Let’s fast-forward 12–24 months and assume there are no incentive programs anywhere. A new user who has never touched a perp DEX which one do you think they’ll choose? An existing user - will they stay where they are now, or will they switch to the cheaper, more efficient option? by “cheaper” I mean total execution cost, not the “0 fees” exchanges where liquidity, spreads, and volatility make the actual cost much higher overall. The trend is already visible: @Lighter_xyz or even T2 DEXes (@extendedapp) offer cheaper overall execution costs and are growing their metrics every month, - this is a fact. If you think these platforms will disappear and everyone will just “go back” to HL, you’re living in a delusion -there’s no logical explanation for this right now. Sure, many of them will disappear, but there will be 3–5 winners who will compete with each other for traders. HL still has massive OI and TVL, but this can change very quickly if trading elsewhere remains cheaper. I think @HyperliquidX  needs to reduce its fees to stay competitive or reward traders so they have a real reason to stay (essentially this is the same thing overall)