HyperEVM burns nearly 1500 HYPEs in a day, and Gas begins to explode: Is Hyperliquid going to dismantle L2? In the past few days, HYPE has once again set a new historical high, with prices surpassing $83 at one point Trump publicly stated that he hopes Hyperliquid can enter the United States in a fully compliant and legal manner, further expanding the market's imagination of Hyperliquid But this round of heat is not just limited to HYPE The wealth effect generated by the rise of HYPE is beginning to spread to Memes, NFTs, and small cap assets on HyperEVM HyperEVM, which has long been questioned by the community as lacking an ecosystem, has suddenly experienced a synchronous outbreak of transactions, users, and gas According to on chain data statistics, HyperEVM has completed approximately 615000 transactions in the past 24 hours, approaching the historical daily peak of approximately 736000 transactions During the same period, approximately 5788 new addresses were added, approximately 2132 contracts were deployed, and DEX accumulated a trading volume of approximately 227 million US dollars, completing approximately 30000 swaps The current TVL of HyperEVM has reached approximately 1.27 billion US dollars The most obvious change is that gas is becoming more expensive. In the past 24 hours, HyperEVM has consumed approximately 1496 HYPE as gas, valued at around $120000 based on current prices. This is equivalent to approximately 18% of the total gas consumption over the past 30 days, burning nearly one-fifth of the monthly gas in one day That's also why the community is starting to discuss whether HyperEVM should also create an L2 by moving out a large number of ordinary transactions and Meme activities? The starting point of this round of heat is still HYPE hitting a new high After the core assets rise, the book wealth of early holders increases, and funds begin to search for smaller market value assets with greater elasticity ALT has risen nearly 800% in the past 7 days, and its main liquidity pool has paired with HYPE5L, which is 5 times long on HYPE, further amplifying the price performance brought by the rise in HYPE The one that truly ignited the Meme market was EGG EGG was released on the Motion platform on August 4th and was initially dormant for about 18 days Until the community rediscovered Jeff's phrase "buy eggs with your shitcoins" left in 2023, EGG began to be packaged as a Hyperliquid native cultural token After the spread of Ansem and other accounts, the market value of EGG rapidly increased from about 40000 to 80000 US dollars to about 6 million US dollars, and the 24-hour trading volume reached about 4.5 million US dollars at one point The funds subsequently rotated between assets such as HYPURR, MOTION, MORPHOE, HYPECAT, and CATFISH Meme、NFT、 The simultaneous recovery of coin issuance and on chain transactions ultimately pushed HyperEVM into the face of its first real capacity pressure But does the rise in Gas really mean HyperEVM should do L2? The answer may be exactly the opposite HyperEVM is not a regular L1 independent of Hyperliquid, as there are two tightly connected execution environments within Hyperliquid: HyperCore is responsible for high-performance order books, spot and perpetual contracts, margin, clearing, and settlement, while HyperEVM is responsible for running smart contracts and on chain applications Both share the same set of validators, consensus, and status Developers can deploy applications on HyperEVM and directly call the native assets, accounts, and order book liquidity in HyperCore There is no need for cross chain bridges, no need to wait for oracle synchronization, and no need to move funds to another chain This is the core value of HyperEVM, which is not to replicate another generic EVM ecosystem, but to enable smart contracts to directly combine HyperCore's trading infrastructure Assuming a developer builds a structured product on HyperEVM, it can directly operate around the spot, perpetual, and lending markets in HyperCore If these applications are migrated to L2, it may appear to increase execution space and reduce single transaction costs, but it may reintroduce cross layer communication, asset bridging, and settlement latency. More importantly, users and liquidity may be dispersed across different networks The most important native composability of HyperEVM will be weakened instead The truly reasonable direction for expansion should be to improve execution efficiency, optimize block space and cost mechanism while preserving shared state and native composition as much as possible, rather than simply copying an independent L2 and moving applications and liquidity out HYPE Hyperliquid HyperEVM DeFi