Solana Foundation Growth Lead Chase pointed out that the core of competition in the Perp market is deep liquidity, and the essence of liquidity comes from whether market makers are willing to provide quotes long-term and at high frequency. Compared to the community's long-standing debate over market microstructure, market makers are more concerned with whether order sequencing is consistent, whether cancellations can be prioritized for execution, and whether the overall execution environment is stable and predictable enough. He also admitted that Solana still has shortcomings in these areas, leading market makers to hedge risks by widening spreads, or even reducing their willingness to provide liquidity, thereby affecting overall market depth.

"Those guys at Hyperliquid seem a bit rattled." Chase further stated that, to some extent, this indicates that the Solana ecosystem has finally produced a sufficiently excellent Perp product that is beginning to attract market attention. They should have remained silent. Now, these FUDs are actually what Solana needs, because such an environment is precisely where it excels in growth and explosion.