Tom Schmidt

And I think there's a good chance through the end of the year that we see a day where HIP3 volumes actually exceed the rest of, you know, crypto volumes on hyperliquid and other exchanges, again, probably looking very similar.

I do think a lot of these assets and this asset focus is very, very cyclical, right?

Like people want to trade oil when oil is very volatile and see some vol spike and then it goes back down.

And, you know, a year ago, no one really wanted to trade oil.

And the beauty of a lot of these perp techs is they are able to very quickly and aggressively list new assets as they come online.

You don't have to wait for, you know, IB to list, you know, SK Hynix.

You can just go trade the perp, you know, today.

Right.

And I think as long as we can see this kind of like hot ball of money, you know, new focus asset dynamic, I think it's actually pretty bullish for perps that have a lot more agility and ability to list these new assets in the same way that I would say, you know, Uniswap did in kind of 2020, 2021, where, you know, new DeFi token comes out.

Well, it's on Uniswap before it's on Coinbase.

And that is just a leg up and a liquidity mode to kind of build on itself.

Yeah, I think you just see this, again, this dispersion.

I think that's kind of what a lot of these crypto exchanges are now trying to do of, hey, we need to diversify away from just crypto trading.

I think, you know, Coinbase in kind of 2022 was really trying to push outside of just trading and going into, you know, savings and yield and other types of assets, which you've kind of seen now see manifested through their card and their other types of yield products.

And maybe we're seeing that same kind of revolution, but moving away from even crypto-specific products as well.

I do think, honestly, even in a recession, I think people are still going to want to trade.

It's one of those almost recession-proof kind of things where humans love to speculate and it feels like

the cultural trend of speculating just has continued up to the right.

And I think short of some sort of, you know, external force that's going to kind of revert it, it seems like this is going to be something that's going to kind of proliferate.

Mm-hmm.