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