DeFi Analyst: Hyperliquid’s Fundamentals Outweigh Aster’s Market Share Surge

DeFi analyst Patrick Scott asserts that Hyperliquid remains the most investable decentralized exchange (DEX) for perpetual futures, despite recent losses in market share to competitors. While Hyperliquid's perp DEX volume fell from 45% to 8%, Aster surged to over $270 billion in trades weekly. Scott highlights Hyperliquid's robust revenue generation and significant open interest of 62%, indicating liquidity and user retention. He underscores the importance of fundamentals over mere trading volume, positioning Hyperliquid favorably among rivals Aster, Lighter, and edgeX. Expansion initiatives such as HyperEVM, a network supporting over 100 protocols with $2 billion locked, and the USDH stablecoin aim to diversify Hyperliquid's offerings. Furthermore, a new initiative would allow builders to introduce new perp markets by staking HYPE, thus creating a token supply sink. Scott's positive outlook hinges on Hyperliquid maintaining its open interest and revenue, and the successful liquidity of USDH. Any significant decline in these areas may challenge his perspective, but currently, he argues that Hyperliquid's advantages outweigh the recent market share fluctuations.

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