Last day while studying hyperliquid’s numbers I noticed that builder codes have cumulatively onboarded ~56k users. Of these 23k are from phantom. Each day phantom adds ~300 users to hyper liquid. That’s the TAM for perp/futures products. Equally scary and intriguing.

Scary because a lot of founders think - ah we will build it and they’ll come. Brother they are not coming. They barely care. It’s your job to build something they care about. Intriguing because it shows capital density within crypto. Extreme power laws wrt arpu ($60).