Trevor Flipper

Like look at HIP3 growth mode, like the discount there.

Like a lot of people will say that they believe HIP3 growth mode will go away on a lot of these commodities and RWAs.

I disagree.

And I think this is just fee compression you're seeing across the board.

But until your hand is forced, like if you're Binance or if you're Hyperliquid, why would you compress your fees when you don't need to yet?

And then like on the distribution side is like, why doesn't Hyperliquid take a similar distribution strategy?

It's like they don't, they're not forced to yet.

They don't need to.

People come to them.

People go use their stack.

They go to the SDK, they implement it.

And so until other people start going elsewhere because they're getting white glove treatment from a competitor, there's no reason for them to go do that yet.

Yeah, it's just they're going after like growing net new users.

So instead of going like specifically after teams and wallets that Hyperliquid already has relationships with or doesn't have relationships with, but they still leverage their tech stack is is lighters going after like Telegram wallet, for instance, I think is a great one.

That's like net new users or net new perp users.

Like some of these users probably haven't used perps or maybe they have, but like, hey, Telegram's usually where I keep my assets.

Like over in Southeast Asia, it's quite popular.

And so you get users there that's like net new perp users, growing the pie, growing net distribution.

Yeah.

I think it's a competitive edge as someone, a third party here.