Silver

Since the original $MET thesis: • $10M USDC buyback announced at Met Dhabi (2.3% total $MET supply acquired in Q4) • Introduction of Comet Points, linking staking with product usage • Bags.fm breakout, routing launchpad activity through Meteora’s DBC

Full thesis: bidclub.io/posts/cmkilh8d… @bidclubio

Market response is beginning to reflect fundamentals. $MET is up ~30% as participants connect Bags.fm growth, Meteora’s fee capture, and the activation of buybacks. Meteora remains well positioned as capital rotates back into infrastructure.

Since the original $MET thesis: • $10M USDC buyback announced at Met Dhabi (2.3% total $MET supply acquired in Q4) • Introduction of Comet Points, linking staking with product usage • Bags.fm breakout, routing launchpad activity through Meteora’s DBC

@watchingmarkets @0xSoju @supercontraa @GLC_Research @JayLovesPotato @alphawifhat @gumsays @avotoast @0x_CryptoAu

Full memo on $MET covers: - Investment thesis & Catalyst - Detailed comp analysis - Buyback scenario modeling - Risk framework & invalidation open.substack.com/pub/mosyclub/p…

1/ LONG $MET Fundamental mispricing in Solana DEX infrastructure: ⭐Generates higher revenue ($50M-$100M+ per year) than primary comp ($RAY) yet trades at ~50% FDV discount ⭐Two binary catalysts Quick take on the setup 👇

@JoshuaDeuk @thedefivillain @game_for_one @blknoiz06 @andyyy @waleswoosh @Defilgnas

Like the strength of $MET. It is a good time to be a $MET bull.

@GLC_Research Well said. The moat of hyepeliquid is irreplaceable

Few thoughts on why I still feel $HYPE is positioned to remain the leader, even as competition increases. Careful, only bullish points ahead: • Everyone is copying Hyperliquid. There are innovators and there are copycats. Competition is healthy, but it also reveals who is setting the pace and that’s the Hyperliquid team. • Higher profit margins, no VC pressure. Competitors had to raise capital, and VCs eventually need exits. Hyperliquid’s team is building toward their mission with zero external pressure or conflicts of interest. • Hyperliquid has far more resources. • Most competitors rely on points campaigns and haven’t TGE’d yet. This boosts short-term volume, as seen in Volume/OI ratios. Hyperliquid has the healthiest ratio. We still don’t know what competitor volume will look like after TGE. • Airdrops won’t match what $HYPE did. Hyperliquid created a level of community alignment that competitors simply can’t replicate, no matter how hard they try. • Hyperliquid is officially a team of 11 and soon 14, but in reality thousands are building on top. And it costs HL zero marginal cost. Competitors must spend heavily; Hyperliquid gets organic growth for free. This is what you get when you innovate and when you're not just a DEX as many still think. • The 0-fee game doesn't feel sustainable but we'll see. HL can compress fees if they choose (as they did with equity perps) and put pressure on competitors even if it had to hurt $HYPE price. They have far more ressources. • If after TGE competitors still manage to take market share from Hyperliquid, let’s not forget they still have billions left for an S3. If they choose to, they can out-incentivize every competitor in the market. • HL is ahead of everyone. Many competitors simply copy-paste what HL does. It's the same when it comes to equity perps, they’re already well ahead, Shoku and his team are executing at an incredible pace. • Hyperliquid isn’t just a perp DEX: USDH, EVM, HIP-3, builder codes, etc. These may seem small to some, but USDH alone could bring hundreds of millions in revenue and allow HL to reduce fees even more. Builder codes are already generating billions in volume at zero marginal cost, improving accessibility and creating a liquidity flywheel. Now you see every competitor trying to replicate this. • DATs bring @HyperliquidX to the US financial system. It increases distribution, awareness, and credibility as it is backed by legends like @rediamondjr and @dschamis publicly discussing $HYPE on mainstream finance media. • 99% buybacks. Almost no company in crypto can do this. It drives staking to reduce fees, aligns incentives, supports the token, and creates one of the cleanest P/E setups for a hyper-growth company. Triple digit growth for below 10 P/E... • Even if fees and volume dip in the short term because of competition, the long-term trend for perps remains extremely bullish. And just because a company slows down slightly after a year of triple-digit growth doesn’t mean it should trade at such a low P/E. • Competitors spread FUD; Hyperliquid just builds. CEXs and DEXs alike have tried to attack HL, while HL never talks about competitors and keeps shipping. Could add many more points, but you get the idea. It will take a lot to truly challenge Hyperliquid’s moat. It’s possible, of course but we shouldn’t forget who the current leader is. Competitors are under more pressure right now imo. They’ll need to execute their TGE flawlessly, or a lot of traders may quickly rotate back to Hyperliquid. If you want to learn more, check out the @HyperliquidR website. Hyperliquid.