top volume on @coinbase today and only one of them is an application. 👀✍️ the chain/protocol layer to application layer value transfer is happening in realtime. traditionally, crypto investors have sought to bet on the "next Ethereum or Solana" infra offering thinking that innovation would repeat the value curve of the first L1s. but instead of real user adoption on many of the competing L1s, the chain play itself became gamed. low float price manipulation, "million testnet users", and prioritizing CEX-listing became the norm. investors wised up to this fast and rejected vapor VC exits like $TIA, $EIGEN, $MOVE, $IP. and now we see where real demand lies: 🎯 the actual products that users use daily ^this would be common sense to literally anyone not inside the crypto sphere of influence but its actually a rare thesis in the crypto industry. "growth" in our industry has been so manufactured to the point where many of the best builders ended up building elsewhere because they saw what crazy shit kept being rewarded (by the market). thankfully, we got Hyperliquid just in time. we all witnessed how Hyperliquid left many VCs without clothes, unable to invest in the most popular application that every perp trader uses. Even Paradigm had to buy the token in size post-TGE. as the volume and accumulation today suggests, smart money will not make that mistake again and smart money may actually be getting smarter in this next phase of the market. invest in the applications you use every day. its that simple.