Post
Yuvi.
$HYPE
市场波动越大，HYPE的收入质量就越好吗？
永续合约平台可能获得更多费用，但清算密集、做市商撤单和用户亏损，也会损害后续留存。
若费用增长伴随稳定深度、分散用户和健康抵押，价值捕获更可信；若成交集中在少数账户，或依赖补贴和高杠杆，收入持续性就要打折。我会用热度退去后的留存重新判断。
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