Hyperliquid is still, in my opinion, one of the clearest examples in Crypto where business data and token value capture are closely connected. Current L1 data: TVL is about $1.595 billion, stablecoins at $6.794 billion, 7-day change: +10.03%; DEX volume is around $511 million/day, weekly change: +377%; Perp volume is about $12.4 billion/day, $82.47 billion over the past 7 days, +154%; Application fees are approximately $6.81 million/day, with application revenue around $3.62 million/day; More importantly, AQAv2 has transitioned from being a "future catalyst" to generating real cash flow. Hyperliquid's official announcement states: Starting from August 26, USDC reserve earnings will begin to accrue. Stablecoin deployers will share approximately 90% of the adjusted reserve earnings with the Hyperliquid protocol. The cycle is 30 days, with funds transferred to the Assistance Fund after 8 days. The first actual funds are expected to arrive on October 3. Currently, the USDC scale on Hyperliquid is close to $6.8 billion.