⚡️An amazing signal: $HYPE market cap surpasses SUI, ranking 13th in market cap——

The speed at which Hyperliquid has risen this round is truly beyond everyone's imagination. A derivatives DEX can achieve this market cap in just six months, attracting various whales to open positions, and Xiaohong continues to be bullish...

I think everything can be summarized in one trend:

The narrative is shifting from infrastructure to product, and the market is rewarding "less but better" products.

In the past few years, we have been obsessed with L1, cross-chain, modularity, and new consensus mechanisms, but the fact is—only a very small number of people truly care about your underlying structure.

What can really break the market now is whether you can produce a product that truly has users, makes real money, and can attract on-chain capital flow.

Not just Hyperliquid, this is also the cyclical law of the entire industry:

Phase 1, infrastructure explosion: public chains, L2, modularity, consensus innovation, everyone is competing, a hundred flowers bloom.

Phase 2, application layer breakthrough: which applications can truly make good use of these infrastructures, find entry points, and achieve scale effects, who becomes the core of the next narrative.

From DeFi, RWA, SocialFi, to AI×Crypto, derivatives DEX, the future narrative focus may no longer be on the TPS of the chain and the compatibility of L1, but rather:

Who can build a financial machine that funds, users, and strategies cannot do without.

There is no need to say "we can accommodate the entire ecosystem"; you just need to prove: in a single scenario, I am stronger than anyone else.

I think this is a structural shift that the #Crypto industry will inevitably undergo——

When the underlying track is oversaturated, and the infrastructure is saturated, the market's focus will shift from "who can carry more ecosystems and distribute more subsidies" to "who can directly create perceivable value."

So now, when looking at projects, you cannot only consider the narrative; you need to look at what kind of financial machine the market needs——

1. Funds need more efficient liquidity matching and risk management;

2. Users need usable products with lower thresholds and higher security;

3. Strategies need stronger combinability and a more predictable game environment.

You must learn to apply the idea and formula of capital density + clear scenarios to find financial machines like Hyper.

Understanding this logic will help you understand why Xiaohong has been shouting about Hyper and Pendle this round.