The first (not #1) DEX on HyperEVM governance token now has a market cap of 3M USD. This might as well be zero. You're probably wondeirng: "wtf does that mean for my hyperevm farms?" It's very simple - its been almost 5 years and everyone kind of knows how these things go. This cycle: JTO x solana CLOUD x solana JUP x solana Last cycle: aave/ethlend x eth uni x eth maker x eth Project alts x native coin = on a long enough timeframe, the native coin always wins. It used to be longer, but now its all a bit more compressed. HyperEVM is home to the most bandit of all the bandits. The biggest rapists to ever grace the blockchain. And IQ on HyperEVM tends to be on the higher side (arguably at least 80+ IQ) compared to other chains. No one wants to buy a non-aligned (zero revshare/buyback) governance token going into 2026. Promises aren't enough. Moat + Credibility is what is needed - and so far very few teams are displaying that. Hence the price action.