Investing in hyperliquid:native the positive feedback loop "more fees>>burn hyperliquid:native " is currently running successfully but need to keep track of fees vs. inflation The long/buy thesis on hyperliquid:native IS probably invalidated if core protocol revenue fails to grow sequentially for two consecutive quarters while circulating supply keeps expanding; i.e., if the burn mechanism is structurally outrun by issuance rather than temporarily lagging it