Will Price

And so I would say that the people that care most about it are institutions, but you still have to build a compelling product that is better for the end user.

And I think that is the intention behind the zero fee for takers business model.

And so the monetization happens by charging market makers fees to trade with retail users.

Yeah, the business model for hyperliquid is trading fees, right?

And it is for lighter too.

It's just, you know, how much trading fees do you charge and who do you charge them to?

Yeah, I think you're pretty much directionally accurate, David.

Like, of course, there are big network effects to liquidity.

And so if you want people to use your platform, then you need to provide them opportunities to trade for better execution costs or opportunities to trade with certain people that they want to trade with.

And so, you know, Lighter can do that with some of their...

fee structure design and they can also solve the other end of the equation through onboarding as many people as possible on the demand side through distribution.

Yeah, so I don't think...

screwed is necessarily the way to look at it.

But if we're talking about screwed, one thing to note on LIDAR is that even though it's a roll-up, which is a blockchain, there isn't any MEV on LIDAR.

And we can get into the microstructure details as to why, if you like, David.

It's just different design decisions.

I guess I'm thinking more about like a blockchain, like Ethereum, with an open mempool where pending transactions can be seen, right?

In the case of Lighter, Lighter has a centralized sequencer.

And so...

For example, Base also has one.