What level of data did Hype reach at TGE moment that created the ceiling project for DEX? I checked the Dune data for Hyperliquid. When Hype was discovered in TGE, it was on November 29th, and TVL was approximately 600M Compared to other head DEX, there is no significant advantage. But the net inflow of Inflows on that day was 180M. Then there was a sustained net inflow and a rise in the coin price. Then in November, the average daily transaction volume was 5B. The total number of users is 200000. So the key data is that for a TGE at the Hyperliquid level, the opening market value of 3-4B needs to meet the following conditions: The transaction volume of 150B level in the current month is 5B per day+ Total users: 20K (70% real users+) TVL:600M+ Judging solely from this data, it's not easy. You can take the current Aster's monthly trading volume of only 349+with token incentives and TVL of 300 million (with Cefi income and point incentives, it is difficult to calculate solely based on Perp DEX volume) because many deposits in ASBNB are used to earn profits. According to this data, it is difficult for the market to give it a valuation of over 500M, as the real purchasing power now lies in SmartMoney. More value coins are bought from real PRO first, and then from retail investors at high FOMO levels. Through communication with some senior investors and practitioners of Dex and CEX, there are not many people who understand Perp Dex better than me. Why did you want to short Hype before? It was because of the TGE moment that I brought in 500000 dollars and wanted to buy for less than 3 dollars without thinking, but the intention of not buying was difficult to calm down. If you can't get it, you have to destroy her, which is very similar to the love between the villain and the goddess in the movie. It's better to let go, just like how so many difficult to reconcile relationships have passed.