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Hyperliquid (HYPE): elite business, honest price
The best business in on-chain trading, and one of the only tokens where the profits come back to you. But revenue is shrinking, the price is near its high, and three quarters of the supply has not hit the market. Grade BBB.
EconomicsPerps
Derive (DRV): cheap-looking, but the cash barely reaches holders
A capable on-chain options and perps protocol, ex-Lyra, at a low headline value. But fees are small and falling, only a third reaches holders, and the whole positive case rests on a revenue recovery that has not happened. Grade CCC.
EconomicsPerps