TechFlow, September 26 — Du Jun, co-founder of ABCDE, posted on X saying: "Recently discussed HYPE with several old friends. The general consensus is that the buyback model can't support a 450 billion FDV, as risks and returns are misaligned. Simply put, even if Hyperliquid surpasses BNB, the theoretical return is only 3x. Meanwhile, competition in the Perps DEX sector is intensifying, surrounded by strong players eyeing opportunities. More critically, Hyperliquid hasn't yet faced the test of 'major regulatory compliance plus security incidents.' If it hits a mine, the downside could be substantial."
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