When a crypto project collapses, the community grits its teeth and dreams of a bright future. But what happens when an entire blockchain falters? With Hyperliquid, the pressure is palpable: this next-generation blockchain must prove its value well beyond its flagship perpetual exchange, otherwise its ecosystem could quickly disintegrate. Decryption of an emblematic case.
Hyperliquid and the ambitious “hyper” strategy
Since its launch in 2024, Hyperliquid has established itself as a key player in the world of DEXs. Its flagship perpetual trading platform today captures 70% market sharesurpassing rivals like dYdX or GMX. With a trading volume of 260 million dollars per dayHyperliquid shows growth that defies forecasts.
However, this success is fragile, because blockchain is seriously lacking developers to expand its ecosystem.
VanEckasset manager, recalls that the success of Hyperliquid is based on a precarious balance.
“ If the community does not see its expectations fulfilled, the prisoner's dilemma of wealthy HYPE holders could quickly derail », he notes.
With a capitalization of 25 billion dollarsthe HYPE token has seen its value multiplied by five since its airdrop in November 2024, but it will have to demonstrate its sustainability beyond the stock market hits.
Why is Hyperliquid causing a sensation? First of all, its hybrid technology combines the speed of an L1 blockchain with the interoperability of an L3 system. This architecture makes it possible to process 100,000 orders per second, far ahead of dYdX's 2,000.
Afterwards, its pricing modelmore competitive than that of its competitors, attracts large volumes. Finally, its proximity to Ethereum opens up a colossal market for it: 75 billion dollars in tokens, 111 billion in stablecoins and 400 billion in ETH.
To maintain this frantic pace, Hyperliquid will have to convince more developers to invest in its ecosystem. Today, only half a dozen decentralized applications operate on its EVM testnet. A promising figure, but insufficient to justify such a valuation.
The pitfalls of an ultra-competitive crypto market
Hyperliquid's success reflects a broader trend: the rise of decentralized crypto exchanges. In December 2024, the latter recorded a record volume of 433 billion dollars. But in an industry where open source codes make copying easy, DEXs like Hyperliquid must find strategies to protect themselves from competition.
In one year, Hyperliquid has:
- Captured 70% of the perpetual market;
- Generated $10.5 million in revenue in one week in December;
- Recorded $156 billion in trading volume in one month.
However, his model is far from infallible. HYPE tokens, distributed via a generous airdrop, risk becoming a weak point if the promises of governance and rewards do not materialize. Hyperliquid will also have to overcoming reluctance around its source code still closed. As the company states in a tweet:
“ Open source is important. Our developments will become public when their stability is assured. »
Finally, the delegation program of the foundation, which aims to diversify the network of validators, must come to fruition quickly to reassure a demanding community. Hyperliquid may play the innovation and dynamism card, but the crypto market does not forgive strategic errors.
Hyperliquid developers will also have to closely monitor threats coming from the shadows, notably North Korean hackers. Before Christmas, these have already caused massive withdrawals, to the tune of 256 million dollars. If Hyperliquid aspires to a bright future, it will have to navigate shark-infested waters with caution. The story has only just begun.
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