I think we need to start drawing distinct lines between pure-play chains and what Hyperliquid will undoubtedly popularize (chains w/ enshrined apps).
The market will catch up to tx fee-only infra being overvalued with hard data and revenue-linked-tokens becoming standard.
1/ Either HYPE is still cheap, or most L1s are overvalued.
Hyperliquid is the leading chain by revenue, generating $28M weekly over the last two weeks and nearly $100M in the past 30 days.
Moreover, the data shows Hyperliquid is capturing significant market share from CEXs. 🧵
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