Recently chatted with some old friends about HYPE, and the general consensus is that the buyback model can't support a $45 billion FDV—risk and reward are not proportional. Simply put, even if hyperliquid surpasses BNB, the theoretical return is only 3x; but the Perps DEX track is fiercely competitive, with strong players eyeing the market. The key issue is that hyperliquid hasn't gone through the test of 'major compliance + security incidents.' If it hits a snag, the downward spiral could be massive.