First declare non extensive Many people may not have truly understood the logic behind the rise of Hyperliquid: Native. Maik may clarify this for you, and my conclusion is that HYPE is no longer as simple as version 1.0 of the on chain contract trading platform Why have A16Z and OG whales been continuously increasing their positions and buying in recent times? I think this is completely different from the logic of the past. Let's first think about what happened to HYPE recently? Yes, Pre IPO contracts with several real-world AI giants have been launched (For example, SpaceX, earlier Cerebras) - touches on the core part of traditional finance - asset pricing power In the past, cryptocurrency trading platforms were focused on the core of cryptocurrency itself, but Hyperliquid is doing something different by moving the core assets of traditional finance onto the chain (the key is that HYPE has highlighted the power of several initiatives, with excellent logic and expected effects) That's also why the American ICE and CME have started to panic and want to take down HYPE, sue the CFTC, and lobby the government (the discovery of risk asset prices is no longer controlled by traditional trading institutions, think about how terrible it is for them, and then constantly snatch away your users and withdraw liquidity, and the cryptocurrency trading platform is trading 24 hours a day) If things continue to develop like this, will all kinds of assets around the world start to move away from traditional trading time and gradually lose their pricing power on the chain, and will the traditional financial system be disrupted? Furthermore, the current financial system structure has been reshaped, which is not really telling a story, but something that could really happen Some people like to compare BNB with HYPE. BNB itself relies on the growth of platform user transactions and the value conversion brought by token empowerment, which belongs to the platform asset category What does Hyperliquid represent - Contract Leader DEX+Traditional Financial Infrastructure on Chain There are platform asset attributes, but there is another layer, the most different of which is the continuous on chain transformation of global traditional financial assets (now pre market US stocks, adding more asset classes on the chain in the future, this is the bigger narrative. Correspondingly, token HYPE not only has the same platform asset attributes as BNB (this is definitely not to belittle BNB), but also adds a core thing - the value brought by the traditional financial infrastructure foundation on the chain. Personally, I think this is why these institutions continue to increase their holdings at present I have mentioned before that ICE and CME have sued CFTC regarding HYPE. I cannot judge the future development based on my knowledge, and the best outcome would be to clear this mine as soon as possible