HYPE has been one of the best-performing crypto assets in the current bear market while several fundamentals still reflect bear market conditions. The numbers are mixed: >User fees: down 19% y/y >Buyback yield: 1.17%, down from a peak of 4.1% >HyperEVM active addresses: down 23% y/y But strength is emerging across: >HIP-3 volume: up 30% q/q, now 49% of core DEX volume >HyperEVM stablecoin supply: up 227% q/q >Open interest: up 34% over the last 90 days >Token economics: net issuance of -145.4K HYPE, with no VC unlocks Is the market pricing @HyperliquidX 's perps business today or the infrastructure layer it's trying to become? Today, we shared our Hyperliquid Q2 Ecosystem Update, covering the data behind hyperliquid:native 's fundamentals, valuation, token economics, HyperEVM growth, and the key risks investors should be watching. If you'd like to access the (free) report, see the link below 👇