HYPE rose 40% but protocol revenue fell 34%, trading at 81x price-to-sales vs dydx's 12x. On April 15th, 22 million tokens worth $660 million unlock, with HLP yield halving from 127% to 64%.
Bittensor dilutes $391 million TAO monthly, while subnets generate only $62 million annual revenue. A 75:1 dilution ratio, though subnet tokens could be an asymmetric opportunity. The market always works this way—the strongest gainers often have the weakest fundamentals.
HYPE rose 40% but protocol revenue fell 34%, trading at 81x price-to-sales vs dydx's 12x. On April 15th, 22 million tokens worth $660 million unlock, with HLP yield halving from 127% to 64%.
Bittensor dilutes $391 million TAO monthly, while subnets generate only $62 million annual revenue. A 75:1 dilution ratio, though subnet tokens could be an asymmetric opportunity.
The market always works this way—the strongest gainers often have the weakest fundamentals.