The current $HYPE price action is concerning and should be taken seriously. $ETH, $SOL, $XRP, and even $DOGE have outperformed $HYPE over the past few days. Coinbase just launched perps trading in the US today, posing a serious threat to Hyperliquid’s market share. Coinbase and Robinhood are not good for $HYPE overall. Retail traders are going to use those platforms instead of Hyperliquid. They don’t care about “decentralization” or slightly better liquidity. Most normies have no idea how to even get funds onto Hyperliquid. And whales? They don’t want everyone seeing their liquidation levels publicly, otherwise they get hunted down like JamesWynn. You don’t have those kinds of problems on Binance or Coinbase. So the current selling pressure on $HYPE shouldn’t be underestimated, given the performance of other top coins.

My thoughts on a potential Hyperliquid S3: The phrase "38.888% to future emissions and community rewards" is the most important indication for that. I know some people also think that the remaining community supply is reserved for staking rewards over decades. Imo there's a reason why they not only called it "future emissions" but also added "community rewards". > "Future emissions" likely refers to staking rewards > "Community rewards" likely refers to airdrops & ecosystem grants If it was just for staking rewards, they could've only called it "future emissions". I believe both staking rewards and future airdrops fall under this allocation. In total, it’s actually closer to 43%, considering the undistributed tokens from the first airdrop. It’s highly unlikely that those tokens (~4%) won’t be airdropped to the community. They were originally reserved for that purpose, so it would make little sense to reallocate them elsewhere. The Hyperliquid Gitbook clearly states that the points program ended in 2024, which might indicate that we won’t see an official new season. Instead, the team could be planning a retroactive airdrop based on user activity and contributions to the protocol’s success. However, this approach carries a risk: if the criteria for allocation aren't transparent, many users could end up frustrated, especially those who have stayed active without knowing whether their efforts are being rewarded. If there were plans for a new season, you'd think they would've announced it by now. But we all know how community-focused Jeff is. It’s also worth noting that since the start of Alpha Season, there has never been a period without either an official or hidden points season. That historical consistency might lead people to expect ongoing rewards, even without formal announcements. It’s also worth mentioning that the team updated the design of the Points page not too long ago. If the program were truly over and irrelevant going forward, they could have removed it entirely. In sum: I genuinely believe that using Hyperliquid offers the best risk/reward in crypto right now. Every action — trading, staking, participating, using HyperEVM, borrowing, lending, spot buys via Unit, Market Making, HLP, etc. — could potentially qualify you for another airdrop. In my view, it's unlikely the team would announce a new airdrop without factoring in user activity since TGE in November 2024. If you're active now, you're probably positioning yourself well, whether or not it's been officially confirmed. That said, I’m not entirely convinced we’ll see another official "points" season. Maybe it could take a completely different form? Hyperliquid