Some have questioned Hyperliquid’s focus on Hyperliquid nativity as shortsighted and a fail point for Hyperliquid long term. What I’d respond to this can be encapsulated somewhat by the past two weeks at Korea Blockchain Week and Token2049 This is Hyperliquid’s way of enshrining community at the product level We can tend to conflate crypto timeframes at the micro level with financial revolution timeframes at the macro level. Micro: Felix launches and achieves $1bn in TVL under 6 months. Macro: BTC launches 16 years ago and is just recently finding a way to achieve institutional accumulation via ETFs and DATs. Thinking Hyperliquid should rush that process of redefining what exchange infrastructure can look like in 10 years would be a mistake. And building an impenetrably strong base at the Hyperliquid-native core (while simultaneously weaving in modes of attracting incumbent adoption and access) is the Hyperliquid finesse The goal isn’t for Hyperliquid to operate on the timescale of dYdX; think CME, NASDAQ, NYSE; think Hyperliquid-native