Here's my take: Hyperliquid could give huge drop Why do I think so? - Exceptional app quality. Its UX is comparable to CEX, and it's evidently popular among crypto enthusiasts - Swift listings of trending tokens, gaining an edge over the slower CEX - Ranked top 4 for on-chain perpetuals volume, outpacing GMX and closely trailing DYDX - The growing trend of on-chain trading and diminishing market share of CEX šŸ‘‰ (4% rebate) If Hyperliquid's TGE valuation matches GMX, with a total cap of $500M and a potential 10% drop, then we can expect $50M drop