Market Performance - Hyperliquid consistently achieves all-time highs in key metrics, including market share among CEXs, total open interest, and total trading volumes [1] - Hyperliquid has been consolidating in the $30-$50 range, a key psychological level and 5x off lows [1] - Hyperliquid underperformed ETH in the recent TOM LEE rerating, but the industry anticipates Hyperliquid will catch up on the HYPE/ETH pair [1] - The thesis remains intact, and higher majors correlate with higher price targets for $HYPE [1] Future Growth Drivers - Implementation of HIP-3 markets outside of pure crypto perps is expected [1] - Spot trading of other markets is anticipated [1] - HypeEVM activity is spiking, coupled with improvements in TPS (transactions per second) [1] - Continued growth against CEXs is projected [1]

Key Metrics - ETH in treasuries surged by 5,829% [2] - ETH on CEXs hit the lowest level since 2016 [2] - L2s now see 5x more daily users than L1 [2]

Market Performance - Solana is outperforming centralized exchanges (CEXs) in a significant manner for the first time [1] - Industry anticipates further instances of Solana's outperformance against CEXs [1]

Solana Ecosystem - Solana 在与中心化交易所 (CEXs) 的竞争中取得积极进展 [1] - 许多用户在中心化交易所上难以操作，而 Solana 上的交易量更大 [1]

Crypto Asset Issuance Evolution - Crypto asset issuance is becoming cheaper and easier with each cycle [1] - Initially, Bitcoin mining required PCs, but now demands costly mining machines [1] - Bitcoin forks, like Ethereum and Litecoin, needed PoW machines and maintenance expertise [1] - ERC20 tokens lowered launch costs but still required smart contract knowledge [1] Token Launch Platforms - Platforms like Pump Fun enable super cheap and easy standardized token launches [2] - On-chain price discovery eliminates the need for CEX listings [2] Market Impact - Exponential token growth is observed [2] - There's a scarcity of truly attractive tokens available for purchase [2]