What made $HYPE a success? If I had to answer in one line it would be, @HyperliquidX built something diferent in DeFi. Here’s a detailed explanation (in 7 points)👇 1/ While most projects (including derivative exchanges) use existing chains, they created their own L1 specifically for trading. 2/ Hyperliquid processes everything (order matching, clearing, liquidations) directly on their own chain using HyperBFT consensus 3/ This eliminated common DeFi trading problems like slow execution, MEV extraction & dependency on external infra 4/ Most importantly, people actually trade here daily ✅ $14B mcap (334M of 1B total circulating) ✅ $540M TVL ✅ $400M+ avg daily DEX volume, ✅ Leading perDEX (10B avg perps volume daily) by open interest (15.1%) 5/ $HYPE tokens get weekly revenue distributions from platform fees when staked. The revenue sharing is live (Token utility connects directly to protocol success) 6/ No major technical incidents since launch (Custom consensus algorithm handles financial workloads better than general purpose chains) 7/ Competes with dYdX, GMX, Aevo but owns the entire stack. While others depend on Ethereum, Arbitrum etc, Hyperliquid controls their destiny @HyperliquidX isn't riding narratives. They built working infra, have real revenue & users who trade billions monthly. Whether $HYPE is overvalued short term is debatable. Longterm, specialized chains for specific use cases make sense as DeFi matures.