Hyperliquid, once the undisputed leader in the chain perpetuated market, is a rapidly rapid field field for emerging platforms such as lighter and Aster.
At one point in May, the hyperliquid represented 71% of the perpetual chain cryptography market. This number is now 38%, according to the pseudonym user of Dune Analytics @uwusanauwu.
Meanwhile, competitors such as ASTER supported by A16Z and ASTER supported by Binance Labs increased their market share to 16.8% and 14.9%, respectively, compared to figures to a single figure in May. These percentages are based on weekly trading volumes and exclude Wash trading figures.
The chain perpetual market refers to the decentralized trading of perpetual term contracts (without expiration) This occurs directly on a blockchain, ensuring transparency and immutability.
Perpetuates are derivatives without expiration date, allowing traders to speculate on the movements of the prices of underlying assets. These contracts use a single financing rate mechanism to maintain perpetual prices in accordance with the cash price of the underlying assets.
The perpetual chain market has experienced rapid growth. All combined platforms have recorded a cumulative negotiation volume of nearly $ 700 billion in the past four weeks, with an activity reaching $ 42 billion in only the last 24 hours.
The number of protocols has significantly increased from two in 2022 to more than 80 to date. This expansion perfectly illustrates capitalism at work: a flourishing market attracts a flood of new entrants, growing competition and eroding market share and the profitability of the first pioneers.
The absence of traditional barriers at the entrance or exit, a key characteristic of the cryptography market, allows anyone with the technical know-how to launch new protocols and compete.
Recently, a kind of war took place between the hyperliquid and the Aster. Last week, hyperliquid listed the native token of Aster AST, allowing long or short users the token with a 3x lever effect. On Monday, Aster responded by offering perpetual hyperliquid media threshing with a 300x lever effect.
