Can't believe I'm saying this but need to give credit to Kain for foreseeing in 2019 that crypto trading would one day be dominated by a derivatives backend that other teams are incentivized to build frontends on top of. Too bad Synthetix was jeeted to oblivion to buy Australian mansions
So now you have the big three of Phantom, Rabby and Metamask all sending their users to Hyperliquid, alongside many other excellent front ends that have been built.
Builder codes is truly an unrivalled distribution strategy.
It would have been near impossible to convert these users to HL's front end.
Hyperliquid have both liquidity and distribution.
Strong moats.
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