I think we can all agree that in order to take marketshare from hyperliquid the product needs to be a step function improvement Yes, people will farm new products and test them out. But no one with size will stick around unless it’s meaningfully better. I do think the CLOB space gets more competitive from here but the lead that hyperliquid has now is huge so competitors will cycle through as hype maintains most of the marketshare. if the product isn't on par with hype why would anyone use it? solana is the only other chain with any meaningful perp volume and i would assume a fair amount of these users primary use hyperliquid now. s0, who are the big players on solana for perps? currently - jupiter and drift. is the trading experience great on these platforms? no. so lets assume their market is up for grabs. there are a lot of teams that could take market share from them. Bullet could. but so could @RaydiumProtocol with a revamp to perps or even axiom if they push their perps platform more which is just utilizing builder codes anyways. fwiw - i expect more teams to utilize builder codes - even solana native teams. bottom line is i think the solana perps market is about to get a lot more interesting with @bulletxyz_ coming to market and solana teams using builder codes. the financial incentives for using builder codes is huge For those that care about methodology: 1) Volume assumes 50% capture of May 2025 Jupiter and Drift Perp volume on Solana, annualized by multiplying by 12, and X Company’s integration with Hyperliquid despite being Solana-based. 2) Base fee is an average of Tier 3 maker (0.004%) and taker (0.030%) rates, assuming a 50/50 maker/taker split; actual split may vary. 3) Future staking referral system assumes a 70% share for VIP 3 (>$100M–$500M 14d volume), with the program not yet available on testnet or mainnet as of today, and expected to launch soon. 4) VIP 3 discount of 30% is a projected assumption for the future staking referral program, assuming X Company stakes 500,000 HYPE for a 40% trading fee discount and users stake 100 HYPE for a 10% discount, per staking tiers; user discount may vary based on HYPE staked and program activation. 5) Revenue assumes X Company creates all user wallets with embedded referral codes to maximize referral capture, requiring full user adoption. 6) Calculations assume consistent monthly volume and no impact from the $1B per-user referral cap; actual revenue may differ with volume fluctuations or cap effects.