X @Ansem

RT Alexander Pack (@alpackaP)I was an early investor in like 5+ multi-billion perp dexs that Hyperliquid eventually vanquished. Plus many of the biggest CEXs. Here is exactly how HL won:1. HLP: every winning perp exchange used an internal market maker. Liquidity is THE product, you can't outsource it. FTX <> Alameda is the infamous failure case, but Jeff also bootstrapped HL with his trading firm. He then took it to the next level by democratizing access to that internal MMer with HLP.2. Centralization: the ...