Steep

Alpha: some of the largest liquid funds in the world still cannot buy $HYPE. This is likely to change soon. (1) Most of the major fund custodians such as Fireblocks have yet to integrate Hyperliquid into their product suite (2) $HYPE is still not spot-listed on any major CEX, which is where large funds conduct 90%+ of their flow These restrictions are not by choice. They are compliance measures; and fund mandates require strict enforcement of these rules HyperEVM should change both of these as EVM will be a familiar interface for Fireblocks, making it simple for them to add in. Further, EVM will mean $HYPE token will now be able to live outside of Hyperliquid. This will make exchange listings much more likely. Up until now, the only way for an exchange to spot-list $HYPE was to create a Hyperliquid account themselves and mirror 1:1 deposits, which is a bit out of the norm. There is the debate of whether T1 CEX's will avoid listing $HYPE because it is a competitor; which, in my opinion, this is the finest form of flattery. If this proves true -- that these exchanges are THAT scared of Hyperliquid -- then the CEX listing will end up being the least of their worries. It will also mean that funds will find a way to trade on Hyperliquid, which is an inevitable future anyway I believe spot listings will be a domino effect. Once one major CEX lists spot $HYPE, the rest will follow. They won't want to miss out on the trading fees, nor will they want to be the one exchange that isn't listing the hot new token TLDR; access to flows and liquidity is a real thing and there have still been hamstrings in place to reach the largest players in the space. It is incredible how far we have come without them, but the future influx that we will see should not be ignored and may have a larger impact than people realize. I also expect HLP to grow substantially as a result, which has its own 2nd order effects (see my pinned post) Rome wasn't built in a day Hyperliquid