An interesting change in dynamics for new chains who are preparing to launch is how Hyperliquid spot / pre markets will impact bridging incentives. Historically if you wanted to trade or invest in a new L1 token in a decentralised way, you'd have to bridge over and use a native Dex. The hope was that some portion of those who bridged would become sticky app users and bring wealth with them from other chains, ready to test out and try new applications, buy NFTs and generally speculate within the ecosystem. You don't really need to do this anymore for a few reasons: 1) Unit spot is now liquid enough to handle basically all size requirements. 2) recent alt coin price action means incentives for trying new Dex's on unproven chains are pretty low. 3) Hack and user risk is always highest on a new, untested chain. 4) many users perceive potential airdrop rewards from doing volumes on UNIT / HL as having far higher upside than a DEX on a new chain. This is quite a big meta shift from prior cycles where users actively looked forward to bridging to new chains as that was where the upside was. Now this upside is somewhat lessened, L1s and apps will have to be more creative when deciding how to encourage new users to onboard. No longer can you get away with winning just by being a new app on a new chain. You now have to be better than all apps on all other chains.