May I ask, what exactly is @ HyperliquidX in everyone's mind? For pure Perp Dex applications, the FDV of 45B is already too high. For the new innovative species L1, the circulating market value of 15B may still be underestimated? What's even more confusing is, how should Hyperliquid followers expect calibration? 1) If we consider HL as Perp Dex and compare it to the ancestors of Perp Dex such as dYdX and GMX, its valuation is already very high. However, if we consider it as Binance on the chain and compare its valuation with other L1 such as Solana and BNBChain, HL still has a lot of room for growth at present. Objectively speaking, although HL's current market share leading effect in Perp Dex will definitely generate a premium valuation, the overall market size and capacity of DEX on the chain are so large that its valuation is already very high compared to products such as @ GMX_IO and @ dYdX that are close to or even exceed their peak period; But if it is expected to be an on chain Binance, it is probably only when we see a significant siphoning of traditional CEX exchange data indicators that we can provide a valuation comparable to BNBChain and others, right? Obviously, the current market pricing is based on a balance between the two, with a greater bias towards the latter. However, this can lead to a significant misalignment of value benchmarks, especially causing some purely Perp Dex followers to have illusions about what HL's valuation is based on before starting to benchmark it. Neglecting at all, HL's technological architecture and rich and diverse ecological values are extremely absurd; 2) Hyperliquid's HyperBFT consensus, HyperCore and HyperEVM layered design, as well as a restructured high-frequency on chain node matching engine, and so on, to be honest, although criticized for centralization, there are indeed many innovative elements; On the other hand, some followers still use the traditional "off chain matching+on chain settlement" technology service framework, and most of them have not deviated from the original application scope of the Perp Dex on L1 and L2, or even just old bottles of new wine. Is it too hasty to hammer down previously dYdx, GMX, etc. based on this? Why benchmark valuation with HL? Actually, calm down and see, HL's real moat is not purely trading data itself. HyperCore's high-frequency trading matching engine is one aspect, while HyperEVM's application ecosystem is the biggest highlight. For example: Felix Protocol uses HYPE as collateral to mint stablecoins and uses $107M of idle USDC interest income to repurchase HYPE; Liminal Money offers delta neutral income products with 16% APY; Other projects such as the staking protocol built by Kinetiq and the lending ecosystem built by Hyperlend have already combined at least forty to fifty ecological projects. The ecological depth with atomic level composability is the fundamental support for its current valuation sprint to Binance on the chain. And these are obviously basic conditions that followers do not possess, relying solely on the trading volume generated by Farming and relying on an "application" itself. How can we support a "platform level" valuation expectation? Moreover, there is a very brain burning valuation logic that is hard to understand: Hyperliquid is the Perp DEX Dragon One, with the goal of eliminating CEX and becoming an on chain Binance, while Aster is the Perp Dex Dragon Two, with the goal of defending Binance and becoming a new on chain Binance created by the Binance system. However, Binance is still there, just creating an on chain Binance out of thin air? My CPU is short circuited, who can explain?