This does illustrate some issues with the "FUD" of @ HyperliquidX HIP-3, but I saw in the comment section that the goal of around 30% APY is a joke against Luna level. Not to mention, it hit the nail on the head with this sentence: In terms of economic accounts, according to @ lordjorx's analysis, it does make sense. If you want to deploy a HIP-3 marketplace, you need to pledge 500K HYPE, with a 7-day unstaking lock up period and potential slashing penalty risks. This means that only with a daily trading volume in the range of 90m-270m and relying on transaction fees can you outperform the native collateral APY by 2.2%. This figure is clear, but looking at the economic model, the HIP3 mechanism is very unfriendly to deployers, and small and medium-sized projects find it difficult to withstand pressure; But the problem is that the logic of this analysis framework is wrong. In my opinion, HIP-3 is currently just an ecological expansion strategy for Hyperliquid, which is generally consistent with the logic of OP Stack and Arbitrarum Orbit. The goal is to tell the B-side story of the current HYPE deflation expectation based on the market's future incremental expectations. For example, rapidly expanding some equity positions such as Perp (pre IPO), RWA, gold reserve futures, bond forex, forecasting markets, and even CS jewelry derivative markets are all long tail assets aimed at the future. The focus is on the scale effect of the overall market stacking in the future to open up the imagination space of the ecosystem. In other words, the HIP-3 protocol of Hyperliquid does not require every market to make money, let alone earning 20-30% APY. It may only involve staking up to 500k and repurchasing HYPE with a 50% handling fee. As long as there is a continuous establishment of sub markets and the overall trading volume of HIP-3 market continues to expand, it is enough. This is completely different from Luna's thinking logic when Anchor's UST seigniorage subsidy for APY was 20%. Luna is a stock game, while HIP-3 is an incremental expectation, that's all.