Might dive into more thoughts later on but interesting observation of @JupiterExchange vs @HyperliquidX. Jup has gone after direct acquisition of users vs HL has gone for deep liquidity For Jup - main downside I can see is is fragmented attention on products they own (e.g. perps product actually is a super old design). Upside is because they own the user and they can then redirect these users to new products they build/acquire/partner. It increase rev + builds towards the brokerage model (you deposit and never leave) -> no value leaked. Hyperliquid has focused on building out the deepest liquidity and enabling others to build on top (see @BasedOneX ) and act as the new acquisition layer. If you dig into CEXes you'll see parallels (in both regional + whitelabel solutions). Downside here you kind of have to try and not tread on the toes of your acquisition layer (though who knows, maybe they just build everything lol). Upside which is interesting to me is that suddenly you are able...
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