My unwelcoming opinion on chain integration for wallets: A “multichain” wallet was once an advantage—no longer now. 99% of L2s are ghost chains; Vitalik advocates just building on L1. Be the best wallet across active chains. It’s a very different mindset.

I am very curious about HashKey's business revenue. After all, there are few token choices and liquidity is relatively poor. As a Hong Konger, I hardly use @HashKeyExchange, and it seems that Xiao Feng is also aware of the strengths and weaknesses of his platform. In 2025, he shifted to institutional and Omnibus (B2B2C) business and achieved certain results. Comparing the performance of the first half of 2024 and 2025: 1. Retail customers (B2C): Decreased by -85% 2. Institutional customers (B2B): Increased by +10% 3. Omnibus customers (B2B2C): Increased by +1860% HashKey doesn't need to show off to retail investors; it just needs its target customers to think it's impressive, and then it is impressive.

Hashkey's listing information is public, and at first glance, the costs seem normal, but it's very difficult to do business, with losses year after year, dancing with shackles. 1. R&D expenses for 2024 are HKD 550 million; I guess the R&D team is about 200-300 people, which is a reasonable scale. 2. Sales and operations are HKD 390 million; it's hard to assess whether this part is reasonable. 3. General and administrative expenses are mostly legal fees; HSK, as a compliant exchange, indeed has heavier costs and ratios. p.s. Note that it’s a draft PHIP, not a final prospectus, and not investment advice