What exactly should we look at for the valuation of the derivatives track: TVL, trading volume, or protocol revenue?

hyperliquid $HYPE data is impressive, firmly occupying the top position, and FDV has also reached over 7 billion.

However, when looking at other projects by this standard, many are actually quite undervalued, such as $GMX $VRTX, which is undervalued in terms of both TVL and trading volume. But looking at the candlestick chart, it seems flat, with no signs of improvement for now.

So, is the future imagination space what the market is focusing on? Or is the bull market just a matter of sentiment?