Let’s talk about Lighter EVM. Strategically, it’s similar to HyperEVM in terms of results, but Hyper and Lighter are in completely different situations: Hyper is building its own ecosystem, using the success of Perps to attract users and applications externally, and it’s already taking shape. Lighter, on the other hand, integrates high-performance Perps into Ethereum, theoretically inheriting Ethereum’s application infrastructure to push itself forward. So, from an ecosystem growth perspective: HyperEVM’s growth path relies on the success of Perps to continuously attract users and funds, while also drawing in protocols like lending, stablecoins, vaults, and asset management to build composability. Lighter, in theory, can directly leverage Ethereum’s existing assets, stablecoins, LSDs, and lending systems. For example, LLP can be used as collateral to create its own stablecoins, and these assets can seamlessly integrate with Ethereum’s existing infrastructure. In terms of valuation, even if both have the same trading volume and user base, I still believe HYPE has a higher ceiling because it includes L1 valuation and economic security guarantees. LIT, on the other hand, feels more like a protocol. Of course, after it develops its own Rollup, it will resemble something like Uniswap and Unichain. Currently, Lighter’s issue is its slow growth. With the launch of EVM, this move is critical—if it can’t use this opportunity to boost protocol growth, its options will become increasingly limited.