A new thesis by analyst Defi Patrick Scott maintains that despite the loss of market share in the face of his competitors, Hyperliquid remains the most invested decentralized exchange for perpetual term contracts.
Market Perp Dex in flow
Perpetual future – or perpid – are cryptographic derivatives that allow traders to speculate on prices without expiration date. The decentralized platforms that house them, known as Perp Dexes, have increased in popularity while traders distance the activity from centralized exchanges (CEX) such as Binance.
Scott noted that the prur dexes went from less than 2% of the volume of perpetual negotiation CEX in 2022 to more than 20% last month. The hyperliquid, which emits the token of media threw, was a key engine of this growth.
However, recent changes have raised questions. The share of the hyperliquid perp volume has increased from 45% to only 8% in recent weeks, while the rival affiliated to Binance has increased to more than $ 270 billion in weekly professions. Other arrivals such as Lighter and Edgex also displayed three -digit percentage gains in the activity.
Why the hyperliquid always stands out
Scott argued that the fundamentals of hyperliquid distinguish it. The exchange continues to generate solid income, exchanging what he described as a reasonable multiple compared to peers, with the grip of users reflected in an open interest.
“Unlike volume and income, which measure activity, measures of open interest are liquidity. It is much more sticky,” he wrote, noting that hyperliquidal still commands approximately 62% of the Perr Dex open interest market.
Beyond the negotiation, Scott has highlighted expansion plans, including the Hyperevm network, already hosting more than 100 protocols and 2 billion dollars of total locked value and USDH, a stablecoin supported by the reserves held with Blackrock and Superstate.
Another initiative, Hip-3, would allow manufacturers to launch new Perps markets by punctuating large amounts of media threshing, creating what Scott described as a “supply well” for the token.
Scott warned that his thesis would be invalidated if the interest opened or the hyperliquidal income decreased materially, or if the USDH had not obtained liquidity over the next year. But for the moment, it maintains that hyperliquid is better positioned than competitors who organize heavy incentive programs.
