A new thesis of the Defi analyst, Patrick Scott, argues that despite losing market participation before the rivals, hyperlichid remains the most invertible decentralized exchange for future perpetuals.
Perp dex market in flow
Perpetual future, or Perpero – They are cryptographic derivatives that allow specular merchants about prices without an expiration date. The decentralized platforms that house them, known as authors, have increased in popularity as merchants move away the activity of centralized exchanges (CEXES) as Binance.
Scott said that perps dexes have expanded from less than 2% of CEX’s perpetual negotiation volume in 2022 to more than 20% last month. Hyperliquido, which emits the token of bass drum, has been a key driver of that growth.
Even so, recent changes have raised questions. Hyperliquid’s participation in the volume of Perp Dex fell from 45% to 8% in recent weeks, while the rival affiliated with Binance Aster shot more than $ 270 billion in weekly operations. Other upstarts, such as Lightter and Edgex, also recorded percentage triple digits in the activity.
Why does hyperlichid stand out
Scott argued that Hyperliquid’s foundations distinguish him. The exchange continues to generate strong income, merchanting what he described as a reasonable multiple compared to his companions, with a sticky of the user reflected in open interest.
“Unlike volume and income, which measure the activity, open interest measures liquidity. It is much more sticky,” he wrote, pointing out that Hyperliquid still has approximately 62% of the Perfex open interest market.
Beyond trade, Scott highlighted the expansion plans, including the Hyperevm network, which already housed more than 100 protocols and $ 2 billion in total blocked value and USDH, a stable backed by reserves sustained with Blackrock and Superstate.
Another initiative, Hip-3, would allow builders to launch new PERSES markets by reaching large amounts of exaggeration, creating what Scott described as a “supply sink” for Token.
Scott warned that his thesis would be invalidated whether Hyperliquid’s open interest or revenues fell materially, or if the USDH did not gain liquidity during the next year. But for now, it maintains that hyperlichid is better positioned than competitors who execute strong incentive programs.
