I think @tread_fi only continues to grow from here as a mode of bootstrapping liquidity on promising perp DEXes Why? Really the role of the market maker is to provide active liquidity–if that is a commodity that can be offered for cheaper, it will be. Something I’d emphasize on the tread side is that these are not wash bots; they are MM bots placing limit orders, getting filled, placing again, etc. So not the same as a typical DEX farm bot–just makes me believe further that this acceleration of retail MMing will continue so long as the returns are there for @tread_fi over the months to come One question I have is whether the influx of tread makers for Hyperliquid equity perps is almost too early and frontrunning the current lack of taker flow, but either way, it seems to be at some sticking point where tread PMF is strong--hopefully can maintain momentum as more takers enter with 1) better market conditions, 2) UX improvements, and 3) further regulatory clarity for larger equity traders