> The concept of "integrity" doesn't apply here. I think you are missing the depth of the relationship between TradeXYZ and Hyperliquid. Shoku was one of the first believers in Hyperliquid, probably in the class of people who were airdropped 9 figures+ of HYPE. He has already made it, and it is pretty clear he is building for something greater than himself. > The infra relationship Hyperliquid has with other products is not normal since they own the app layer too. This puts tradexyz at a disadvantage where they can't attract users to their own FE, so tradexyz ends up looking more like a service provider. TradeXYZ can build out their own frontend and compete on the broker layer as well, nothing is stopping them. My question: if TradeXYZ sits in a layer where they function like a service provider, how can you argue they would retain any significant volume if they split? It's certainly not brand value, because TradeXYZ's brand (just like their success) has depended on the relationship with Hyperliquid. Even for TradeXYZ markets, traditional media (Bloomberg, WSJ) attributes everything to Hyperliquid and rarely mentions TradeXYZ. For a lot of traders TradeXYZ is just an abstracted deployer; if Hyperliquid were forced to mass migrate RWA perps to native deployment, most would barely notice. So I think you are overestimating TradeXYZ's brand value. Like I'm just walking through the process of an existing trader who trades TradeXYZ. If TradeXYZ migrates to a new exchange and Hyperliquid "forks" the existing markets and deploys them natively, what reason does that trader have to switch to TradeXYZ? If we are brutally honest who has more leverage? Hyperliquid that owns the user, exchange, and brand value, or TradeXYZ that maintains the listings? what part of the stack is more replacable? There are so many risks for example Hyperliquid can choose to launch S3 to get liquidity back, which TradeXYZ can't match assuming their goal is to keep all the revenue for themselves. Would make no sense IMO for them to leave.
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