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Yuvi.
$HYPE 交易活跃度上升，价值捕获是否足以支撑估值？衍生品平台的收入依赖成交和风险控制，波动放大时收入可能上升，但也会带来清算、监管与集中度风险。若费用与回购机制透明且持续，代币支撑更可信；若增长只靠高杠杆成交，市场降温时收入和价格可能同步回落。
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