I used to think there was such thing as decentralization tradeoffs on a spectrum – but as I witness more: your L1 either works for execution, or it doesn’t. If your L1 doesn’t have a perps DEX at the top of the charts – that’s because it doesn’t work for execution. If you’re investing in “less than ideal offchain DEX’s that may move onchain in the future” - your L1 is broken to support execution. What more damning evidence does one need than that offchain admission? And nobody who understands trading like @chameleon_jeff or @vnovakovski (or any trader I know) is going to build a perps DEX on an general purpose L1 that is going to hold them back from being #1. That’s why they didn’t build on Solana. They’re no dummies. And the genius of Ethereum is they accepted the L1 was limited to scale/support execution – so they wisely pushed execution to the L2. And now the L2 @Lighter_xyz is on top of charts. And it’s next to a purpose-built L1, Hyperliquid. Starting to see how this is playing out? Purpose-built L1’s or L2’s are the only (real) ones competing for onchain trading. And if the purpose-built L1 model can win – there’s greater upside than an L2 given the inherent advantages. And that’s exactly why we’re purpose-building a new SVM L1 for execution.