On $SOL vs. $HYPE for becoming the dominant trading chain: This is actually a super interesting take from Logan. There is something to be said about the differences in design for these trading venues. If Logan is right here, then the idea of having a single sequencer (like Lighter, or L2s) or a co-located matching engine, in a very low node environment, like Hyperliquid would be not be an innovation, compared to achieving a perps product at scale with a distributed set of nodes. Think Monad, Solana, Aptos, Sui, or other high TPS L1s here. As of now, the clear leader in perps in Hyperliquid running a 16-node network at scale with majority of nodes in Tokyo. TBD whether we can achieve a similar product as an industry (or, if we really need to), in a more distributed, decntralized fashion...