here is what i am looking at for lighter hl saw daily volume grow post tge from a base of ~1bn to 2-4bn, all organic lighter has seen volumes come in from 10bn+ to finding its base ~2-4bn again, the same this is the answer to "how much volume is organic" and while its below the aster-induced october fever highs, its real, and i think its share of perp dex volume will continue to rise from this point (along with hl) as ppl favor immediate economics and liquidity vs future economics i think thinking about revenue is good, focusing too much on it misses that perps are a land grab and trading revenue for market share is a longterm winning strategy what is very different this time is the rest of the mkt, q4 2024 was peak capital expansion, rn ex-mayors are rugging for 3m it helps if your thesis is not validated/invalidated by price - my thesis is that: 1. perp exchange pie continues growing despite the october aster blowoff top 2. hl + lighter are the dominant clob duo that will continue to seperate from the pack