HIP-3 upgrades are nice, no doubt. But due to the limitations of the L1 architecture, it’s not groundbreaking enough, and the imagination isn’t big enough. Hyperliquid has always been valued as infra, not just a simple Perp DEX. However, Hyperliquid’s L1 architecture inherently limits its ceiling! As we all know, 90% of DeFi assets circulate within the ETH ecosystem. L2s only need to enjoy a bit of L1’s liquidity benefits to do pretty well. In the past, L2s would build the chain first, then the ecosystem. But @Lighter_xyz is building the ecosystem first, then constructing the L2 ecosystem from the bottom up. Starting with a Perp DEX, then introducing Lending and Spot. Fun fact: Lighter is already the fourth-ranked L2. The CEX of the future—why must it be a CEX? The DEX of the future—why must it be a DEX? And L2—why must it be the traditional concept of L2? The future is already here. See you in Q4.