Hype is really amazing, the only contract transaction in the United States ➕ On chain US stocks are not for storytelling, but because they have real income, and this income continues to buy tokens back and burn them. Firstly, income driven deflation. 97% of transaction fees will be repurchased and destroyed, with an annualized revenue of over 700 million US dollars in Q1 2026. On April 2nd, 50000 tokens were just destroyed, and the circulation entered a contraction phase. Secondly, institutions are knocking on the door. Grayscale, Bitwise, and 21Shares have submitted spot ETF applications. If approved, this is a true compliance funding channel, not just talk. Thirdly, the narrative connects with reality. More than 30% of the trading volume comes from RWA - gold, silver, and stock on chain. No one has made this story before, Hyperliquid is really doing it. Arthur Hayes said $150 in August 2026, optimists see $250. The logic is that the trillion dollar traditional derivatives market is migrating onto the chain, and Hyperliquid is the entrance to this path. It's not a pure pancake.