According to @KookCapitalLLC, Hyperliquid has been described as a backbone to distribution with a comparison to Nasdaq, and the author asks @rediamondjr how potential Hyperliquid distribution partnerships could be structured following the reported success of builder-code distribution like Phantom; this question signals trader focus on distribution-driven user acquisition, order flow routing, and liquidity depth on the platform. source: @KookCapitalLLC on X, Aug 20, 2025.