hyperliquid’s biggest competition won’t be another just a perps dex but perp dex built by solana blockchains are moving beyond just settlement layers. they’re starting to own the entire trading stack. solana is building as the future of nasdaq and that’s replacing, emini futures market, options, spots and fx and all trading engines. we’re watching the rise of chain-native perps: not apps on top of chains but perps that are part of the chain itself. tokenization is the key. chains can now tokenize real world and onchain assets and plug them directly into perpetual markets. this changes the game: lower latency deeper liquidity better user experience native risk engines solana is perfectly positioned for this. high throughput, low fees, and already strong defi and memecoin volume which is owning retail. don’t be surprised if solana launches its own native perp engine the future of trading isn’t just exchanges. it’s blockchains becoming the exchange.