The Core contributor $HYPE allocation (about 24% of supply) is set to begin unlocking in November of this year. At current prices that's about 440 million of additional supply added to the market each month (through Oct 2027), a total of ~$10B. This is also not to mention the ~39% of supply earmarked for "Future Emissions & Community Rewards". Which, at current prices, would add ~$16.3 billion to the circulating supply. I am working on some longer form analysis but do believe it will be extremely interesting to watch how the HL team navigates what is an extremely delicate line: For the % allocated to future emissions and community rewards, they'll have to balance following through w/ another iteration of points/airdrops while weighing the potential implications on the price of $HYPE and existing holders. This is also not to mention potentially cashing out some of their core contributor allocations and profiting off of what they have built, risking the perceived "purity of the project" and - again - potential negative price impact, which is important given: Everything in crypto is extremely reflexive & price often leads narrative both on the way up... and on the way down... I believe the AF will continue to follow through w/ its aggressive buyback strategy which (at current volumes) is purchasing ~$2.5m of $HYPE back per day. Impressive and extremely noble, but still far from being able to counter the magnitude of looming unlocks... Additionally, there will be many new, well-funded entrants to the perp DEX market, most of which don't yet have tokens and can leverage this to their advantage to bootstrap liquidity, volume and attract early users. While Hyperliquid has arguably the most goodwill of any project in the history of crypto, capital is - in my view - still going to remain mercenary, flowing to wherever it perceives is the best R:R. Curious to hear how others are thinking about this?