In hindsight, exchanges not listing $HYPE backfired spectacularly. By forcing users to bridge and actually use Hyperliquid for exposure, they created a reflexive loop where: → Users realized the product is genuinely better than CEX and started using it beyond getting $HYPE exposure → Drove more adoption, accelerating the CEX/DEX shift and giving Hyperliquid more market share → Users bought more $HYPE as they grew bullish on the long-term thesis The blacklisting (due to threat perception) only strengthened their position. Streisand effect.