A Letter to Hyperliquid and Solana Bulls

Solana bulls:

Respect the rise of Hyperliquid. It is the most credible competitive threat to the internet capital markets thesis today. Study strategic power and economic potential of enshrining an orderbook exchange as a blockchain public good. Dismiss it at your peril. Don’t become the ETH maxis you once ridiculed.

Hyperliquid Bulls:

Respect what Solana’s built. Solana is the most performant and battle tested globally distributed system in production today. The Solana ecosystem is home to a diverse array of applications beyond DeFi, ranging from DePIN to AI. It also has unrivaled institutional and enterprise momentum. Do not treat it as if it’s an ecosystem in relative decline like Ethereum.

To Both Communities:

Do not underestimate Ethereum. Yes, we all know Ethereum is losing share, but the market is still sending a signal that Ethereum is the leader, whether right or wrong. It is still home to the most mature DeFi protocols and is the leading asset issuance platform. The race is far from over — do not slow down until victory is achieved.

Enjoy the rest of the holiday weekend.