This "HIP-3 is just another feature upgrade" cope from perpetual traders missing the actual trade is the dumbest narrative I've heard since "ethereum killers". Forget the DEX volume for a second. Every 32 hours someone deposits 1m HYPE forever to create any market they want. Gone. That's 282m tokens yearly locked, 84% of circulating supply if filled. Market creators earn 50% of all fees generated. The math here is brutal and non-negotiable. If you think whales depositing $44m aren't already calculating breakeven at 3-6 months from fee splits, you're blind. SONN has $888m specifically for this. The coordination is happening now. These days you can create OpenAI perps before the IPO, trade pre-launch tokens at 3x leverage, run treasury futures at 100x. SEDA feeds 11m data points making any asset tradeable, regulatory approval becomes irrelevant when mark prices exist for everything imaginable. Your favorite fund accumulating HYPE knows exactly what permanent fee ownership means because they're calculating the same $140m daily buyback pressure I am. Maybe you don't see auctions starting August 4, or maybe you just don't care, but you can't name another protocol removing 84% of supply through revenue generation. Dutch auctions aren't new. Same extraction dynamics you see in spectrum sales but with perpetual income attached. Anyone telling you this is incremental while stacking millions is either positioning against you or doesn't understand compounding. All major funds are moving. "Just a DEX" is cope for late entrants. Don't trust the accumulation patterns. Doubt the math if you want. Position accordingly. Love you all.