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Silver just pushed $11B on Hyperliquid in two weeks, more than gold, indices, and equities combined. At one point it made up 71% of all tokenized commodity volume. In TradFi, gold usually trades ~4× silver. On-chain? It’s flipped. That tells you who’s trading here. Tokenized perps are attracting volatility hunters chasing beta and narrative momentum. Сrypto-native flow redefining what commodities trading looks like.