Incumbent defi teams still discount the value of a listing on Hyperliquid spot and are unsure how to bucket HL as either a traditional DEX listing where LPs may earn trading fees but face excess IL or a CEX listing costing a significant share of token supply (maybe 10%+) The reality is that neither is the case. Consider if more teams listed on HL directly instead of waiting to be listed—teams could earn 100% of the spot deployer trading fees and control their own listing + MM process Don’t rely on CEXes or solely set up Uni pools and consider token distribution done. Much more on Hyperliquid