Growth mode drastically reduces taker/maker fees (90%+ reduction). This makes it dramatically cheaper to bootstrap volume on new assets. For Hyperliquid, new perp markets = more liquidity, more users and more reasons to trade on-chain. In my opinion, this will attract more and more groups over time, because the fee structure is extremely important (not so much for retail, but for other more sophisticated players) Growth mode makes it extremely attractive for: 1) High-frequency liquidity takers seeking to optimize execution efficiency 2) Directional traders operating with high turnover and sensitivity to marginal fee structures 3) Quantitative funds experimenting with novel signal frameworks or market-creation strategies 4) Arbitrage specialists evaluating cross-asset or structural dislocations introduced by new perpetual markets These groups provide persistent, deep, two-sided liquidity, which strengthens the entire exchange. It also improves the experience for all traders (including retail, but without relying on them) So, what many people fail to grasp is that growth mode is not primarily designed for retail users. Its architecture is far more deliberate: it targets sophisticated market participants whose activity meaningfully strengthens liquidity, price discovery, and market depth on HL. Why is that important? > Ethereum grew because it attracted developers > Solana grew because it attracted retail > Hyperliquid is now attracting deployer-market architects This is a new category in crypto, and HL is already years ahead here imo. This will only become more obvious over time. Hyperliquid