Hyperliquid’s Hype: New Token Launches Without the Drama!

One might imagine the architects of this scheme, clad in powdered wigs and spectacles, declaring, “Behold! A permissionless, on-chain token launch! No more tedious off-chain antics!” Yet, let us not forget, dear friends, that even the grandest of plans are but a farce when the actors forget their lines.



![The half-filled square-lattice Hubbard model exhibits a complex crossover from a weak-coupling Fermi liquid to a strong-coupling Mott insulator, punctuated by an intervening bad metal phase-identified through the local maximum of thermal entropy-and further characterized by the alignment of inflection points in double occupancy, the peak position of the AFM structure factor, the disappearance of quasiparticle coherence, minima in thermal entropy, fidelity susceptibility peaks, and crossings in imaginary self-energy components, all converging near a low-temperature transition from Slater to Mott insulator at [latex]U^{\*}/t \sim eq 4.25 [/latex].](https://arxiv.org/html/2602.22705v1/2602.22705v1/x1.png)
