'II' Trailer Photo : No Fear RIIZE 라이즈 The 2nd Mini Album 【II】 ➫ 2026.06.15 6PM (KST) 💿Pre-order #RIIZE# #라이즈# #RISEandREALIZE# #dyd# #RIIZE_dyd#

'II' Trailer Photo : No Fear RIIZE 라이즈 The 2nd Mini Album 【II】 ➫ 2026.06.15 6PM (KST) 💿Pre-order #RIIZE# #라이즈# #RISEandREALIZE# #dyd# #RIIZE_dyd#

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

Most perp DEXes still fundamentally misunderstand who their real customer is. It’s not the retail trader clicking buttons on mobile. It’s the market maker deciding where inventory sits. That distinction matters more than people realize. You can have a beautiful frontend. Fast matching. Good branding. Infinite KOL distribution. None of it matters if serious liquidity providers don’t trust the environment enough to warehouse risk there. That’s why @HyperliquidX worked. People focus on the app. The real breakthrough was psychological. Traders believed liquidity would remain there tomorrow. That sounds simple. It isn’t. Perp liquidity is reflexive. Depth attracts size. Size attracts tighter spreads. Tighter spreads attract flow. Flow attracts more market makers. Once that flywheel starts, competing becomes exponentially harder because liquidity itself becomes the moat. Most teams still think incentives bootstrap this permanently. They don’t. Incentives rent liquidity. They rarely create loyalty. You can see this happening again with newer perp infrastructure projects trying to position themselves as “better Hyperliquid.” Usually faster. Usually more decentralized. Usually more modular. Almost always missing the point. Traders don’t migrate because architecture diagrams look cleaner. They migrate because execution quality improves their PnL. That’s it. The uncomfortable reality is most traders would happily trade on a centralized spreadsheet if fills were perfect and liquidation engine risk was low. Crypto romanticizes decentralization far more than actual high-volume traders do. This is where a lot of newer perp infra feels mispriced to me. Especially projects over-optimizing for theoretical decentralization while underinvesting in market structure realities. The orderbook itself is not the business. The business is liquidity coordination. Different thing entirely. dYdX learned this the hard way during migration. Vertex understands parts of this. Hyperliquid understands it deeply. Most others still don’t. Another thing nobody wants to admit: A lot of current perp volume is heavily inorganic. Not fake necessarily. But mercenary. Vault loops. Point farming. Wash-adjacent behavior. Incentive-maximizing flow pretending to be organic traction. You can inflate volume surprisingly easily in this market. What’s much harder is creating an environment where traders voluntarily keep meaningful capital parked during periods of low incentives. That’s the real test. Boring markets expose weak protocols faster than volatility does. And we’re probably heading into one. The next 12 months will be brutal for projects whose entire user acquisition strategy depends on token emissions subsidizing bad unit economics. Especially once capital costs normalize again. People also underestimate how important liquidation design is becoming. Not just speed. Behavior. Does the system behave predictably during violent moves? Can market makers hedge efficiently during cascading events? Do traders trust the ADL process? Does insurance fund logic actually survive stress? Most teams only discover the answers after their first real volatility event. By then it’s too late. Trust disappears in hours. Sometimes minutes. That’s why I keep paying attention to teams obsessing over risk engine architecture instead of just throughput benchmarks. Throughput is easy to market. Risk systems are not. But one keeps institutional size alive. The other makes nice conference slides. And honestly, I still think the market massively underprices distribution quality. Everyone talks about tech. Very few talk about trader habit formation. Once traders build muscle memory around a venue, inertia becomes incredibly powerful. Shortcuts. Execution intuition. Trust during volatility. Knowing how the engine behaves. That behavioral lock-in matters more than another 5ms improvement most of the time. The projects likely to win this cycle are probably not the ones screaming loudest about TPS or “fully onchain matching.” It’ll be the ones that quietly become default routing destinations for serious size. Different game entirely. @EVEDEX

