As an investigative reporter, I’m not here to tell you whether to buy or sell HYPE. I’m here to tell you that the story you’re being sold is incomplete. The RWA perps boom is real, but its cost is being hidden in the fine print of the fee structure. If you’re holding HYPE, you need to ask yourself: are you betting on a protocol that is diversifying its revenue, or one that is diluting its core value proposition? The data suggests the latter. Until Hyperliquid addresses the fundamental mismatch between RWA economics and token utility, the HYPE token remains exposed to a structural risk that the market has yet to price in. Don’t let the volume numbers blind you to the revenue reality.