#我的Gate交易时刻 HYPE This round of price growth has been very intense, and the controversy has followed.

Hyperliquid’s biggest draw for capital right now is that it truly has trading volume, revenue, and a very straightforward token buyback logic. The more active the trading is, the more platform fees the exchange generates, and the market is increasingly willing to treat HYPE as an exchange token with “cash flow imagination”—which is also why it managed to break away from a bunch of copycat coins.
But once the price reaches this level, more and more related discussion starts to come up:
On one side, supporters feel that Hyperliquid is no longer just a perpetual contract DEX—it’s moving toward a broader on-chain trading ecosystem. Spot, perpetuals, prediction markets, RWA assets; if all of these can keep running, HYPE’s valuation can still be argued upward.
On the other side, the skepticism is just as direct: the valuation is already expensive, the FDV has been pushed very high, and there’s still unlock pressure coming from the team and contributors. Plus, perpetual contract businesses are tightly regulated to begin with— the bigger the platform is, the less likely it is to quietly keep making money while staying in the gray area.
So the split around HYPE right now is about how long the market is willing to give it to gradually prove itself as an entry point into an on-chain financial ecosystem for a trading/exchange token.
In the short term, it’s about price; in the long term, it’s about regulation, trading volume, buybacks, and unlocks.
‍$HYPE$ASTEROID $ASTER