#我的Gate交易时刻

My key trade: the logic of heavily holding HYPE
The critical point of this trade is not the entry point, but the perception.
When I studied Hyperliquid at the beginning of the year, one data point shocked me: the protocol's annual revenue is about $1.3 billion, and its fee revenue once surpassed Ethereum and Solana. An DEX's income exceeding that of the underlying blockchain disrupts the traditional DeFi valuation logic.
More importantly, its token flywheel: 54% of trading fees are directly used to buy back HYPE, with an average daily buyback of about $1 million, and an annualized buyback strength ten times that of Ethereum. Zero VC funding, no external financing, the token distribution structure is extremely healthy.
So I built a position around $25, experienced fluctuations but the logic remained unchanged. Recently, HYPE broke a new high of $76, with a market cap surpassing Dogecoin, confirming the market recognition of the “income + buyback” model.
Three insights
1. Token economics determine the ceiling: protocols that can continuously generate income and buy back will have self-reinforcing value.
2. Distinguish noise from signals: short-term liquidations and sanctions disputes do not change the long-term flywheel logic; pullbacks are actually opportunities.
3. The ecosystem is just beginning: from HIP-3, HIP-4 to HyperEVM, moving from derivatives to full-category offerings, the ceiling is still far away.
This trade gave me a new understanding of “value investing” in the crypto world — find protocols that truly make money and share profits with holders.