Hyperliquid is pretty interesting, to be honest. In this bear market, while a bunch of coins are lying flat, it’s still hitting new highs—not just relying on hype or narratives to hold up, but because people are actually playing hard with perpetuals on the platform. The trading volume, depth, and funding rates are all solid, and the revenue can be converted into buybacks. Projects like this, where real money is flowing in, naturally hold up better in weak markets. Now Trump directly called out Selig for pushing Hyperliquid toward U.S. compliance, which is a pretty strong signal. Previously, U.S. users basically couldn’t access it, but now the team is seriously discussing “how to bring it in compliantly,” which is essentially opening a big door for them. If they can actually get U.S. institutions and big money officially involved, liquidity will level up again—and that’s way more meaningful than just a price pump. Of course, don’t get too carried away. Regulatory implementation won’t happen as fast as slogans, and there will definitely be back-and-forth, restrictions, and increasing competition. If Coinbase and other major players fully commit to on-chain perpetuals, Hyperliquid’s market share will definitely take a hit. Plus, there’s the issue of token unlocks, so volatility will remain high. My personal take: it’s already proven it’s not just another vaporware project—the product strength is there. Now, with the added narrative of U.S. compliance, I think it’s more reliable in the mid-to-long term compared to a bunch of projects purely driven by hype. It has real demand, real revenue, and now the policy winds are blowing in a favorable direction. The future potential of the HYPE platform is clear!