The premium of the competitive layer in the Hyperliquid ecosystem, #easyfun , how much of it might be captured?

Recently, many people in the Chinese community have been discussing #easyfun .
But as I scroll through, I find myself a bit confused about what everyone is excited about.
If it's just a trading tool, no matter how smooth it is, it's hard to support a high valuation.
So I looked at this from a different perspective.
1. First, let me share my judgment
What truly makes trading valuable is never the UI, buttons, or an extra season.
It's whether there is a group of people willing to dedicate long-term attention, time, and trust to the same platform.
What I want to do is exactly this.
2. What exactly is happening?
I don't like understanding it solely through product features.
I'm more inclined to understand what people will do inside.
You're not just here to place orders.
You're here to compete.
-Your trading results are public
-Rankings are not just screenshots but verifiable on-chain
-Someone can see you
-And someone can learn from you
This step is crucial.
It moves trading from a person's dark room into an observable, comparable, and learnable arena.
This is actually a new layer within the Hyperliquid ecosystem.
3. Before discussing valuation, let's clarify the layers
If you treat #easydotfun as a front end, you'll definitely underestimate it.
I see it as a three-layer structure:
First layer: Infrastructure layer
This is what Hyperliquid is doing.
Speed, depth, execution—this layer has already been priced by the market.
Second layer: Application entry layer
Most trading products stop here.
Easy to use but replaceable, with limited premium.
Third layer: Competitive/Attention layer
This is what is experimenting with.
When trading turns into ranks, leaderboards, and seasons, and skills can be validated long-term, attention is no longer one-off.
And once attention becomes continuous, valuation logic changes.
4. So how should market cap be aligned?
I don't like shouting out numbers directly.
But horizontal benchmarking still makes sense.
In the perp track:
-Aster is valued at billions
-MYX is around 800 million to 900 million
-ApeX also has several tens of millions
These projects mainly derive their valuation from infrastructure + application entry.
If it's just a tool, then its anchor point is here.
But if it truly runs trading as a long-term structure, it captures another segment of premium.
Not the front end, but the mid to late stage.
5. Why did Mirana invest?
I think this is actually very key.
Mirana Ventures hasn't been in a state of investing at the first sight of a project recently.
Their lead investment, in my view, isn't based on a single feature,
but on confirming a direction: trading, where the next step is not just faster, but more transparent and verifiable.
This is essentially stamping the narrative of trading esports.
6. Airdrops / mouth marketing, how to participate smoothly?
Here, I’ll just be straightforward.
No tokens have been issued yet.
Plan ahead and prepare.
Points, seasons, leaderboards—like creating a data profile for the future.
Personally, I focus more on two things:
-Are you consistently appearing on the same leaderboards?
-Do you generate retention signals rather than one-time spikes?
If the project really reaches TGE someday, these will be the key factors.
7. Not a summary, but a feeling
What I find most different is not that it hosts competitions, but that it forces a question to surface:
Do you really know how to trade? Can you stand on stage and be seen?
If this process works out, it will change not just the valuation of a product but the entire trust structure of the trading community.
I will continue to observe.
Which layer are you more concerned about?
Competitive, valuation, or the probability of airdrops?
@easydotfunX #Viber
Posting real market insights as an Official Viber.
Every signal earns its place in the Arena.