Публикация

Arthur Hayes on Hyperliquid: Arthur Hayes says Hyperliquid’s fee driven HYPE buyback model could face pressure as TradFi exchanges and major crypto venues move deeper into the perp market. That is a serious point. Hyperliquid’s strength has been real trading activity, strong perp volume, and fees feeding value back into the HYPE model. But if bigger venues enter the same market aggressively, the question becomes whether Hyperliquid can defend its flow. For me, this is not about saying Hyperliquid is weak. It is about understanding where the risk sits. A buyback model depends on fees. Fees depend on volume. Volume depends on traders choosing that venue over alternatives. So the real battle is not only tokenomics. It is execution quality, liquidity depth, user trust, and whether traders keep coming back when competition gets stronger. HYPE still has one of the clearest product-linked narratives in crypto. But the market will start judging whether that narrative can survive a more crowded perp war. $HYPE #HayesShillAndDump #KOSPICircuitBreaker #TrumpIsraelRestraint