比推消息， ABCDE 联合创始人 Du Jun 在 X 平台发文表示，HYPE 的回购模式不足以支撑 450 亿美元的完全稀释估值（FDV），风险与收益并不对等。他指出，即便 Hyperliquid 的市值超越 BNB，理论收益空间也仅约 3 倍，而永续合约 DEX 赛道竞争激烈，强劲对手环伺。此外，Hyperliquid 尚未经历过“大型合规与安全事故”的考验，一旦出现问题，下行风险或将十分显著。
比推消息， ABCDE 联合创始人 Du Jun 在 X 平台发文表示，HYPE 的回购模式不足以支撑 450 亿美元的完全稀释估值（FDV），风险与收益并不对等。他指出，即便 Hyperliquid 的市值超越 BNB，理论收益空间也仅约 3 倍，而永续合约 DEX 赛道竞争激烈，强劲对手环伺。此外，Hyperliquid 尚未经历过“大型合规与安全事故”的考验，一旦出现问题，下行风险或将十分显著。
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