There's no doubt that @HyperliquidX is the 'great innovation' of this cycle: When everyone thought Hyperliquid was the leader of the Perp Dex sector, positioning itself as the 'on-chain Binance' with a CEX-level user experience, a wave of followers emerged, sparking a Perp Dex narrative frenzy: Then Hyperliquid launched HIP-3, proving with trading volume and OI that it’s actually the 'on-chain Nasdaq.' The 'on-chain Binance' was no longer its goal, and you panicked again, scrambling to dive into asset tokenization, all trying to snatch a piece of the pie from Wall Street’s old players. But then, Hyperliquid launched HIP-4, introducing a brand-new financial primitive for Outcome settlement and innovatively tapping into the booming prediction market narrative. In the end, you helplessly realized that Hyperliquid's truly unbeatable narrative is the blockchain endgame: an 'L1 dedicated application chain'—and one that can even falsify Ethereum’s L2+L3 application chain combo. Now tell me, are you scared? How are you going to keep up?