HyperLiquid ranks #1 in revenue among pre-TGE protocols, #4 among perpetual contract exchanges, and #7 in revenue across the entire crypto space. This data is pretty interesting – a protocol that hasn’t even issued a token yet is already surpassing many projects that have. What does this tell us? Product strength and user stickiness matter more than tokenomics. The traditional mindset is to issue a token first and then build the product, but truly valuable projects often do the opposite.