Transcript (en)

I think overall, just all of the firms that are on HyperLigrid, I'm very much open to helping them or like just I'm rooting for them because that's what we need for the firm industry to evolve. I think any firm that's transparent is a leap forward for the industry and at the end of the day for traders. So I would not see them as necessarily competitors. It's more so we need to grow the pie. And if we grow the pie successfully, we'll win. Now, in terms of numbers, I think we are bigger than, actually in order of magnitude, bigger than all the other firms on Hyperliquid. What we do different is not necessarily, we're not the most on-chain firm. Hypernova, for example, is more on-chain. They publish more on-chain states. for us um we really value transparency on how we operate as a business because i think fundamentally you can be transparent but if your business is not viable uh then there is no like what what you want is to show that the business works so if you're running transparent and on chain but uh you're running at a loss even if you have things like payout reserves your business will go to zero it's only like a matter of time uh you know unless you um you know change the business drastically. And, you know, what we do different is really this on the operational side, we're like super transparent.