2025-12-05 08:48:30

To be honest, I really don't understand how the HYPE project is still holding on.

A product with less than 10,000 daily active users should have died out long ago. What strikes me as the most absurd thing about this cycle is that—no matter who hypes it up, compared to already quiet projects like GMX and DYDX, HYPE hasn't really brought any substantial innovation.

The Achilles' heel of on-chain contract exchanges is actually quite obvious: the pool for new users is too shallow, there are very few and very narrow channels for acquiring users, and the conversion rate is pitifully low. DYDX and GMX failed back then, essentially because they fell at these hurdles. Now HYPE is still following the same old path, so why do they think they can survive?

The market doesn't buy into sentiment; the data speaks for itself. What should go to zero will eventually go to zero.

HYPE-7.03%

GMX-1.83%

DYDX-5.75%

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OnChainDetective

· 11h ago

Daily active users are less than 10,000 and they're still holding on? I checked the on-chain wallet cluster transfer records—there must be institutions providing liquidity behind the scenes, otherwise it would have gone to zero by now. This is exactly how GMX died back then, and now HYPE is just copying and pasting the same path...

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ChainSpy

· 13h ago

Daily active users are less than 10,000 and they're still bragging, I really can't take it anymore, haha. Forget it, not going to look anymore. It's obvious what's going on at a glance. This round of HYPE is just a bubble inflated by hype men, right?

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SatoshiHeir

· 13h ago

It should be pointed out that on-chain data indicates that HYPE’s daily active user dilemma is not a coincidence—this precisely validates the core argument I made in "The DEX Dilemma: The Endgame of Liquidity Fragmentation." The decline of GMX and DYDX is essentially an inevitable process of value consensus collapse, and HYPE is simply repeating the same script.

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SandwichTrader

· 13h ago

Oh my god, daily active users are less than 10,000 and they're still hyping it up. This thing is really unbelievable. Isn't it just GMX with a different name? Why shouldn't it go to zero?

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BloodInStreets

· 13h ago

Something with less than 10,000 daily active users, and you call that carrying the project? --- GMX and DYDX both died the same way. What makes HYPE think it can pull off a miracle comeback... --- The user acquisition pool is so shallow, and the conversion rate is abysmally low. To put it nicely, it's a problem with the model. --- Sentiment? The market stopped buying into that a long time ago. If it’s meant to go to zero, it will go to zero. --- Watching a bunch of people hype up HYPE just reminds me of the GMX fiasco back in the day... --- As for on-chain exchanges, I don't see HYPE doing anything different. --- To be honest, there’s nothing to argue about in front of the data. Either bring innovation or wait to die.

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liquidation_surfer

· 14h ago

Damn, daily active users are less than 10,000 and you still dare to brag? Isn't this just a copy of GMX? You didn't learn the essence, you only learned how to exploit retail investors.

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RamenDeFiSurvivor

· 14h ago

Daily active users are less than 10,000, and they’re still hyping this? Looks like the final frenzy of a Ponzi scheme to me. Honestly, HYPE is just a copy-paste of GMX without any innovation. Why should it survive? It's only a matter of time before it goes to zero—data doesn't lie. The most surreal thing about this cycle is that there are still people willing to buy into these kinds of projects. I just don't get it.

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