is now generating more revenue separately than @HyperliquidX and even @solana The interesting part is who is generating that revenue. I think the market is underestimating the monetization optionality of Pump’s user base. Today, the average user is buying $10–100 lottery tickets. If Pump can convert even a fraction of these users into higher-value products, ARPU could increase significantly. Hyperliquid has an incredible business, but its users are already much closer to peak monetization. @Blockworks data