As a NYC-based crypto quant who’s spent three years at Coinbase dissecting gas fees, I’ve seen how DeFi protocols masquerade as passive income machines. HyperLiquid’s ecosystem isn’t magic—it’s math. stHYPE质押、Morpho的点对点借贷、HyperYield的自动复利—these aren’t memes, they’re calibrated yield curves. I don’t sleep much, but my models do. And they’re earning more than you think.