According to Milk Road, the examination of $HYPE involves a detailed analysis of HyperliquidX's team, product, competitive moat, total addressable market (TAM), tokenomics, community engagement, and valuations. This comprehensive evaluation is essential for traders considering whether to incorporate $HYPE into their portfolios, as it provides insights into the project's long-term viability and potential market impact.

According to @milesdeutscher, HyperliquidX has significantly captured market share from major centralized exchanges like OKX and Bybit, achieving over 20% of their volumes. Notably, this growth surged after the conclusion of their $HYPE incentive program, indicating sustainable user engagement and trading volume increases without relying on promotional incentives.