随着稳定币的全面推广，币安/Coinbase 等交易所应该慢慢下架 ALTs/BTC 交易兑，本身交易量也萎靡严重。随着应用 Dapp 的崛起，应降低 BTC 波动的关联性，美股也不可能用黄金来买卖股票，衡量股票价格。（虽然 BTC 的波动确实决定了很多 Dapp 的营收） 最核心的是，应用层收入在急剧增长，是时候根据项目自身的盈利情况来区别对待，走结构化行情 $HYPE $PUMP

有时候观察一些现象很有趣：一方面我们对 AI 项目（Cursor/Scale AI/Anthropic/Midjourney/Perplexity）飞速实现 ARR 1亿美金门槛 羡慕不已，另一方面反而对行业内 1亿 美金营收项目视而不见甚至妄自菲薄 诚然这里面的 ARR 有质量/持久性/市场空间的区别，但是我们可以通过压低 PE 来实现，更何况，很多时候你看待问题的视角可能是错误的 耕深入局者千万不要犯了一叶障目的错误：盯着部分污点无限放大而无视大时代的到来 $PUMP the Application Revenue

$PUMP 所在的市场空间能有多大？ 有什么研报或者参照标的么？

交易/支付/MEME 就是区块链的三大圣杯，如果你的投资业务不是围绕这些方向展开，最终可能一无是处 合约交易又是交易的皇冠（利润占比70%）-Hyperliquid $HYPE 跨境支付是支付的核心利润来源 -Plasma $XPL BTC 就是最大的 MEME，流水的其他 MEME，铁打的MEME 造兵厂- $PUMP

Bad take IMO HyperEVM is not an "undifferentiated fork". The chains purpose is corewriter - for the first time DeFi apps can directly tap into orderbook liquidity. With this, Siloed systems, e.g Market making strategies, can be automated AND democratized (anyone can deposit into MM vaults such as the HLP). @liminalmoney is a great example of this. By connecting the EVM and the exchange, anyone can passively run funding strategies - this leads to relatively risk free yield. Unlike siloed exchanges where you need to constantly rebalance, hyperevm can read your wallet state on hypercore. Think of the layers of decentralization / accessability like this (For funding rate arbitrage): 1. Binance: Any KYC Market Maker can integrate into Binance and farm funding. 2. HyperCore: Any Market Maker can integrate into Hyperliquid and Farm Funding. 3. HyperEVM: Any Maker Maker can integrate into Hyperliquid and Farm Funding. Then using HyperEVM create a protocol that allows any user to deposit into that strategy. Then you can create a stablecoin backed by these funding positions, that automatically rebalances to positions with the highest yield. This stablecoin can be composable in lending protocols like Felix and Hyperlend. You can use this stablecoin as yield bearing collateral for more spot pairs, or loop it etc etc. Step 3 -- the composability and cusomizability to build on top of the exchange is where HyperEVM is crucial. Tons of new primitives are being created: HYPE distribution via HIP-3 for Hypercore, (@kinetiq_xyz and @ValantisLabs) even protocols renting out HYPE. Many HyperEVM projects are also building directly on HyperCore -- @felixprotocol looks like its testing HIP-3 TSLA on the HIP3 testnet. Even if you think HyperEVM itself has “little purpose” (which I strongly disagree with), these projects have deep ties to HyperCore. And the farming side is extremely simple: KHYPE into a lending protocol (Felix / @hyperlendx , both Morpho/Aave-architecture) and you stacking points + yield. Stablecoin yields are already 10%+ just on the base. Position yourself for HyperEVM summer