Demand for high-performance blockchains still exists, particularly in sectors like PerpDex, AI agents, and payments. These are essentially the same narratives previously promoted by Monad and MegaETH, but none of them achieved a commercial闭环. This is because high performance addresses supply capacity, not demand creation. Yet the demand remains. As a result, new high-performance blockchains will continue to emerge, competing with earlier projects. For example, BNB’s new chain, along with @Kinetiq_xyz and @0xOmnia’s upcoming @Enter_Elysium, are advancing fresh narratives that address the limitations of Hyperliquid’s HyperEVM. At their core, they’re all telling the same story—what differs is the origin of their first wave of real demand. BNB’s new chain leverages its existing brand, user base, and assets to expand outward and capture more demand for high-performance chains. Elysium, by contrast, builds on Hyperliquid’s existing trading demand, aiming to integrate on-chain assets, liquidity, and other financial applications—such as speculate’s HIP-4 and card gacha—into Hyperliquid Core’s spot trading infrastructure. My experience tells me that the first movers rarely succeed. Often, it’s the second wave—those who learn from predecessors’ mistakes—who seize opportunities on validated demand trends and deliver products better aligned with industry and market needs, thereby capturing users and value.