I have been looking for opportunities to buy Hyper recently, so I am more concerned about the timing, Just finished reading Pantera's article about Hyperliquid, it looks like a damn advanced version of a sales essay no matter how you look at it. It's not that it doesn't make sense, but it's that it's too good at writing: As a stakeholder of Hyperliquid, Pantera spares no effort to praise it to the death. This article directly declares: Hyper's future revenue potential is five times higher than its current level, with an annual platform revenue of up to 3.7 billion US dollars. The underlying message here is that it can at least increase fivefold! Is it really that awesome? It's still the butt that determines the brain. Let's take a look at the data! DefiLlama currently shows that Hyperliquid has an annualized cost of approximately $1.073 billion, an annualized revenue of approximately $829 million, and a 30 day revenue of approximately $47.42 million, making it a great cash cow. More importantly, HYPE's value capture is more direct than many governance coins. The market is generally concerned about its Assistance Fund repurchase mechanism, and CF Benchmarks' analysis also mentioned that the Assistance Fund will absorb about 97% -99% of the net agreement fees to continue purchasing HYPE in the open market. This is different from traditional DeFi governance coins such as UNI and AAVE. Many DeFi protocols are powerful, while tokens are awkward. Hyperliquid at least partially solves this problem: making money from the protocol → repurchasing HYPE with revenue → tokenholders can directly feel value capture. So fundamentally speaking, hyperliquid: native is definitely one of the few assets in Crypto that is worth studying seriously and even investing in. But the problem is also here: good assets do not equal good prices. The biggest problem with Pantera's article is that it talks about the future ceiling, so don't take it as a buy signal for the present. Hyperliquid's future revenue may reach five times its current level, with several major prerequisites behind it: Firstly, Hyperliquid can truly expand from Crypto perp to traditional assets such as stocks, commodities, forex, indices, and Pre IPO companies. Secondly, HIP-3 can truly continue to attract high-quality builders and high-quality markets, rather than relying solely on a few hot assets for short-term momentum. Thirdly, traditional financial users are truly willing to trade these assets on the chain, rather than ultimately flowing to compliant platforms such as Coinbase, CME, ICE, and Robinhood. Fourthly, regulation will not become a fatal variable. Fifth, HYPE's valuation did not fully anticipate future growth ahead of schedule. If any of these premises is not met, the story of "earning five times" will be discounted. Especially in terms of regulation, Pantera interprets the acceptance of PERP by US regulators as a big profit, which is not necessarily a positive direction for Hyperliquid, as once the US compliant PERP market opens up, real giants will enter the market. Coinbase、CME、ICE、Kalshi、Robinhood， These players have licenses, institutional relationships, compliance channels, and traditional users. At that time, Hyperliquid will no longer be facing a few on chain DEXs, but rather traditional financial regular armies. This may both expand the PERP category and divert Hyperliquid users and transaction volume. Another risk is that traditional asset perps may sound sexy, but in reality, they are much more difficult than Crypto perps. BTC and ETH are traded 24/7, with continuous spot prices. But stocks, commodities, and private companies are not like that. Especially for Pre IPO companies like SpaceX, OpenAI, and Anthropic, many times they are not essentially 'investing in this company', but trading a synthetic price. It has no real equity, no shareholder rights, no dividends, and no legal claims. Good price discovery is innovation; If price discovery is not done well, it will be a large emotional casino: oracle machines, settlement mechanisms, liquidity, manipulation risks, overstocking and disputes under extreme market conditions may all become problems in the future. If there is no problem with future income, but the market enters a bear market and all high elasticity assets together kill valuations, HYPE will also fall. So my view on hyperliquid: native is simple: It is definitely a good asset for this round, even the best type. After regretting selling it at the opening, I am still looking for opportunities to restock, but don't deify. Pantera @ PanteraCapital is a very bad guy. Now that he has released such a monumental work, I'm afraid he will coax everyone into getting on the bus. Don't get drunk after reading it.