Max Fiege, Growth Lead at Liquidy, and Tolks, an early Hyperliquid adopter and Kinetiq founder, dive into the evolution of Hyperliquid. They discuss its competitive stance against Solana and explore whether it qualifies as an L3. The conversation highlights Hyperliquid's innovative growth, liquidity dynamics, and user engagement. Additionally, they tackle potential bear cases for Hyperliquid and the importance of technical execution amid shifting market perceptions and regulatory challenges.