Hana's founder said something that I have watched and thought about repeatedly. He said we are at a watershed moment before a TGE project, whether to go on a CEX and pay 5-10% of tokens as an entry ticket, or to go directly to Hyperliquid, without approval and without being squeezed for value? I understand this statement not as an emotion, but as a directional judgment! In the past, everyone rushed to Binance because: Listing had heat, had price increases, could pair with contracts and then go to spot trading, heating up the market and making the entire platform revolve around a speculative atmosphere; But what happened to Binance now? New coins drop immediately upon listing, contracts have become tools or fuel for high-position dumping, causing real users to start flowing elsewhere～ Hyperliquid offers a new route: ※ Tokens are truly left to the market to determine price & rhythm ※ No centralized approval is needed, projects can go live directly ※ Project parties do not need to sacrifice total token amounts to exchanges ※ No market-making to eat the price difference, and no pressure from locked tokens Now, more and more projects are directly skipping Binance, going straight to HL Spot and contracts; this is no longer an isolated case, but a trend! This actually explains Hana's approach: Not relying on exchanges, not pre-heating huge amounts for listing, not creating complicated structures, but directly placing all core interactions on-chain, with every step recorded on-chain, and returns happening on-chain! The consideration for going live on Kaito was also for this reason! The true first principle of on-chain: From this wave of transition, from Binance's centralized traffic, to HL's on-chain free orders! This will not just be a change in trading venues, but a complete shift of the trust center! If you are also observing the market, you might want to remember this: Not all projects are willing to be forced to sacrifice 10% for the opportunity to have a logo appear on the exchange table. Some builders have already seen that the on-chain is the main stage of the future, and Hana is one of them! Here’s a key point: if that 5-10% were given to Kaito or community contributors, wouldn’t that be more appealing?