An interesting market signal: a leading derivatives trading platform has recruited a former infrastructure head who previously built a system handling $10 billion in monthly volume. Even more intriguing is the valuation contrast — the platform's market cap is only $43 million, yet it has captured about 10% of Deribit's trading volume in Ethereum options. What does this reflect? The candidate's background provides an answer: he previously managed TradeWeb infrastructure, with an annual trading volume of $29 trillion. This level of experience in building large-scale trading systems, once applied to product development on a new platform, could unlock a much higher ceiling than the current valuation suggests. The market often underestimates the leverage that infrastructure capabilities can provide to a trading platform's competitiveness.