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IMO, it comes down to a combination of two things: 1️⃣ Hyperliquid + $HYPE are simply too strong. They dominate the chain and make it difficult for competing projects to gain meaningful traction. There’s also limited “wealth effect” from $HYPE appreciating because whales aren’t necessarily rotating those gains into other degen assets on the same chain. 2️⃣ The chain itself may not be performant enough. If the underlying infrastructure can’t keep up with demand, it becomes much harder for the broader ecosystem to scale and compete. Basically: $HYPE E captures too much of the value, while the chain may not be delivering enough performance to spread that value across the ecosystem. #PayrollsDropCPIFocus #AIMemoryStressTest