HYPE hit $94.46 yesterday
the number i care about is 500,000
that’s how much HYPE you currently need to stake to deploy your own HIP-3 perp dex
at the ATH that was a ~$47m bond
now Kraken’s parent wants Bitnomial deploying regulated US perp markets directly on Hyperliquid
so every serious company that decides that they want their own markets on these rails potentially becomes a giant HYPE holder before it even gets one trader
been looking at HYPE too much like an exchange token
it’s starting to look more like collateral for the right to create markets
if HIP-3 keeps pulling in exchanges, brokers + trading apps, watch the number of deployers before the volume