I haven't looked at the data extensively but: 1) Aren't Lighter volumes extremely inflated specifically because everyone and their mom is farming the airdrop, there's literally a "marketmaking bot" for ppl losing thousands a week just to farm these points And as soon as the airdrop happens, what then? or are we expecting them to be as benevolent as HL and airdrop 30% and everyone to get mega rich and trade on lighter happily ever after? We all know what happens whent the copycat tries to mimick the narrative leader (it fails, often spectacularly) 2) Marketmakers operate where their strategies are profitable, there will be an equilibrium where even if a few leave that will open up opportunities for others to grab