HyperEVM "failed" because the mental model was wrong. The core idea of an ecosystem, a platform, and apps doesn't translate here. Hyperliquid is a platform enshrined with a killer product. Don't compete with it. The HyperEVM apps of today are competing. Valantis' biggest friction as a yield protocol is we were competing to try to pull capital off of HyperCore. The ask most HyperEVM teams are implicitly making to their users is to move away from Hyperliquid's core product, and onto theirs. "Move USDC/BTC/HYPE out of your trading balance, and into my protocol." Portfolio Margin makes this 100x worse. Many teams are going to have a hard time attracting liquidity when it has so much more utility staying in a user's wallet on Hypercore. We basically rebuilt the Valantis' thesis in 2026 around this. - Build your products into the experience - If you ask capital to move, amplify its utility The market for Native Staking is larger than liquid staking for a reason. People literally save $40M+ annually through Native Staking Trading Fee Discounts; and Liquid Staking Collateral demand is not high enough to outweigh it. LSTs today are in competition with HyperCore Trading. HyperEVM exceeds when extending the core functionality of Hyperliquid- not competing with it.