Hypothesis 2: Punctuated equilibrium — a large amount of change in a short time, tied to a speciation event. Species 2 and 3 are only 100,000 years younger than ancestor 1, and all the evolutionary change connecting them took place in this short time. The "burst" of evolution is really a burst. Transitional forms between ancestor 1 and species 3 did exist, but for such a short amount of time that they were not preserved in the fossil record.
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