The premium of the competitive layer in the Hyperliquid ecosystem, #easyfun, which part might it reach?

These days, many people in the Chinese community are talking about #easyfun #.
But as I scroll through, I find I don't quite understand what everyone is excited about.

If it's just a trading tool, no matter how smooth it is, it's hard to support a high valuation.

So I looked at this from a different perspective.

1. First, my judgment

What truly makes trading valuable is never the UI, buttons, or an extra season.

It's whether there is a group of people willing to dedicate long-term attention, time, and trust to the same platform.

What I want to do is exactly this.

2. What exactly is being built?

I don't like understanding it solely through product features.
I prefer to understand it by what people will do inside.

You're not just here to place orders.
You're here to participate.

-Your trading results are public
-Rankings are not just screenshots but verifiable on-chain
-Someone can see you
-And someone can learn from you

This step is crucial.

It moves trading from a person's dark room into an observable, comparable, and learnable arena.

In the Hyperliquid ecosystem, this is actually a new layer.

3. Before talking about valuation, let's clarify the layers

If you treat it as just a front end, you'll definitely underestimate it.

I see it as a three-layer structure:

First layer: Infrastructure layer
This is what Hyperliquid is doing.
Speed, depth, execution—this layer has already been priced by the market.

Second layer: Application entry layer
Most trading products stop here.
User-friendly, but replaceable, limited premium.

Third layer: Competitive/Attention layer
This is what is experimenting with.

When trading turns into ranks, leaderboards, and seasons, and skills can be validated over the long term, attention is no longer one-off.

And once attention becomes continuous, valuation logic changes.

4. So how should market cap be aligned?

I don't like shouting out numbers directly.
But benchmarking horizontally still makes sense.

In the perp space:

-Aster is valued at billions
-MYX is around 800 million to 900 million
-ApeX also has several tens of millions

These projects mainly derive their value from infrastructure + application entry points.
If it's just a tool, its anchor is here.

But if it truly runs trading as a long-term structure, it captures another level of premium.

Not the front end, but the mid to late stage.

5. So why did Mirana invest?

I think this point is actually very key.
Mirana Ventures hasn't been in a hurry to invest just because they see a project.

Their lead investment, in my view, isn't based on a single feature,
but on confirming a direction: trading, where the next step isn't just faster, but more transparent and verifiable.

This is essentially stamping the narrative of trading esports.

6. Airdrops / Mouth marketing, how to participate smoothly?

Here, I’ll just be honest.
There’s no token issuance yet.
Plan ahead and prepare.

Points, seasons, leaderboards—like creating a data profile for the future.
Personally, I focus on two things:

-Are you consistently appearing on the same leaderboards?
-Do you generate retention signals rather than one-time spikes?

If one day it really moves to TGE, these will be the key factors.

7. Not a summary, but a feeling

What I find most different is not that it hosts competitions, but that it forces a question to surface:

Do you really trade? Can you stand on stage and be seen? If this works out, it will change not just the valuation of a product, but the entire trust structure of the trading community.

I will keep observing.

Which layer do you care about more?
Competitive, valuation, or the probability of airdrops?

easydotfun @easydotfunX #Viber

Posting real market insights as an Official Viber.
Every signal earns its place in the Arena.