As a HYPE bull during the Cambrian explosion of RWA perps, you should ask yourself the following questions:
1) if TradeXYZ left Hyperliquid tomorrow and launched their own exchange, where would you go to trade RWA perps?
2) if TradeXYZ launched a stock/token, how would you value HYPE differently?
3) what is the likelihood of #
1# and #
2#?
I don’t intend to be a bear, but I’m pretty confident in my answers to #
1# and #
2# and I’m not naive enough to say I (or seemingly any major allocator) knows the answer to #
3#.
And before the .hl’s whine in my comments, this is not meant to slight either protocol, it’s to state a fact: TradeXYZ holds a large and growing amount of leverage over Hyperliquid.