1) Pursuing or maintaining high profits too early usually means the company hasn't invested enough in building a competitive moat. I think Hyperliquid has actually done a good job in this regard. Although most of the money was used for buybacks, the team has consistently focused on building a moat around its own products (regardless of where the team makes money—market making or something else). 2) Hyperliquid's current high profits are likely unsustainable, as many competitors will emerge, such as Lighter, which was also supported by entities like FoF and Robinhood. This "having your cake and eating it too" situation is extremely rare in financial history. Let's see if Hyperliquid can ultimately emerge victorious.