Daily Revenue of One Million and Consensus of Faith: How HYPE Defines Dual Token Paths

According to Woofun AI, at a time when automated turntable smashing lines such as Pump.fun reduce the transaction holding time to a few seconds, the difficulty of constructing tokens that can overcome bulls and bears and is worth holding for more than a year for a long time has increased exponentially. Although the mining efficiency of the industry is at an all-time high, assets with real long-term value exist only in two major paths: one is faith assets that support a strong foundation of belief, and the other is cash flow assets that enable holders to redeem credible economic benefits.

The core of a faith asset is group consensus rather than cash flow, and its value depends entirely on how many people believe it is worth it. Such assets, which can maintain a foothold for a long time, often have iconic core figures as spiritual leaders, such as BTC's Satoshi, ETH's Vitalik, SOL's Anatoly, and HYPE's Jeff. These figures are constantly deified and become the first associative symbol of the token. The deeper screening mechanism is a resurgence after experiencing a near-death crisis: BTC carried through the Mentougou incident, ETH survived the DAO hacker attack, SOL escaped death due to FTX thunderstorms, while Hyperliquid's HYPE was attacked by JellyJelly and the price of the currency fell to single digits by clearing the base market of the most loyal followers by clearing out speculators.

Furthermore, the huge wealth effect is the key to maintaining faith. BTC brought 200 times returns from 2013 to 2018, ETH surged 40 times the market from 2020 to 2022, SOL achieved a 100 times increase, and HYPE increased 30 times under the premise that it was not small and was complemented by generous airdrops, making early users the strongest evangelists.

In addition to wealth incentives, fanatical communities, community culture, and exclusive logos form a social moat for religious assets. BTC has a laser-eye culture, ETH binds to the.eth domain name, SOL establishes the ◎ symbol and the.sol logo, and HYPE strengthens the sense of community belonging through the screen.hl user community. Short and powerful battle slogans further accelerate the spread of the story: BTC is “digital gold,” ETH is the “world computer,” SOL calls itself the “ETH killer” or “decentralized NASDAQ,” and HYPE is positioned as the “home of all finance.” The recent performance of ZEC is also close to this set of standards. After experiencing a blockage pool vulnerability crisis, it has risen all the way to above $1,200 since around $40 in August 2025. Its “private Bitcoin” and “Bitcoin that will soon be quantum-resistant” narratives perfectly replicate the path of the rise of faith assets.

However, these traits cannot be manufactured through deliberate packaging; forcibly making a community religious would only be embarrassing.

According to data compiled by Woofun AI, cash flow assets are extremely scarce in the crypto market, mainly because using narrative marketing to attract takeover capital is far easier than building a positive free cash flow business, and if the business is stable and profitable and does not require expansion, teams often choose not to issue tokens and monopolize profits, such as DexScreener, Axiom, Trojan, etc. It wasn't until the advent of Hyperliquid that the market saw a new paradigm: building a high-cash flow business and putting value into tokens, where long-term benefits were superior to teams taking up short-term profits alone. Evaluating such assets needs to focus on five dimensions. The first is profit fundamentals. Using HYPE and PUMP as benchmarks, the average daily agreed revenue for the whole year can reach $1-2 million. The revenue stability of a perpetual DEX is better than Launchpad, which is less cyclical. Previously, the market believed that the revenue of PONS, STONK, and GP (BonkFun) was not sustainable, but PUMP broke this inherent consensus.

Transparency is the second dimension, and whether profits can be verified on-chain is critical. HYPE and PUMP are fully on-chain, and the cost of trust is extremely low; in contrast, GRASS's revenue comes from private contracts with Frontier Labs off-chain, and although the author believes the revenue is real, the market has always questioned its authenticity. The third dimension involves the distribution of the value of tokens and shares. Venice distributes tokens free of charge while carrying out equity financing, and GRASS also needs to clarify value ownership. On the other hand, although the typical SHFL has impressive business revenue, profits flow to an equity entity registered in Curacao. The entity received 18 million US dollars in dividends, and token holders are only eligible for the lottery.

The fourth dimension is the value capture mechanism. Automated repurchases and dividends (such as HYPE, LIT, SKY) are far superior to team discretionary repurchases (such as PUMP). The fifth dimension is team trust. If profits are retained for expansion, such as GRASS, ENA, CHIP, and CARDS, it is highly dependent on team credit. Due to lack of legal guarantees and standardized financial reporting, Blockworks' TTF analysis framework can assist in judgment. CHIP's recent increase in transparency is worthy of recognition, but the essence of “investing in expansion” is to allow holders to bet on business development and share their wishes with the team at the same time.

The only high-quality targets that can meet the above five standards are HYPE, LIT, and SKY. PUMP is slightly inferior because the repurchase is at the team's discretion. PAPER was once the most promising candidate. Theoretically, it could generate considerable revenue, but it was abandoned by the project because the token mechanism would breed incentives to attack exchanges. There is still huge room for innovation on the cash flow asset circuit. HYPE pioneered a high-value capture paradigm, while PAPER showed the upper limit of the model. If a business with a monthly revenue of around $20 million, like Polymarket, collects the full value into tokens, its potential is immeasurable.

The Shuffle team is discussing building a full-chain casino. If it lands and uses 90% of the game's net revenue to repurchase tokens every day, SHFL will be in the first tier. Buying lower-ranked tokens that have not yet met all requirements is essentially a gambling team's follow-up optimization mechanism. In the future, it is worth paying attention to perpetual DEX tokens such as VAR (Variational) and XTEN (Extended), as well as TGE on exchanges such as ARCUS and ENTROPY and Polymarket. Rollbit's perpetual products generate about $18 million a year, and if Papertrade reaches 5 times its size, the annual revenue will reach about $90 million.

In summary, there are only two paths for long-term cross-cycle assets: BTC, ZEC, and HYPE follow the asset path of faith, and HYPE, LIT, SKY, and PUMP follow the cash flow asset route. HYPE has the best holding experience, strong cash flow and the potential for lasting faith. Numerous tokens tried and failed to hit these two paths, including a new layer of public chains with excessive internal involvement, established DeFi tokens with no revenue and no catch, and AI narrative themes that repeatedly tried to create faith assets but were unable to escape the fate of falling. This is a profound restructuring of the token's value anchor by the market following the early meme coin boom.