Why is Hyperliquid popular? It didn't explode just because of a smooth perk DEX. Although it started from DEX, later on -Expanded to Hyperliquid EVM (L1), built a flywheel for protocol+application (today all CEX and proprietary chain liquidity are still separate!)! ） -Lock in users with real and easy-to-use products (really smooth, no wonder whales like to show off their muscles), while constantly expanding the ecosystem -Without VC funds, there is no need to provide low-priced chips to VC Even if BTC or ETH drops sharply, Hyperliquid can still earn a large amount of transaction fees. These revenues go directly into repurchases → HYPE prices rise → attract traders to return → further increase trading volume, forming a true flywheel. Every project wants to become the second Hyperliquild, but we haven't seen it yet. First or first. Those who haven't used TGE perk can moderately lower their expectations.