Hyperliquid's success is a classic case of perfect timing, location, and teamwork, but it's hard for newcomers to replicate. Aside from the team and marketing being truly outstanding, on the technical side, the issues that were questioned during the dYdX era in this space still exist, and benefits like no KYC and tax avoidance have always been there. In other words, the core lies in the team executing the right things to perfection at the right time.