Hey, Bankless Nation's special episode for you today. It's something that I've wanted to dig into

for some time. What is the bulk case for hype? Hype, of course, is the hyper liquid token. This is the

Perps Exchange that is taking all of crypto by storm. They also have an EVM chain. The question on

my mind is, is it too late to buy? Should I buy hype now? Or is it

overvalued? Uh, that's the question. Overvalued or undervalued at current price. And what is

this project? And also, what are the risks? As a user, what sort of property rights do I have?

And is hyper liquid a threat to other layer ones? Something like Ethereum or the L2s or Solana?

We get into all that and more with our guest Michael Nato from the Defi report.

Before we get in, want to shout out our friends and sponsors over at Sanctom.

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They partnered with Blockworks. I don't know if you've seen this. They have token transparency

reports. They have a native token called Cloud, and they became one of only two companies

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Token Transparency Framework, and of course, token transparency, something that is essential

for investors moving forward in crypto. To give their stakeholders a deeper look at their

progress, they've just published a quarterly report. This might be a crypto-native quarterly report, the kind that you'd see out of TradFi. And we'll include a link to that in the show notes. This is a comprehensive report that gives you a clear picture of what they're up to and their business drivers. So if you're serious about due diligence, go check out Sanctum, go check out that token report.

You can't miss it. There's a link in the show notes. All right, guys, we're talking about hype today. We've got Michael from the Defi Report. And you wrote this memo over the weekend that I had a chance to read. Actually, it was published on Friday. And I've read it this weekend. The Hyper Liquid memo is the hype warranted. And I think we got to start here with the objective

truth, which is hype is minting and printing a lot of money right now. These revenue charts

look incredible. What are we seeing on the hype revenue side from like daily fees perspective?

Yeah, printing, printing money, I think is the story here. And it was something

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