Recently, I've been observing the performance of the HYPE project, and it's quite interesting. The team insists that they haven't taken the fundraising route, but instead have made waves in the market—reaching a 24-hour trading volume of over 30 billion USD, which is indeed impressive.

This reflects a phenomenon: in today's market competition, the amount of fundraising is not the only key to victory. Technical robustness, product usability, and community consensus are the true differentiators. Some projects spend a lot of money but fail to deliver results, while others achieve remarkable data metrics by minimizing costs.

Compared to competitors like ASTER, the two sides are taking very different approaches. One opts for light fundraising and focuses on product iteration, while the other may still be exploring the optimal path to commercialization. Regardless, this diversity in market competition is actually quite healthy—it indicates that the crypto market no longer solely values fundraising rounds and institutional backing, but also emphasizes real on-chain data and user recognition.

The takeaway for future entrants is: technology and operational efficiency are indeed becoming new barriers to competition.