The team relies on HYPE staking interest to earn nearly $1 million every day. Is it really in a hurry to smash the market? This question may sound a bit harsh, but today is a great time to bring it up for discussion We have talked too much about prices, so we should focus on the topics of staking, revenue, repurchase, and ETF So that everyone knows what kind of system Hyperliquid is According to on chain data statistics, the Hyperliquid team initially allocated about 238 million HYPEs, and currently these HYPEs are mostly pledged. Calculated at current prices, their value is approximately $16 billion These HYPEs generate approximately 14400 HYPE pledge interest per day, valued at nearly $1 million Since the launch of HYPE one and a half years ago, the team has accumulated approximately 8.08 million HYPE pledged interest, which is approximately $565 million at current prices More importantly, out of the 8.08 million pledged interest, the team only sold about 4.93 million So now there are actually more HYPE in the relevant addresses than the initial allocation, about 241 million pieces, worth about 16.5 billion US dollars Although this does not mean that the team will never sell, at least it indicates one thing: The interest structure of the Hyperliquid team is not just about "getting coins and then finding opportunities to sell them". In this circle, everyone understands Let's take a look at the pledged portion across the entire network again The current total pledge of HYPE is about 439.7 million pieces, valued at about 29.78 billion US dollars, accounting for about 44.01% of the total, with an average APY of about 2.17%. There are currently 33 verification nodes, and about 3.02 million HYPE pieces, valued at about 204.8 million US dollars, are pending for release This indicates that a significant portion of HYPE's supply structure is not simply circulating chips, but continuously generating revenue within the pledge system Of course, the pressure of waiting to release the pledge cannot be ignored But unlike many projects, HYPE's pledge is not simply a narrative of lock up, it is supported by real income behind it According to on chain data statistics, Hyperliquid has accumulated revenue of approximately 1.01 billion US dollars, annualized revenue of approximately 472 million US dollars, cumulative buybacks of approximately 987.56 million US dollars, assistance funds holding approximately 46 million HYPEs, and has repurchased approximately 15.30% of circulating supply. This set of data is crucial Because it shows that HYPE is not just telling stories by "locking up warehouses to reduce circulation" But on one hand, there is agreement income, on the other hand, there is repurchase, and on the other hand, there is pledge income, and in the end, these fund flows are all revolving around HYPE Looking at the daily data again The current price of HYPE is about 69.58 US dollars. Yesterday, about 1.39 million US dollars were destroyed, corresponding to about 19641.57 HYPEs, with an average price of about 70.93 US dollars. A total of about 45.7071 million HYPEs have been destroyed According to current standards, the annual repurchase amount is about 789 million US dollars, 24-hour trading volume is about 4.211 billion US dollars, OI is about 7.3 billion US dollars, FDV is about 66.4 billion US dollars, and PE is about 84 million US dollars This valuation is really not cheap But the problem is that the market is willing to overvalue HYPE, not because of the single day price, but because of the agreement revenue and repurchase efficiency Let's take a look at the priority fee line again Yesterday, there were approximately 1596.91 HYPEs with a value of approximately 113370 US dollars, including approximately 858.04 write priority fees and 738.87 read priority fees This is not the largest revenue item, but it indicates that the more complex the usage scenarios of Hyperliquid, the more paths HYPE consumes Finally, let's take a look at ETFs The current total AUM of HYPE spot ETF is about 362.08 million US dollars, holding about 5.25 million HYPE After 39 trading days online, the cumulative net inflow was approximately 330 million US dollars, with the largest single day inflow reaching 108 million US dollars Among them, THYP is about 76.21 million US dollars, accounting for 21%; BHYP is approximately 155.23 million US dollars, accounting for 43%; HYPG is approximately 130.64 million US dollars, accounting for 36% This means that HYPE's buying market is no longer just limited to on chain whales and retail investors, it also has ETFs as a more traditional entry point for funds, continuously absorbing chips So here comes the question...: What do you think of HYPE when the team earns nearly $1 million per day from staking interest, accumulates over $1 billion in agreement revenue, repurchases nearly $990 million, and a net inflow of $330 million from ETF in 39 days? Ordinary knockoffs are most afraid of team smashing, but HYPE is more complex here The team is not without the motivation to sell, but it also has the motivation to continuously pledge for profits; The market is not without selling pressure, but the agreement is also continuing to repurchase; The valuation is not high, but there are indeed income, pledges, and ETF fund flows supporting it Adding the recently increasing trading volume of xyz targets The story of HYPE is no longer just about the ups and downs on the candlestick HYPE Hyperliquid