The time for Hype to short has not yet come. But it's almost here. How much is Hype repurchasing now, 5M per day, and definitely less than 1B per year due to bear markets and cycles. At present, 5M revenue is already at its peak. Growth is definitely limited. There is also a second phase airdrop release and team unlocking. Calculated by FDV, the price of 37B, buddy, would be close to 40 PE if fully circulated. Currently, PE13 is also circulated, which is not expensive. The growth of CEX requires significant marketing funds, while DEX mainly engages in compliant arbitrage, such as US users and users in countries with restricted contracts. The marketing budget is actually very low, and the number of users is very small compared to CEX. Does Hype have any opponents? Yes, there are currently many DEX models gearing up, among which Ethreal is the strongest and has not yet launched TVL 1B. Secondly, Lighter has just lifted the deposit limit to 250K and has not yet fully sealed it. TVL has already reached 100M. Daily VOL has become the second largest in the industry. Growth to the ceiling, followed by strong competitors, it's not yet time to go short, but I'm waiting Although there are many big players and experts in milk Hype, I think the best short selling target with large capacity, good liquidity, and the clearest logic may be Hype. I have conducted extensive research on Perp DEX and am becoming increasingly familiar with this industry. Hype has a lot of smart money content among its users, and they are also the fastest runners. This PRO showdown will be very interesting.