Recently, I chatted with a few old friends about HYPE, and the general consensus is that the buyback model cannot support a 45 billion FDV; the risks and rewards are not balanced.
In simple terms, even if hyperliquid surpasses BNB, the theoretical return is only about 3 times; however, the competition in the Perps DEX space is fierce, with strong players lurking and watching closely.
More critically, hyperliquid has not yet undergone the test of a "large-scale compliance + security incident"; if it hits a landmine, the downward channel could be very significant.
To add, my personal BNB and HYPE positions are almost the same.
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