⚡ An astonishing signal: HYPE's market value surpasses SUI, ranking 13th in market value—— @The speed at which HyperliquidX has started this round is really beyond everyone's imagination. A derivative DEX can reach this market value in half a year, attracting various whale opening operations. Little Black continues to sing many I think everything can be gathered into one trend: Narrative is shifting from infrastructure to product side, and the market is rewarding products that are "less but more refined". In the past few years, we have been obsessed with L1, cross chain, modularity, and new consensus mechanisms, but it has been proven that only a very small number of people really care about your underlying structure. What can really explode the market now is whether you can create a product that has real users, makes real money, and attracts capital flow on the chain. The outbreak of Hyperliquid is not because it shouted bigger slogans, but because it stepped on several extremely polished cores in the derivatives market: ✅ Smooth to almost centralized matchmaking experience ✅ Extremely high utilization rate of funds ✅ Chain level design optimized specifically for quantifying players It doesn't need to tell the story of 'we can fit the entire ecosystem', it just needs to prove that in a single scenario, I am stronger than anyone else. Not only Hyperliquid, but also the cyclical pattern of the entire industry: The first stage, infrastructure explosion: public chains L2、 Modularization, consensus innovation, you compete with each other, and a hundred flowers bloom. In the second stage, the application layer breaks through: which applications can truly make good use of these infrastructures, find entry points, and achieve economies of scale, and who is the narrative core of the next round. From DeFi, RWA, SocialFi, to AI x Crypto, derivative DEX, the future narrative focus may no longer be on the compatibility of TPS and L1 in the chain, but on: Who can build a financial machine that relies on the transfer of funds, users, and strategies. I think this is a structural transformation that will inevitably occur in the crypto industry after experiencing the boom of public chains—— When there is an excess of underlying tracks and infrastructure saturation, the market no longer rewards universal chains, and the focus shifts from "who can carry more ecology and provide more subsidies" to "who can directly create perceptible value". The next step of the revolution is not to stack more narratives, but to be concise and precise, strong and accurate. So now the idea of looking at a project cannot just focus on narrative, you need to see what kind of financial machine the market needs—— 1. Funds require more efficient liquidity matching and risk management; 2. Users require available products with lower barriers to entry and higher security; 3. Strategies require stronger combinations and more predictable game environments. You must learn to use the idea and formula of capital density and clear scenarios to find financial machines like Hyper. Once you understand this logic, you can understand why @ CryptoHayes has been shouting 'hyper' and 'pending' all this time.