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Why was HYPE able to emerge from a bull market during a bear market? I think the reason is simple: its business model is completely different from most DeFi platforms. Most DeFi projects earn TVL; income increases when bull market funds come in, but income shrinks when money goes out during bear markets. HYPE is more like an exchange. Whether the market rises or falls, as long as someone trades, it continuously charges fees, so it earns from trading activity, not the price itself. More importantly, HYPE has formed a complete value closed loop: real fee income → buyback HYPE → token burning. In other words, the more active the transactions, the higher the protocol revenue, the greater the buyback and burn efforts, and the less circulating supply actually is. Moreover, it does not have the same unlocking selling pressure as traditional VC projects, so more and more traders are coming to Hyperliquid due to liquidity, which in turn attracts more traders, and network effects are beginning to form. Therefore, I believe HYPE's recent rally is not purely driven by sentiment, but rather that the market is beginning to see it as a company that can truly make money and continuously buy back its own shares (tokens). The biggest future highlight isn't whether it can surpass other DeFi brands, but whether it can continue to capture market share from centralized exchanges like Binance, Bybit, and OKX. If it really succeeds, HYPE's ceiling could be much higher than many people imagine now $HYPE