Is the imitation season coming?

Arthur Hayes believes that the imitation season is approaching.

Is the imitation season already here? Arthur Hayes names HYPE, which has surged by 50%.

https://chainalert.me/view/research/b1f9c7

Of course, Hays may be promoting HYPE, as there are currently many decentralized derivatives protocols and numerous projects:

Ranking of decentralized derivatives protocols

https://chainalert.me/data/dd

Similar protocols, such as Ethereal.

The founder of Ethena praised Hyperliquid's model, which led to the launch of the Ethereal protocol, meaning this will be a competing protocol to Hyperliquid.

There are too many similar protocols, and in the end, only one will emerge as the leader. I believe it is very likely that Ethereal will be the leading player among these protocols. After all, it has the support of Ethena and currently has a TVL of $1.1 billion, all in USDe stablecoins.

Of course, last year's biggest airdrop was HYPE, but at that time, HYPE did not have VC backing, so I was hesitant to participate.

Ethereal is a project of Ethena, and Ethereal itself has no VC investment. It seems that Ethereal could be the next HYPE. Therefore, participation can be considered.

Ethereal airdrop:

Ethereal: https://bly.one/ethereal

Ethereal is a two-in-one deal; this protocol has Ethena's points, which can earn ENA, providing a safety net. It is also possible to take a chance on Ethereal's breakout.