When Hyperliquid was facing the most FUD, big players like @smartestmoney and @CL207 were entering the market to buy.

Meanwhile, the guy who publicly shorted is being liquidated.

Hyperliquidated.

If you sold/shorted $HYPE at a high price due to team unstaking or unlocking, I think that's fine. But one thing to consider is that the short-term decline of $HYPE does not mean that the fundamentals of Hyperliquid have worsened. On the contrary, with the launch and expansion of Hyperliquid Hip-3, I believe the fundamentals of Hyperliquid are developing in a better direction. This is something that anyone with clear vision can see.

Also, I recently read an article (I won't link it specifically), and I want to briefly share my thoughts.

The core argument of that article is that "the HyperEVM ecosystem and $HYPE are not yet aligned, which leads to the market's valuation of Hyperliquid remaining at the level of applications like Aave and Uniswap, rather than at the infrastructure level of Layer1/Layer2."

I think it's reasonable to say that the HyperEVM ecosystem and $HYPE are not yet aligned. Currently, the only truly valuable protocol in the HyperEVM ecosystem should be the $HYPE LSD protocol.

However, one cognitive bias that needs to be overcome is that the team's launch of HyperEVM is not aimed at elevating the valuation level of $HYPE, but rather hopes that the projects in the HyperEVM ecosystem can create a synergistic effect with Hyperliquid's core PerpDEX product.

We cannot apply the traditional theory of fat protocols and thin applications to Hyperliquid—many projects launch Layer1 to better sell their tokens, but we have not seen such signs in the behavior of the Hyperliquid team. Moreover, most Layer1 project teams strive to develop ecosystems to create a liquidity pool for their main chain tokens, thus obtaining sufficient exit liquidity.

Furthermore, it has been proven that using higher value to determine the valuation of infrastructure itself has always been a value misjudgment in the crypto world.

I recommend reading this article:

https://obviously.substack.com/p/crypto-is-priced-for-network-effects

Fees Don’t Lie.

Layer1 market capitalization accounts for 90% of the Total Market Cap, but their fees only account for 12% of total fees. The valuation of cryptocurrencies is still based on the "fat protocol, thin application" theory. However, the data shows the opposite.

Hyperliquid may be able to change this scenario. Applications are the most direct value capture layer, and investing long-term, substantial fee income into the buyback of its own tokens is the value support for $HYPE. In the long run, the value of $HYPE is not driven by narratives brought by HyperEVM or Hip-3, but determined by its fees.

Hyperliquid does not need the HyperEVM ecosystem as exit liquidity for $HYPE; in fact, its product fees are the exit liquidity for $HYPE. Ethereum is the same; it has a burn mechanism, but it cannot capture enough fees, while Layer2 utilizes Ethereum's security but fails to reinvest the value it creates back into $ETH. Therefore, many people see Lighter as a turning point for Ethereum, hoping that Lighter as a Layer2 can create incremental value for Ethereum.

Now, let's return to the topic of HyperEVM. The developers on HyperEVM initially followed the logic of developing on other chains, building a complete DeFi ecosystem and meme trading for HyperEVM, such as creating LSD, lending, and DEX products. However, these products, except for LSD, have not provided value increments for Hyperliquid's core product PerpDEX. This has also led to HyperEVM being unable to align with $HYPE.

However, as I mentioned earlier, although there has not yet been a phenomenal DeFi product that resonates with Hyperliquid's core product, at least for now, Hyperliquid does not need an ecosystem as a reservoir for $HYPE. Therefore, ecosystem projects and developers still have ample time to develop. Moreover, we have already seen the emergence and development of such products (like the upcoming TGE of @harmonixfi and @hyperbeat), but acquiring users and trust still requires some time.

Therefore, I think this is a completely non-worrisome issue.

Finally, returning to first principles, all the work and product updates of the Hyperliquid team serve its core product. If we only look at the valuation ceiling of Hyperliquid with traditional crypto thinking, it would be somewhat like blind men touching an elephant.

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