$HYPE and $SUI have similar current market capitalizations and similar MC/FDV ratios: •SUI: Market capitalization approximately $12 billion, FDV approximately $33.7 billion → MC/FDV ≈ 0.36 •HYPE: Market capitalization approximately $12.7 billion, FDV approximately $48.6 billion → MC/FDV ≈ 0.27–0.33 However, their August revenues showed a striking disparity: •SUI: Only approximately $900,000 •Hyperliquid: Over $106 million, with nearly $400 billion in trading volume At the same valuation, HYPE's revenue is 1,177 times higher, demonstrating the cash flow advantage of DeFi's perpetual trading. This also highlights the reality of similar market capitalizations but starkly different business models. SUI may need to create its own Hyperliquid to generate revenue. Otherwise, the monthly DeFi subsidies are just a disguised form of mining, withdrawals, and selling, slowly entering the next death spiral. *Note* I hold HYPE & SUI 🙏🏼