Starting with the halo of Binance Futures' founding team, it now faces retreat amid roadmap delays, a co-founder's silence, and pressure from competitors.

Entering now with a one-sided position means guaranteed losses, and it could take 590 days to break even.

Liquidation means real losses; recovering capital depends on platform dividends and future token prices.

A fixed 250,000 points are distributed weekly, and Season 1 will end no later than the end of June next year.

Is Now the Time to Buy the Dip?

细节里的微创新，往往决定成败。

Where is the Next Lighter?

By encoding trading rules directly into circuits, Lighter has carved out a different path from other perp DEXs.

Bull market is here, and positive news keeps coming. It could bring an additional $150 million to $200 million in annual buyback funds to Hyperliquid.

The HyperEVM hype feels more like an ecosystem revaluation driven by HYPE's new highs. Whether it can upgrade into a true HyperEVM Season remains to be seen—depending on user retention after Meme hype attracts users, and whether a series of practical projects can convert into real users and actual revenue.

Is Hyperliquid's PumpFun coming?

This is Hyperliquid's closest moment to becoming a "U.S.-compliant on-chain Perp DEX," personally highlighted by Trump.

The AQAv2 stablecoin reserve revenue sharing is expected to generate approximately $200 million annually for HYPE buybacks.

Institutions have come to view HYPE as the next opportunity at the level of ETH.