If you’re betting on perpDEX reaching 20% market share like spot DEXs did. Then $HYPE is the real infra play… ➠ Controls over half of DEX perp trading volume (perpDEXs grew from 2% to 8% market share in 2 years) ➠ Takes protocol earnings & buybacks tokens instead of keeping cash (Over 90% of revenue goes to buybacks and burns) ➠ No VCs got tokens. Most went to community through airdrops, but about 40% of supply still sits unallocated ➠ Trading fees averaging 0.025% could generate billions in revenue if they maintain market position ➠ Token trades at 30-40x revenue multiple, higher than competitors ➠ That unallocated supply creates uncertainty (could be another airdrop or validator rewards) ➠ Staking rewards around 2.4% with complex formula tied to total staked amount ➠ Revenue comes from trading fees plus their EVM ecosystem, not just one source ➠ Planning 10 year token emission for validators, similar to how Binance burned tokens over time ➠ New liquid staking features give more utility beyond basic staking rewards ➠ Already has 60+ apps on their chain, competing as full L1 ➠ First airdrop gave $19k average per user. Future ones likely much smaller to avoid price dumps ➠ User experience matches CEXs but fully onchain Price rallied because revenue growth backed the fundamentals.