Good afternoon $HYPE is hyped up, what does Kraken listing really mean?

In the past couple of days, $HYPE has been rising a bit crazily 🤣

But I think the Kraken listing of $HYPE is less about driving traffic to the token,

but more about recognizing @HyperliquidX's infrastructure, especially HIP-3.

Here are a few points I care about:

- HIP-3 has already generated real trading volume, with silver perpetual contracts nearing $1 billion in daily transactions, it's not a conceptual test, it's in use.

- The value return mechanism is a closed loop

· 97% of transaction fees are used for buybacks

· New market listings require staking 500,000 $HYPE

· Fees paid with $HYPE are directly burned, with ~$44 million having been bought back in the past 30 days.

Many people think, "This is unlocking coins that have nearly been sold out, another round of coin listing market,"

But I think that's incomplete. What CEX is starting to recognize is the processing capability of “on-chain derivatives + synthetic goods,” not just a token that rises quickly.

My view is simple:

- The listing itself is not the end; the value of HIP-3 has not yet been realized;

- The on-chain transformation of product trading is the main line;

- If there is a pullback, below $30 would be more comfortable;

- The target range is whether the volume of $38–44 can hold;

The real risk still is: the overall crypto market is too weak right now 😮‍💨, how long can it last? We still need to look at it over a longer time frame, maybe check back in a few years? 🤣

Holding positions, just recording thoughts, not advice.