Hyperliquid has now entered the stablecoin wars. We have multiple proposals from Paxos and Agora seeking to provide institutional-grade infrastructure and Genius Act compliance, sharing 95% and 100% of the revenue generated from USDH back to the assistance fund respectively. The amount of deposited USDC eclipses $5Bn, and I do not expect this to slow down as Hyperliquid scales to offer more markets on-chain via HIP-3 Dutch auctions, making traditional markets like indices, commodities, and equities available to on-chain users. The DEX will soon direct 99% of all protocol revenue to buybacks, and now 95-100% of the revenue generated from USDH will be directed to buybacks of HYPE. Why is Hyperliquid dominating the world of on-chain finance? Because the team does not suffer from token/equity value bifurcation. The cash flows directed to the token attract die-hard holders, institutional interests via DATs, and a whole new wave of builders fighting to make the ecosystem better. Simply put, everyone wants to trade where the flows are, and those flows have the best liquidity and value accrual flywheel in the world. Yes, in the world. There is simply no other company doing this in crypto or outside of crypto. I hope this bullish post is sufficient. Hyperliquid $HYPE