“Hyperliquid”: The "Three" I’ve Finally Found After Years of Search Note: This article offers no investment advice or guidance, but pays tribute to the decentralized philosophy of Laozi and Satoshi Nakamoto. Three years ago, the crypto industry’s uncertainty was still validated by the high volatility of Bitcoin's price, and the DeFi summer driven by Ethereum had faded. When I opened the Tao Te Ching, the foundational scripture of the indigenous Chinese religion, Taoism. I found the power behind cryptocurrency, rooted in Eastern beliefs and philosophy, within the textual context from two thousand years ago.. The "decentralization" from Bitcoin's blockchain technology aligns perfectly with the Taoist ideas of "Wu Wei" and "Dao Fa Zi Ran" (governance through non-action) found in the Tao Te Ching. In 485 BCE, Laozi authored the Tao Te Ching, then left for the West, disappearing without a trace. In 2008 CE, Satoshi Nakamoto anonymously published the Bitcoin whitepaper, launching the first Bitcoin network the following year, eventually decentralizing its management to the community. Over two millennia, both figures disappeared after spreading their teachings, embodying the decentralization philosophy through their absence. The Tao Te Ching says: "By doing nothing, nothing is left undone." Satoshi Nakamoto says: "A truly peer-to-peer electronic cash system should allow online payments to be sent directly from one party to another without the need for a financial institution." This non-intervention aligns with the principles of Wu Wei, where Bitcoin’s market value has grown from zero to a $2 trillion asset over 15 years.The Bitcoin system operates through non-action, yet governs all without interference; it does what is uncontentious, yet nothing can challenge it. Subsequently, decentralized autonomous organizations (DAOs) in smart contracts emerged, following the same 'non-intervention' approach as the Bitcoin system. Interestingly, their abbreviation, DAO, coincides with the pinyin of the Chinese word 'Dao,' embodying the brilliant essence of 'The Dao that can be told is not the eternal Dao.' The Tao Te Ching also says: "The Way (Dao) follows nature." Natural laws, including decentralization, cannot be altered by human will. Just like the running of wind, rain, thunder, and lightning, Bitcoin's system operates autonomously through its code, neither good nor bad. The Tao Te Ching says: "Dao produces one, one produces two, two produces three, and three produces all things." In cryptocurrency, "one" is Bitcoin, the decentralized "Dao" producing peer-to-peer blockchain technology. "Two" is Ethereum,the peer-to-peer blockchain technology has evolved into a decentralized application system with smart contract functionality, which is expected to develop into a global decentralized computing system in the future. But what is "three"? I once thought that stablecoins, represented by USDT and DAI, were 'the third' because they made cryptocurrency pricing and transactions simple and efficient, allowing everything to flourish. However, I overlooked the exchanges that facilitate the transactions themselves. To this day, exchanges are still dominated by centralized exchanges (CEX), led by Binance. Even during the DeFi summer, where various smart contracts surged with decentralized protocols, decentralized exchanges (DEXs) like Uniswap, driven by AMM (Automated Market Makers) liquidity, emerged. However, due to fragmented liquidity, high latency, slippage, and risks like Permit authorization, they have been limited in widespread adoption, and can only serve as supplements to centralized exchanges—providing liquidity and acting as hubs for some long-tail assets. Even with the V3 iteration moving towards concentrated liquidity, similar to an automated market-making strategy, it has improved liquidity and reduced slippage, but is still mainly used by DeFi enthusiasts, professional market makers, and traders. As of today, Uniswap's TVL (Total Value Locked) is only $6.37 billion, down over 30% from its peak of $10 billion in November 2021. Meanwhile, Binance’s TVL, as shown in the December 2023 Merkle proof of assets, exceeds $100 billion. In terms of volume, Uniswap’s daily volume is $3 billion, while Binance exceeds $100 billion. Whether in terms of TVL or volume, DEXs cannot compete with CEXs. The stagnation of DEX development has directly impacted the growth of decentralized protocols’ TVL, which is an inevitable result. As the development of DEXs falters, assets reliant on CEX trading are not being withdrawn to the blockchain, causing on-chain assets to stagnate (where asset prices rise but TVL declines). Fortunately, the situation is gradually reversing. Over four years of DeFi development, on-chain oracles have become increasingly stable, cross-chain interoperability is becoming more secure, and TPS (transactions per second) on Layer 1 and Layer 2 chains are rising, while ensuring security and decentralization. POS (Proof of Stake) validation is becoming more decentralized, with more native and