I have almost completely missed the boat on the hype, but what an insane story.
From a tiny perp DEX that hardly anyone knew about to coming head to head with Binance on perps and spot.
It's very hard for others to compete with this liquidity (maybe ethereal, lighter?).
I think we're going to see the same dynamic as with CEXs, where most regional CEXs are just frontends for Binance liquidity with local fiat rails.
Very few will try to build the full stack and just build some custom products on HL instead.
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