There is a phenomenon worth discussing. Recently, some traders' behaviors on HYPE have indeed been perplexing.

First, let's talk numbers. Since October last year, a well-known trader has been liquidated for 700 million in derivatives trading. What does this scale mean? 700 million in cash is enough to comfortably lie flat for a lifetime, doing nothing.

Once, a big shot said in an interview, "Why open leverage when you have over a billion assets?" His answer was "A billion isn't enough to buy a yacht." This logic is somewhat valid. But the problem is—he's only lost a billion, while this person has been liquidated for seven billion.

Here lies a paradox. If you truly believe in a bull market and trust that $ETH will surge, the most rational choice should be to accumulate assets. Why repeatedly get liquidated in derivatives markets? Accumulate $ETH, hoard $HYPE—doesn't that sound better?

Looking from another angle, if someone is genuinely a stakeholder in a project, that project will eventually hit a snag. This involves the choice of DEX ecosystems.

Currently, $UNI is relatively solid in the DEX sector, while other projects carry higher risks. Comparing two popular projects can reveal the clues—

**$ASTER's logic**: Low price, high potential, expected airdrops, and backing from well-known institutions. These are tangible advantages. Most importantly, ASTER's unlock mechanism directly airdrops to users and holders, reflecting the project's altruistic orientation.

**$HYPE's logic**: Also VC-funded, but its altruism is noticeably weaker. HYPE's unlock plan mainly allocates to the development team and liquidity pools, with relatively weak feedback mechanisms for retail investors.

This creates an interesting paradox: people buying $ASTER worry that retail investors might dump after receiving airdrops, but aren't $HYPE buyers also worried that the development team might dump? Statistically, institutional dumping power far exceeds that of retail investors.

In plain terms, those who dare to repeatedly bet on such a market are either market makers or have some special mindset. Otherwise, where do these outrageous decisions come from?

Behind this scene, a deeper issue is how traders should choose within the DEX ecosystem. Merely analyzing technicals and airdrop expectations isn't enough; project profit distribution structures and unlock mechanisms should also be key considerations.

Some projects with high popularity are not necessarily the safest choices.