The article presents a cautiously optimistic assessment of Hyperliquid’s prospects, framed as a deliberate, measured strategy rather than a speculative bet. Hayes’ insistence on using trading volume and open interest as the primary indicator of genuine market demand is a classic “steelman” maneuver – he’s presenting the most compelling version of his belief, carefully constructing a narrative that minimizes perceived weaknesses. The recurring pattern here is the intentional contrast with competi...