The market is currently focused on Hyperliquid, ostensibly driven by HYPE hitting new highs, but what is more noteworthy is the warming of on-chain U.S. stock contracts on HIP-3.

The trading of U.S. stocks may be the biggest breakout point for Hyperliquid in the future.

Recent on-chain data from AiCoin shows that this trend already has signs. Recently, in HIP-3 related assets, the amount involved in stock category fluctuations is approximately 3.8 billion dollars, index category about 2.02 billion dollars, and commodity category about 6.65 billion dollars.

In the direction of U.S. stocks, semiconductor and technology stocks are the most active.

NVIDIA NVDA has repeatedly shown large proactive transactions, proactive selling confirmation, and synchronized expansion of trading and positions, totaling about 806 million dollars; Micron MU totals about 682 million dollars; Intel INTC about 526 million dollars; SanDisk SNDK about 210 million dollars. In addition, Tesla TSLA, Google GOOGL, Samsung SMSN, and other assets have also repeatedly shown on-chain transaction fluctuations.

In single fluctuations, Micron MU has frequently shown synchronized expansion of trading and positions, with a single peak of about 207 million dollars; NVIDIA NVDA with a peak of about 173 million dollars; Intel INTC also showing a level of trading and position synchronized expansion around 101 million dollars.

This indicates that the activity on HIP-3 is not merely listing a few U.S. stock assets, but that real funds are already trading these traditional asset-mapped contracts on-chain.

If HYPE is the market's pricing of Hyperliquid itself, then U.S. stocks, indices, and commodity contracts on HIP-3 are the key entry point for Hyperliquid to unlock valuation space in the future.

This also makes the valuation discussion of HYPE more imaginative. The FDV of HYPE has already entered the top ten of crypto assets, and if it rises by about 55% more, its fully diluted market cap will exceed that of BNB. This comparison reflects that the market is beginning to understand Hyperliquid with a larger framework.

In the past, the question was: Can Hyperliquid become the leading on-chain contract exchange?

Now the bigger question may be: If real trading depth can form for U.S. stocks, indices, and commodities on Hyperliquid, could it become a global trading market on-chain?

HYPE is responsible for attracting attention, HIP-3 is responsible for opening up the imaginative space.

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