Hyperliquid's latest narrative is: asset price discovery!!?

Just saw a community member praise HYPE like that, although I stopped believing in narratives a long time ago, but the logic checks out.
Focusing on assets as the main thread, the development of crypto can indeed be divided into three stages:
1/ Asset issuance:
Bitcoin was created in 2009, and in 2017 many projects issued ERC-20 tokens on Ethereum, raising funds through whitepapers.
2/ Asset on-chain:
After Ethereum's mainnet launched in 2015, protocols like Uniswap in 2020 enabled assets to be traded and provide liquidity on-chain, and NFTs and RWA also brought more assets onto the chain.
3/ Asset price discovery:
Hyperliquid, as a Layer 1, has a fully on-chain centralized limit order book built-in, supporting the creation of perpetual contracts or spot trading directly on-chain for any asset, completing price discovery through real orders.
Currently, the three stages are:
1/ Issuance solves the existence problem, but the cut is almost done;
2/ On-chain can solve transfer issues, but security, trust, and compliance have become problems;
3/ It seems only price discovery provides a value anchor, bypassing and solving a series of issues.
For example, the recent hot track Pre-IPO situation, on-chain and equity are unrelated, pricing is basically unanchored, and information is not transparent.
With Hyperliquid's CBRS launching, real on-chain orders directly complete price discovery, taking over the pricing power of Pre-IPO, and winning a bit too thoroughly.
Thinking about buying, but when there's a lot of noise, that's a selling point, not a buying point, 🤣
Are there any valuation methods for HYPE? Is it expensive now?
Or, should I go all-in on the Variational that announced funding yesterday $50M ?
Participate in the primary market in a worn-out way, grabbing cheap chips?
Tip: The above is only for information sharing and does not constitute investment advice. Please do your own research!
Continuously evolving BitHappy