hyperliquid just restructured its entire revenue model. circle deploys $5b USDC treasury, 90% of yield flows to HYPE buybacks. that's ~$180m/year in structural buy pressure before counting $150m in trading revenue. circle and coinbase each staked $20m as validators. they sunset USDH to make it happen. traded ecosystem sovereignty for $330m combined annual revenue at a 31x P/S. dydx, gmx, vertex have no path to replicating this. the perps war just became a two-tier market and the second tier doesn't have reg ...