Will Price

And so transactions are processed in the order in which they're received.

And what's interesting about LIDAR's architecture is they can benefit from the latency advantages and speed up that's associated with running that sequencer in a centralized way.

and at the same time still verify to Ethereum that all of the logic of the matching engine was run correctly.

Yeah, traders want the best fill quality.

That's a function of a couple of things, one of which is liquidity and another of which is, you know, any adverse selection if it exists.

And so, you know, speaking of adverse selection, one of the things that you might worry about if you trade on this opaque centralized exchange is whether, you know, somebody is taking advantage of your flow.

There are some pretty funny memes from last cycle around, you know,

browser lag on FTX, just as one example.

And in the case of LIDAR, because the verification logic is open source, you can see that the exchange rules have been attested to and guaranteed by math.

And so you don't actually have to trust a centralized operator, even though right now, LIDAR has a centralized sequencer.

And so, yeah, I mean, I would say Hyperliquid's not decentralized on the level of Ethereum, but it does have a validator set.

And that validator set coordinates to produce blocks, which contain the trades.

It's a different trade-off space.

Yeah, absolutely.

Compared to something like an FTX or other centralized exchange, absolutely.

Yeah, that Hyperliquid could do.

It would cannibalize a lot of their revenues and generally from...

the leader, you don't often see that sort of strategic positioning.

Uh, there are other things that, that Hyperliquid would have a hard time doing.

Uh, one of which is approaching lighter's trade latency.