HyperEVM tokens have underperformed. To date, 7 HyperEVM-native DeFi protocols have airdropped tokens, including @HyperSwapX, @Upheavalfi, @Hyperwavefi, @KittenswapHype, @Hyperstable, @looping_col, and @HyBridgeHL. When HyperEVM launched, many speculated on the attractiveness of airdrop opportunities. While these protocols have made outsized airdrop allocations consistent with the @HyperliquidX ethos, price action hasn't followed. Each token has declined in price. While $HWAVE and $SWAP only recently launched, the prices of all other tokens have fallen by more than 60% after 20 days had lapsed post-TGE, with $KITTEN down 90.8% since its TGE. The silver lining is that some of the most anticipated tokens are yet to TGE, including @kinetiq_xyz, @hyperbeat, @felixprotocol, and @hyperlendx. However, the probability of $KNTQ launching at a valuation over $500M has plummeted from 91% to 27%, per @Polymarket. The primary reason for this drop is the underperformance of HyperEVM tokens to date, and a subsequent tempering of expectations for HyperEVM’s leading protocols yet to TGE. The outlook isn't rosy, but @HyperliquidX remains one of the most relevant protocols in the cryptosphere, and the narrative could shift in an instant if one of these projects experiences positive price action post-TGE. All eyes are on @kinetiq_xyz, which I predict will be the first to drop a token amongst the aforementioned group.