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@Louround_ internalization is the real risk and nobody prices it. robinhood already owns cftc-licensed rails, so once the US opens, why keep paying an external engine for flow they could internalize? tenev's stake is the only counterweight and that's thin for a whole thesis to rest on

@Louround_ Interesting take. Following along.

@Louround_ Great take, refreshing to read something clearly researched and well written

@Louround_ I understand, that's what it means to truly understand the risks.

@Louround_ tldr; Hyperliquid.

@Louround_ good read!

@Louround_ Brilliant deep dive. $LIT $HOOD

@Louround_ On lighter volumes, I think you may find this interesting. The vol distribution has changed a bit since this post, but still its mostly left pocket to right pocket. DM me if you wanna see a live dashboard of it. x.com/luka_bpsdev/status/20745…

@Louround_ Many thanks for the Great info. As a trader….Liquidity is king and Hyperliquid already have it.

@Louround_ Fe, didnt like anything about those takes. The comparisons a re getting overboard.