David

I'm like, there's no way a lending market come in this year in just one year and get to a few billion dollars in loans issued, but they did it.

Yeah, I think the dominance stays relatively flat, if not reduces a little bit.

The only caveat is if they introduce a season two points program, but they're actually performing phenomenally.

Even in the face of like all of these incentives, their OI has remained persistently high and they're charging fees and people are still trading there even though they're charging fees, whereas they go to lighter where nobody is charging fees, right?

At least on the taker side.

But the way I suspect this year will pan out is you're going to have many more perp taxes, many more points programs.

But maybe towards the end of the year, early next year, you're going to see a little bit of a consolidation.

And what I suspect that consolidation will look like is I think hyperliquid is here to stay.

The HIP3 markets are here to stay.

We could have a zero fee perp tax.

And the reason why is because a lot of front ends who want to integrate a perp tax in the back end,

It's higher EV to basically integrate a perp tax that A, obviously has deep liquidity, but B, doesn't charge fees so they could charge their own take rate.

So again, that could be somebody like Lighter.

And maybe the third type of exchange I could see taking off is an RFQ style platform.

This could be somebody like Ostium or Variational.

To not get too deep in the intricacies of how it works, they're just better positioned to offer things like RWA perps.

It's a good question.

I don't think Robinhood or Coinbase and hyperliquid competing is very likely.

Hyperliquid is really laser focused on the growth of these HIP3 markets and probably getting more into things like cross margin with different assets and such.

So I wouldn't say that's necessarily the case.