Hyperliquid (HYPE)

A complete list of admin keys in the top 100: ⚠️

HYPE - ARB admin key for USDC
MNT - L2 admin key
ASTER - SC admin key
ONDO - SC admin key
POL - L2 admin key
ENA - SC admin key
ARB - L2 admin key
PUMP - SC admin key
AERO - BASE admin key
LIT - L2 admin key
SYRUP - SC admin key

Drift just showed the world why admin keys are so bad; it not only defeats the entire purpose of crypto, but it is also outright dangerous!

In all of these examples, a multi-sig can steal all user funds because the smart contract can be upgraded to allow any rule change. Including theft

There is no excuse for a project deployed on a larger chain to still use such admin keys. There are plenty of prominent examples of projects that burned their admin keys & still managed to be extremely successful. UNI & AAVE are both great examples of this being the case

L2s are a different story; they all have admin keys, an inherent consequence of perverse incentives. Which is in part why we have been so skeptical of L2's ever since the concept was first proposed

We can do better & crypto deserves better. So reject centralization & mediocracy in all of its forms. "Training wheels" do not belong on projects protecting hundreds of millions of dollars...

Much like most of humanity's history. What is sold to us for our own protection is what most often becomes the biggest threat. Admin keys represent a similar Faustian bargain

It is only through fully permissionless & decentralized protocols that we can deliver on crypto's promise of freedom, censorship resistance, immutability, privacy & financial sovereignty! 🔥

I strongly believe there is a meaningful pool of latent demand for the $HYPE token that remains sidelined for now, but will gradually come off the sidelines over the course of the year:

- New $HYPE buyers waiting for entries who may not have liked the original thesis, but are now sold on HIP-3

- TradFi shops who are paying close attention to Hyperliquid, but are still slow to discover the token

- “Sophisticated Retail” investors who focus mainly on stocks but are on fintwit and reddit and read Citrini.

- Liquid / venture funds who have bags but have yet to size *convincingly* and adopt a multi-year view

- Ppl who have yet to realize that Hyperliquid will also be one of the largest prediction markets

- Hyperliquid Strategies

These forces should be driving a sustainable bid throughout the year while the short term traders do their thing.

The reason some of you may think this is overowned is cause CT is very loud about it. CT is like a few hundred thousand real people.

There’s a whole world outside of