I recently discussed HYPE with a few old friends, and the consensus was that the buyback model couldn't support a 45 billion FDV, with the risks and rewards disproportionately high. In simple terms, even if Hyperliquid surpassed BNB, the theoretical returns would only be three times higher. However, competition in the Perps DEX market is fierce, with strong competitors lurking around. More importantly, Hyperliquid has yet to weather the test of a major compliance and security incident. If it were to stumble, the downward trend would be significant.

One more thing to add, my personal bnb and hype positions are almost the same.

I think there is another point, that is, there will be obstacles to ecological expansion, which will also affect the supporting market value.