Both statements are true. Hyperliquid's rapid growth is due to: 1. A favorable regulatory environment, unlike EtherDelta in 2018, for (a) its product structure (operating an on-chain order book, potentially a brokerage service) and (b) initial fundraising, possibly considered a security under the prior administration. 2. Post-FTX distrust in centralized exchanges, increasing demand for a scalable DeFi-like product, unlike dYdX and others. 3. Financial engineering: impermanent loss in AMMs is a major issue for market makers, who cannot always tactically exit the pool during low demand to pursue other opportunities, unlike Hyperliquid’s order book model.(Ξliézer Ndinga)