Seeing lots of HyperEVM “big opportunity” talk lately. Citing onchain metrics like daily active wallets, some say everyone’s too focused on Kaito and Infofi and missing the real opportunity. So I took a long look at HyperEVM myself. My honest take: one clear positive, mostly negatives. 1. Negatives first: - Feels like the same old ecosystem playbook over and over. - Nothing new, nothing exciting - No killer app, and structurally can’t have one - HL itself is the spot/perp killer app - The team that made Hyperliquid work isn’t the one building HyperEVM dapps 2. Positive: - Hyperliquid Hyperliquid is genuinely great. But the HyperEVM eco doesn’t feel compelling at all. Sure, my view would change if HL actively supports even weaker teams and can somehow lift ecosystem quality. But I’m skeptical subsidies alone can do that. Compare that to other high-throughput chains where the dapp scene was actually interesting: - MegaETH's Noise, Euphoria, etc. MegaETH and HL aren’t chasing the same thing, and they’re delivering value in different ways, but in this space, “attractiveness” matters. To be clear, my bearish view on Hyperevm likely won’t impact HYPE’s price at all. Hyperliquid is stronger than any other community right now. Also, factoring in posts from two KOLs I really respect, I can see why people think Hyperevm is an overlooked airdrop farming play. But the reason it’s being overlooked is that it’s just not that attractive. Its success will come down to HL’s stance and support.