Market Structure Experimentation - Crypto trading platforms are undergoing significant microstructure experimentation [1] - Centralized Exchanges (CEXs) employ FIFO CLOB (First-In-First-Out Central Limit Order Book) with standard taker fees and maker rebates [1] Platform Specifics - Hyperliquid prioritizes cancel orders and uses a normal fee structure [1] - Lighter uses FIFO CLOB, offers 0 fees for regular accounts (with latency speedbump), and charges fees to HFTs (with latency speedbump on taker orders) [1] Key to Success - The successful platform will need to balance incentivizing organic flow and Market Makers (MMs) [1]

RT Jon Charbonneau 🇺🇸 (@jon_charb)Risks as with anything, but we’ve literally in real time been watching Hyperliquid present a credible competitor to incumbent CEXs, leading price discovery pre-launch in size (eg PUMP, WLFI, XPL) now eating in spot majors, & move towards reducing tail risks (eg native USDC) ...

hyperliquid update #5 [$47]• consistently making all time highs in all relevant metrics (% mkt share of all CEXs, Total Open Interest, Total Trading Volumes)• has been in sideways consolidation for a couple months now in the $30-$50 range, key psychological level & 5x off lows• has underperformed ETH on the most recent TOM LEE rerating, believe hyperliquid will catch up on the HYPE/ETH pair soon• thesis still intact & higher majors go == higher price targets for $HYPEtailwinds that we haven't seen play out ...

Key Metrics - ETH in treasuries surged by 5,829% [2] - ETH on CEXs hit the lowest level since 2016 [2] - L2s now see 5x more daily users than L1 [2]

RT Ryan | Blockworks Research 🟪 (@_ryanrconnor)First instance of Solana outperforming CEXs in a meaningful wayProbably more to come ...

RT defi_kay_ (@defi_kay_)This sale was another positive notch for Solana over CEXs.Hearing/seeing that many struggled to even press buttons on CEXs, while the sale processed multiples more volume on Solana. https://t.co/Sv1AOanGdP ...

Crypto Asset Issuance Evolution - Crypto asset issuance is becoming cheaper and easier with each cycle [1] - Initially, Bitcoin mining required PCs, but now demands costly mining machines [1] - Bitcoin forks, like Ethereum and Litecoin, needed PoW machines and maintenance expertise [1] - ERC20 tokens lowered launch costs but still required smart contract knowledge [1] Token Launch Platforms - Platforms like Pump Fun enable super cheap and easy standardized token launches [2] - On-chain price discovery eliminates the need for CEX listings [2] Market Impact - Exponential token growth is observed [2] - There's a scarcity of truly attractive tokens available for purchase [2]