Will Price

I pray there's not.

Yeah, it really was like, you know, airdrops.

It's a good name because they come from heaven.

Relative to the market cap, right, of course.

Over the last month.

lighters bought back twice the percentage of the supply.

That's true of the circulating supply and the fully diluted supply because those ratios are about the same for both projects as hyperliquid has.

And so the market is giving hyperliquid a larger multiple.

There are many reasons why it might do that.

Maybe it's pricing in some incumbency advantage or thinks that it's closer to having exit velocity.

But that's where the numbers are today.

Yeah, I don't think the right way to value these businesses is current revenues just because the TAM is so large.

And so it's much more so about like positioning for future growth in my mind.

If I look at what Lighter has built in the last 18 months, I would say they've probably exceeded my expectations that I had 18 months ago.

In terms of how they've navigated the few months since TGE, I would say if I was to make any changes, I would have perhaps done them on the communication side.

But I've been very happy with what I've seen from a product development standpoint and shipping velocity.

And so I think also there's like generally like a broad lack of awareness among the trading community that they can get, you know, better quality execution on lighter.

And I think the more time passes, the more people are going to be aware of what's in their financial best interest.

Yeah, I mean, I would say open x.com and figure it out yourself.

Yeah, I'd like to see them win some big distribution partnerships, as Flip said.