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@0xngmi Do you think they ever branch out later, or is RWA just its own lane on HL?

@0xngmi RWA is a funnel, not a bridge

@0xngmi Does it need to? RWA perps is way more distributed and sticky than crypto

@0xngmi what makes you think they’d move their crypto trading over after starting with rwa?

@0xngmi rwa players dont give a shit about crypto. period.

@0xngmi RWA folk just park there lol

@0xngmi rwanda not being the onboarding pipeline they thought

@0xngmi x.com/i/grok/share/d6e6d409551…

@0xngmi Think Binance might be the only exchange where this isnt the case flowscan.xyz/hip-3?market=AAPL… x.com/FlossyP911/status/208850…

@0xngmi RWA is a vertical, not a crypto funnel

@0xngmi rwa is obviously a bigger sub-set so hyperliquid will eventually have to pull those users from binance...

@0xngmi @chang_defi The other explanation is that there is a decent deal of tradexyz airdrop farming

@0xngmi do you think the RWA-only users would ever cross over if the liquidity or pairs were right? or is it more of a mindset thing

@0xngmi interesting split, feels like rwa is its own lane for now

@0xngmi the demand for rwa is much higher

@0xngmi Could also be cause there is not much to trade in crypto :)

@0xngmi @grok What RWA offerings does HL have that isn't available on Binance?

@0xngmi v interesting finds!

@0xngmi If RWA and crypto users barely overlap, the books don't behave the same way either. We learned that the hard way: our RWA-market tests came up with zero qualifying setups across 45 configurations, different liquidity environment, different result.

@0xngmi Super interesting!!

@0xngmi Lowkey this kills the crypto onboarding thesis. RWA traders are not tourists, they are a separate market with zero urge to ape.

@0xngmi "who's"

@0xngmi Do you think the interface has anything to do with it? Bloxwap has a healthy mix of RWA and Crypto but we focus on assets with volatility, not asset class. x.com/joeblau/status/208858771…

@0xngmi hyperliquid

@0xngmi that's because rwa buyers aren't traders, they're yield farmers. totally different user psychographic. binance user chasing 100x isn't becoming a tokenized treasury bond buyer.

@0xngmi 80.9% never crossing over kills the funnel thesis but might be better news for HL. those are net new users, not poached perp traders. two parallel user bases sharing one margin engine, likely churning on different cycles

@0xngmi Brother crypto volatility is at RECORD lows. Trading volume is STRONGLY correlated with volatility. It's common sense: without volatility, what are you trading? Just wait.

@0xngmi Binance solves onramping

@0xngmi can you IMAGINE what happens when the 0dte options degens can start doing that 24/7

@0xngmi people just start trading rwa, and stop trading crypto

@0xngmi Interesting data, but crypto markets have been shit since RWAs launched so it’s too early to tell

@0xngmi @chang_defi Yep. Visible in our data as well.

@0xngmi This data is interesting. It shows that RWA users have really high stickiness. CEXs will have to rely on liquidity to grab these users, otherwise they'll just be giving users away to HL for free.

@0xngmi interesting

@0xngmi can also be if the liquidity flow changes from rwas more traders would likely consider crypto would be intresting to see if memory and commodities take a cooler at any point and crypto has its run at that time how those same traders behave

@0xngmi maybe they will when crypto is hot again

@0xngmi RWA may be its own onboarding funnel rather than a bridge from CEX trading.