mapped assets on-chain. Hardware wallets, such as AA wallets, have improved in usability and risk resilience, while infrastructure is becoming more robust. Decentralized protocols and applications are thriving, and the four-year development of smart contracts has cultivated a large user base for decentralized applications. As assets, applications, and users all move towards decentralization, yet the most important liquidity exchange scenarios remain centralized, this is far from truly decentralized. Then came HYPE (Hyperliquid), and it seemed that the 'third' I had been searching for all these years was confirmed and validated the moment I discovered it. The weight I had once placed on stablecoins has also shattered. The 'third' I had been pursuing, the one that could enable large-scale adoption, was always the DEX capable of achieving this—before HYPE appeared, DEXs were merely optional supplements. But after HYPE emerged, it introduced a high-performance EVM chain designed for financial transactions, a Layer 1 product component with low latency and high throughput, creating a DEX with an on-chain order book that rivals CEXs. It has been running smoothly for over a year and a half, even during peak trading periods, ensuring a low-latency, high-performance trading experience. Large-scale adoption has already been proven by time, and its zero-incident reputation has attracted a large number of real users. Even without token rewards or incentives, users, TVL, and volume have all continued to grow steadily. Before the mainnet launch, the TVL, based solely on USDC deposits, reached $1.2 billion. The project team is low-key, humble, and not greedy, focusing solely on the product itself, with no VC investment or promotional campaigns. Word-of-mouth and user referrals have been the only drivers. The token distribution (TGE) is entirely oriented towards benefiting real users. This style, almost akin to the original ethos of Bitcoin, is even more focused on user-centricity than Ethereum or Bitcoin itself. It can be foreseen that when HYPE's mainnet goes live, with native and mapped assets executing simultaneously, mainstream asset spot trading and perpetual futures with joint margin trading will be launched. TVL will quickly surpass $10 billion, triggering a positive flywheel effect. Both TVL and volume will surge, outpacing all others. A large number of market makers, professional investors, and users will bring their capital on-chain for long-term involvement. Centralized exchanges (CEXs), for strategic reasons, will be forced to inject liquidity and invest in their tokens to secure some degree of pricing power. A variety of decentralized protocols will flourish after the HYPE mainnet launch, including decentralized lending, stablecoins, staking, restaking, and RWA (Real World Assets) protocols. The entire DeFi market will benefit from the irreversible shift towards decentralized on-chain trading that HYPE will drive, particularly decentralized lending platforms like AAVE and stablecoin DEXs like CRV. As on-chain assets and transactions grow, lending derivatives and more frequent stablecoin swaps will follow. For other DEXs of similar types, such as DYDX, unless they find a differentiated path to evolve their products, their TVL and volume will be continually suppressed until they collapse. Uniswap, as an AMM-based market maker for spot trading, will initially benefit, but as HYPE's spot trading area improves, its growth will be hindered. However, AMM liquidity will still have a long-term market position as supplementary liquidity for order books and a venue for long-tail asset trading. The biggest beneficiaries will be AI. The number of trading strategy AI models will rapidly increase alongside HYPE's growth. Various types of AI will be able to freely trade with different strategies on HYPE without worrying about CEX asset freezes or withdrawal issues. At present, some users may mock the idea of HYPE becoming the Binance of the blockchain as a joke. However, years from now, they will only remember that Binance was the off-chain HYPE. The deconstruction of CEXs and the reconstruction of DEXs is quietly taking place in this winter. There is no longer the brilliance of DeFi's Summer, only the quiet beauty of CEXs, which are now being stared down by death. If my judgment is wrong, it will only be because HYPE has failed to fulfill its mission as a DEX. However, in the future, there will be one or even multiple 'HYPEs' that will carry on this vision and complete the irreversible revolution in the cryptocurrency era. And I, too, will eventually find the missing 'third' in the crypto faith that has been absent for so many years—the 'three' that gives birth to all things. @HyperliquidX @HyperFND @chameleon_jeff