... all of finance, and what are you looking at next, you know, other than perps? Can we go old school and have physically settled like commodities futures or something? Is that possible for you?

I think we're very serious about the idea.

Of course it is, it is aspirational.

Like, I think even 90% of all of finance would be a, a huge success, and we're a long way, ways away.

I think physical settlement is...

Well, one is it's always gonna have a very important place in society.

I think this is kind of like a misconception about perps, and honestly, just about our general vision.

Yeah

So I'm curious if you could maybe talk a little bit more about those priority fees and what your thoughts on them are.

That's a good way to put it.

I wouldn't view it as bribes.

I would view it similar to how Ethereum had this shift from, I don't remember what year it was, and I don't remember what the EIP was either, but previously fees were basically paid to validators.

And now the the vast majority, I believe, of the priority fees in Ethereum are kind of like protocolized burns.

So I think the bribe was more of like how you would label the previous system, which I think is toxic and kind of unhealthy.

And it's in an analogous way to the kind of what you're talking about, the latency arms race in a more traditional setting.

So I'm curious broadly what your thoughts on that are, and is there a need for a private layer to be built on top of hyperliquid?

Mm-hmm.

...

in crypto, and we were looking at DeFi and CeFi and had already kind of a sense that we wanted to build something in DeFi because of the very nascent nature of the product at that time.

Basically, all the products were kind of bad and, uh, uh, we were traders and we felt like we, we could make it better.

And the, basically the, the sort of impetus for going all in and building Hyperliquid was, was when FTX collapsed.

It felt like suddenly the, the previously very academic concerns in crypto around decentralization and self-custody, it felt like people wrote about it but didn't really care, and all of a sudden it was very viscerally important.

Uh, you know, it's like not your keys, not your coins.

Mm-hmm.

selling,

yeah.

Who doesn't want to make that trade.

Sort of being forced to make that trade because if that trade weren't made, then...

the platform would be potentially insolvent, right? So it's like force buyers, force sellers.

And so usually, you know, this goes to the centralized exchange operators.

This is internal marketing desk.

something