Here’s a summary of @ArrakisFinance’s article: - 63% of @tradexyz’s total trading volume comes from 363 market maker wallets - The top 21 market makers account for 90% of the total market maker trading volume - Three identified market makers so far: Jump/Selini/Wintermute - The second-largest market maker, Powell, is also active on Polymarket - Significant overlap with Polymarket users—same group of people hedging on real-world events - Out of a total of 79,000 wallet addresses, over 35,000 belong to the same individual (but this person isn’t doing well and is currently losing money) Conclusion: The retail participation in Hyperliquid’s RWA on-chain contracts is exaggerated—it’s basically a battleground for pros and market makers. But hey, trading volume is trading volume, every dollar counts. (Arrakis was one of the earliest LP management projects during the Uniswap V3 era—didn’t expect it to still be active today. Respect!)