According to online reports, Su Zhu posted on the X platform: "Unless there is a black swan incident, I believe that in the early stages of the Hyperliquid story, the team did a very good job designing the community around profitable products. There have been other successful Perp trading platforms in the past, but these platforms often bring relatively little value accumulation to token holders. In some cases, tokens are used directly for emissions to generate dollar fees that are pocketed by shareholders. This is equivalent to invisible dumping. In other cases, even if the token successfully generated a community, the underlying product itself was used very little. This defines what happens during most DeFi summer. It is extremely rare to have both. Although centralized exchanges (CEX) have historically been extractable and opaque and are usually operated by founders in the mainland of China, highly liquid spot listings are simple auctions in which the accumulation of value is attributed directly to the token itself. I don't think it makes sense to discuss Hyperliquid's idea as an L1 before it actually goes online, but I think if the team continues to execute, it will pose the first huge challenge to the near-term level of CEX. Overall, I think services and workflows will be simplified and purified, which will greatly benefit newcomers without legacy structures. I think Solana/pumpfun has a big moat because all new attention is attracted here first. Competing with this will be extremely difficult because what you need is tens of thousands of unlicensed launches every day, as well as shared knowledge and beliefs, some of which can even cost billions of dollars. You can't replicate this with a few pumpings here or there or even the community wealth effect-what you need is a culture and tool kit built up around it. It is no coincidence that pumpfun is the worst crypto-native (no points, no tokens) and most profitable product throughout the cycle, as it calls the energy of the outside world into cryptocurrency."