关于 $HYPE 高估与低估
短期高估的：hip-4搞预测市场是战略布局，但即使打败polymarket，带来的交易量和收入在当前永续中占比极小，小于10%。
当前的上涨是FOMO与情绪的高占比。
长期低估的：链上华尔街的成型，合约、现货、预测市场、借贷，全上链全打通。
未来霸主，最大考验来自监管。

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Regarding $HYPE Overvaluation and Undervaluation

Short-term overvaluation: HIP-4's foray into prediction markets is a strategic move, but even if it defeats the polymarket, the resulting trading volume and revenue will account for a very small percentage (less than 10%) of the current perpetual market.

The current surge is driven by FOMO and high levels of sentiment.

Long-term undervaluation: The formation of an on-chain Wall Street, with contracts, spot trading, prediction markets, and lending all fully integrated and on-chain.

The future leader will face the biggest challenge from regulators.

From hoarding gold to buying luxury homes, crypto wealth is undergoing a massive migration towards physical assets.

Finally, the founder of Aave also bought a $30 million mansion.

Ethereum did not lose to external enemies, but to itself. By ignoring real needs and economic incentives, the former giant is paying the price for its arrogance, swallowing the bitter fruit of talent drain and ecosystem fragmentation.

What exactly is wrong with Ethereum?

On February 3, 2026, Vitalik Buterin made a statement on X.

This statement caused a stir in the Ethereum community no less than his push for a "Rollup-centric" roadmap in 2020. In that post, Vitalik frankly stated: "The original vision of Layer 2 as a solution to Ethereum's scalability through 'branded sharding' is no longer valid." In one sentence, he practically declared the end of the mainstream Ethereum narrative of the past five years. Once highly anticipated...