Revenue and token performance
" -> "Pendapatan dan kinerja token
" Next paragraph: "Gross revenue of $215 million came from trading fees and other platform activity. The buyback of 4.9 million HYPE tokens signaled confidence from the team. HYPE's 444% gain was far ahead of Bitcoin's 26% loss for the quarter. Yet the decline in holder revenue — down a third — suggests the perp fee pie shrank even as the token price skyrocketed. Total value locked on Hyperliquid rose from $1.4 billion to a peak of $1.8 billion, settling at $1.69 billion by quarter-end." Translation: "Pendapatan kotor sebesar $215 juta berasal dari biaya perdagangan dan aktivitas platform lainnya. Pembelian kembali 4,9 juta token HYPE menandakan kepercayaan dari tim. Kenaikan HYPE sebesar 444% jauh melampaui kerugian Bitcoin sebesar 26% pada kuartal tersebut. Namun, penurunan pendapatan pemegang token — turun sepertiga — menunjukkan bahwa kue biaya perp menyusut meskipun harga token melonjak. Total value locked di Hyperliquid naik dari $1,4 miliar ke puncak $1,8 miliar, berakhir di $1,69 miliar pada akhir kuartal." Note: "Total value locked" is commonly TVL, but translate as "total value locked" or "nilai total terkunci"? In Indonesian crypto, often keep "TVL" or translate. I'll use "Total value locked" as it's clear. Heading: "EVM and ecosystem growth
" -> "Pertumbuhan EVM dan ekosistem
" Next paragraph: "HIP-3 deployer volume grew from nearly $25 billion in January to $68 billion in March, finishing at 33% of daily perp volume. That's a big jump. But HyperEVM DEX volume went the other way — down 40% quarter-over-quarter to $9.2 billion from $15 billion in Q4. S&P Dow Jones Indices, through an officially licensed benchmark, signed with Tradexyz, identifying HIP-3 deployer dominance as a key ecosystem component." Translation: "Volume deployer HIP-3 tumbuh dari hampir $25 miliar pada Januari menjadi $68 miliar pada Maret, mencapai 33% dari volume perp harian. Itu lompatan besar. Namun volume DEX HyperEVM bergerak sebaliknya — turun 40% secara kuartalan menjadi $9,2 miliar dari $15 miliar di Q4. S&P Dow Jones Indices, melalui benchmark yang dilisensikan secara resmi, menandatangani kontrak dengan Tradexyz, mengidentifikasi dominasi deployer HIP-3 sebagai komponen ekosistem kunci." Note: "HIP-3 deployer" - keep as is. "HyperEVM DEX" - keep. "S&P Dow Jones Indices" - proper noun. "Tradexyz" - proper noun. Heading: "Institutional momentum
" -> "Momentum institusional
" Next paragraph: "Grayscale, VanEck, and Bitwise all submitted filings for HYPE exchange-traded funds (ETFs). That's a strong signal from big money. Ripple Prime support was also added to Hyperliquid for institutional clients, widening the platform's reach." Translation: "Grayscale, VanEck, dan Bitwise semuanya mengajukan pengajuan untuk dana yang diperdagangkan di bursa (ETF) HYPE. Itu adalah sinyal kuat dari uang besar. Dukungan Ripple Prime juga ditambahkan ke Hyperliquid untuk klien institusional, memperluas jangkauan platform." Note: "exchange-traded funds (ETFs)" -> "dana yang diperdagangkan di bursa (ETF)" or just "ETF" is common. Keep as "ETF" in parentheses. Heading: "Market headwinds
" -> "Hambatan pasar
" or "Angin lawan pasar"? "Headwinds" can be "hambatan" or "tantangan". I'll use "Hambatan pasar". Next paragraph: "Q1 was brutal for everyone. Bitcoin fell 26%, and total crypto market cap outflows exceeded $900 billion. Hyperliquid's perp volume and open interest compressed, but the platform still generated record revenue and saw its TVL grow. The timing of the ETF filings — right after a punishing quarter — suggests long-term conviction from traditional finance players." Translation: "Q1 brutal bagi semua orang. Bitcoin turun 26%, dan total arus keluar kapitalisasi pasar kripto melebihi $900 miliar. Volume perp dan open interest Hyperliquid menyusut, namun platform tersebut masih menghasilkan pendapatan rekor dan melihat TVL-nya tumbuh. Waktu pengajuan ETF — tepat setelah kuartal yang berat — menunjukkan keyakinan jangka panjang dari pemain keuangan tradisional." Note: "TVL" keep as is. Last paragraph: "At the time of writing, HYPE was trading at $42, down 1.7% over 24 hours, but up 17% over the past thirty days. The ETF applications are now in the SEC's hands, and the next concrete milestone will be whether the regulator deems them acceptable." Translation: "Pada saat penulisan, HYPE diperdagangkan di $42, turun 1,7% dalam 24 jam, tetapi naik 17% dalam tiga puluh hari terakhir. Aplikasi ETF kini berada di tangan SEC, dan tonggak konkret berikutnya adalah apakah regulator menganggapnya dapat diterima." Note: "SEC" is proper noun, keep as is. Now meta description: "Hyperliquid reported $215M Q1 revenue and a 444% HYPE token gain, even as the broader market lost $900B. ETF filings and institutional support bolster the story." Translation: "Hyperliquid melaporkan pendapatan Q1 sebesar $215M dan kenaikan token HYPE 444%, meskipun pasar secara luas kehilangan $900B. Pengajuan ETF dan dukungan institusional memperkuat cerita ini." Now assemble JSON. Ensure proper escaping of quotes. Use double quotes for JSON. Final JSON structure: { "title": "Hyperliquid Hasilkan Pendapatan $215M di Q1, Token HYPE Naik 444% Meski Pasar Brutal", "content": "Hyperliquid meraih pendapatan kotor sebesar $215 juta selama kuartal pertama tahun 2026, meskipun pasar kripto secara luas mengalami kuartal terburuk sejak 2018. Bursa tersebut melakukan pembelian kembali 4,9 juta token HYPE, dan token itu sendiri melonjak
