HIP-3 on growth mode is like "mainnet launch" in 2021. One of the main bear takes on $HYPE on this app was that the margin was already so high that it couldn't grow more, and would only lead to more competition. However, HIP-3 markets are highly growing on growth mode with very reduced fees. This contradicts the bear case that many people claimed and, instead, creates a growth story. > What happens when Growth Mode ends? This leads to revenue projections that will rerate its valuation, inducing fomo, as the value-capture of Hyperliquid on TradFi markets has no ceiling relative to where it stands now. And if they replicate in TradFi their position in crypto — where they are the absolute winner with immense margins — the pie could get so big that its current P/E ratio makes it incredibly undervalued, and should put it closer to Robinhood or Coinbase under the same revenue generation. $HYPE has been a defensive asset during this crypto winter, showing resilience of revenue and constant buybacks. But HIP-3 with Growth Mode makes it again a growth story, much more appealing than ever before. No critic can now argue that their margins are close to perfection. All the opposite — we are far from that.