In a 'problem-solving' product-driven business model, the market doesn’t need a second person or product solving the same problem. If the second disruptor only brings some 'nice-to-have' long-tail innovations, as long as the first player doesn’t mess around and lose their market position, they won’t be able to beat the first 'solution provider' who’s already established their dominance. The one who can truly defeat pump won’t be another Solana-based bonding curve launchpad. The one who can truly defeat Kaito won’t be another platform gathering mid-to-low-tier KOLs for casual shilling. The one who can defeat Hyperliquid won’t be another derivatives exchange that simply shows on-chain public wallet positions.