana will actually pull this off this time: - No network outage since Feb 2024 - @anza_xyz shipping validator and scaling upgrades for perp DEX infra - I remember Solana came back from the FTX collapse. They got hit hard, only to thrive stronger And not only that The Phoenix airdrop also caught my attention because competition is unusually low: - Most retail gave up on it when no token came - Others moved to perp DEXs with confirmed point programs - Some quit because the new product costs more in fees Look at the Solana TGE pattern: - @JupiterExchange: 2+ years from mainnet to token - @wormhole: 2.5 years - @MeteoraAG: 3 years - @jito_sol: 1.5 years Build product → Find PMF → Then token. Same playbook And @perps literally said they'll "be back in 12 months" with an updated leaderboard. That's your timeline, almost officially Good things take time. This is a position for the next few years Worth taking a shot Winter Soldier out