I think Hyperliquid will remain a neutral protocol and won’t acquire a regulated U.S. business. It would conflict with other builders, who would then be incentivized to build elsewhere or create a direct competitor. The best incentive for Hyperliquid is to remain neutral but closely partner with regulated businesses for regulatory upside to attract capital in the U.S., even though from a unit economics perspective businesses owning user distribution usually win and are most valuable. I could see a world where Hyperliquid gets a larger stake in a winning HIP3 builder business to benefit from upside beyond fees.(Ξliézer Ndinga)