Just like HIP-3 deployers will buy 1m Hype stake to participate in perp auctions, I have high conviction that we will see consumer layer applications (e.g Phantom) buy and stake HYPE. This is due to the staking referral program lets builders and referrers who stake HYPE earn up to 100% of the difference between their own trading fee discount and that of their referred user. This is just one aspect of Hyperliquids economic distribution model of their performant orderbooks. All three layers (which we outlined in previous reports), bring value back to HYPE. Infrastructure layer: Core to Hyperliquid, all fees from foundation deployed markets (e.g BTC/USDC) go directly back to HL Coordination layer: 1M HYPE requirement + Auction Fees + Fees from new Markets Consumer Layer: Flows from existing users (e.g Phantoms 15m MUAS), Consumers buy and stake Hype to maximize rewards via staking referral program.