⚡ Fortune recently reported on @ HyperliquidX, with one article on August 21st and another on August 24th. The pace is a bit strange! Fortune even quoted Bitwise researchers as saying that if Hyperliquid and perpetual contracts weren't so popular, some funds might have gone straight to buy BTC. So, why has Hyperliquid suddenly become the focus of the entire audience now? I think at least four changes have occurred simultaneously: 1) Hyperliquid has crossed the most difficult hurdle of DeFi: having real transaction volume without issuing coin subsidies. 21Shares just calculated that the transaction volume of Hyperliquid in the first half of this year was about 1.29 trillion US dollars, with daily users nearly doubling year-on-year. In May of this year, the perpetual trading volume of Hyperliquid was equivalent to 6.63% of the perpetual trading volume of all centralized exchanges worldwide. A blockchain protocol that has only been in existence for 2 years, without Coinbase US license or Robinhood user entrance, has already achieved 15% of Binance's perpetual trading volume, which is enough to attract the attention of Wall Street. 2) I think what really scared Wall Street was HIP-3. Starting this year, gold, silver, crude oil, US stocks, and indices will all be deployed in the Hyperliquid perpetual market. By July, HIP-3 had grown from approximately 2% of Hyperliquid's perpetual trading volume at the beginning of the year to nearly 50%. In theory, interest rates, foreign exchange, indices, and events can all be priced here 24/7. Hyperliquid is currently competing for the food of four groups of people: CEX users, US crypto users, active retail investors, and traditional stock index users. 3) Then the most crucial piece of the puzzle came: US regulators suddenly began to open the door to perpetual contracts. That's why I believe 2026 will be the year when the properties of Hyperliquid undergo changes. The CFTC's official statement: The CFTC aims to bring the world's most liquid cryptocurrency derivatives market into the US regulatory system. On August 19th, Trump publicly stated at the White House: I understand that Mike is also working hard to bring Hyperliquid to the United States in a fully compliant and legal manner. ” Why is it Hyperliquid instead of 'bringing DeFi back'? The signal is a bit intriguing! 4) HYPE itself happens to have a rare cash flow in the cryptocurrency circle - Token closed loop, which is the strongest trump card. According to DeFiLlama's statistical caliber, the vast majority (over 90%) of Hyperliquid protocol fees will flow to the foundation to buy Hyperliquid: native, which is why it is easy to win the favor of cryptocurrency native funds. Especially after experiencing the previous round of high FDV/low liquidity/VC dumping in the cryptocurrency industry, seeing this structure is almost like suddenly encountering a normal person after being hurt by an ex. So what Wall Street is seeing now is: A trading platform that already has products, cash flow, tokens, listed company carriers, ETFs, policy organizations, and is personally named by the President to prepare for legalization. However, to be rational, there is also a very interesting paradox here: The more the US regulatory authorities accept Hyperliquid, the more favorable it will be for Hyperliquid; But the deeper the regulation of Hyperliquid in the United States, many of its original advantages may also be weakened. I don't plan to sell in the short term. Observe, wait, experiment!