$4M in cash flow on a Sunday during the summer. Do you have any idea what these fees will start to look like a year or two from now? Volatile days during bull markets will be $10-20M There are so few people in this world who actually understand how to value $HYPE. Most try to apply mature-company multiples to current cash flow, instead of looking at what the future might hold. Hyperliquid is one of the fastest growing companies to ever exist, you don't slap a 10-20x multiple on run rate cash flow, I don't care how "mature" you might think it is. Believe it or not, these are the early stages and we continue to see massive growth, with no signs of slowing down Furthermore, most people are still looking at FDV which is wrong for a number of reasons. And I'm not just talking about the 40% allocated to community / staking rewards (which is a massive amount to be wrong on). Team supply is a fairly large chunk and people want to act as if this should be fully included in valuation. Just so you know, public companies issue a significant amount of stock every single quarter as SBC / RSUs, minting new supply, as much as they basically want, yet these ongoing issuances are not included in fully diluted share count (only the already-promised amount). Therefore there is continued share inflation that is unaccounted for. i.e. infinite FDV. Further, most people don't even count this into their FCF or adj. EBITDA analysis "But the tokens are unlocked over 1 year, the team will dump" -- I am sorry you are this misinformed on the team. Jeff's vision is ultra long-term and has a token that is more valuable than anything we've ever seen in crypto. I do not think these tokens will be fully issued to the current team members during the vest period, there is a specific note that this amount includes future members as well. I also do not believe team members who receive their token will FSH right away All of this said, when I get home from vacation, I'm going to build a robust cash flow model and comps. Later on I'll try to dig into other projects within the space as well, as I believe there is severe information asymmetry and proper valuation analysis in this industry. It will be good to see what else is out there, but at the end of the day, I know what I'm going to find. Perhaps it will helps others realize the disparity though Rant over. No one has enough $HYPE Hyperliquid