HYPE surged 40% but protocol revenue dropped 34%, trading at 81x price-to-sales vs dydx's 12x. On April 15th, 22 million tokens worth $660 million unlock, with HLP yield cut in half from 127% to 64%.



Bittensor dilutes $391 million TAO monthly, while subnet annual revenue is only $62 million. A 75:1 dilution ratio, yet subnet tokens could be asymmetric opportunities.

The market always works this way—the strongest gainers often have the weakest fundamentals.
HYPE2.66%
DYDX7.66%
TAO15.94%
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