Ven

i do think what happened yesterday will have profound implications on the future of the economic relationship among token holders, traders, and vault depositors at hyperliquid tge, traders and token holders were basically the same group of people. in fact, not just the same - their ownership was even scaled based on volume and usage. that was almost perfect alignment. over time, this inevitably diverged - now you’ve got people who don’t trade at all but own $HYPE, and others who trade in huge size but own zero $HYPE fundamentally, that’s why some traders were left with a sour taste when they saw $HYPE holders celebrating the largest buyback day and the biggest HLP vault win yesterday had this happened before tge, alignment would’ve been easier - you’d just drop certain traders some points. post-tge, it’s much tougher, especially when the protocol doesn’t have a cash reserve (or an insurance fund) personally, i think this likely triggers a rethink of the incentive model and possibly marks the end of the ~100% buyback era. the pendulum has likely swung too far to one side - risking the equilibrium lighter’s approach here feels more balanced and likely more trader-friendly. LLP took the hit, and traders were protected by it longer term though, for lighter, this does raise two questions: - if LLP becomes a quasi-insurance fund, should there be a cap on network OI relative to LLP? - how does it incentivize LLP to compensate for the higher risk so it stays competitive? I think this is likely where revenue and incentive structure come in. instead of using 100% of revenue for buybacks (ie incentivizing ONLY token holders), it could perhaps be split among: - an insurance fund to backstop system-level risks - some incentives for the vault to compensate for higher risk while keeping a more trader-friendly risk mechanism - cover development costs - and finally, excess capital going back to token holders no one knows where the future of perp dexes and the incentive model will be, but thanks to all the builders - we’ve come a long way vs a few years ago. the exciting part is, being a derivative product, it can scale to almost any asset in the world - the upside is huge for our industry if defi gets it right. i’m hopeful we get there one day. let’s all keep building!

都特么骗纸， 骗我的比特币骗我的 $BNB