A Multiple, Not a Moral: Reading Grayscale's Per-Token Valuation of Hyperliquid
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Fear
Market Sentiment
Independent validator client goes live on mainnet
Block reward halving event
Circulating supply increases by about 2%
Raises validator limit and account abstraction
Team and early investor shares released
Block reward reduced to 3.125 BTC
92 million ARB released
Improves data availability sampling efficiency
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