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Big Cat
@intothenetwork
Hyperliquid has reached 1b Open Interest. Projects purely for farming do not reach these metrics. Doubters have yet to realize the stickiness of active users, and this will all be revealed after points incentives end. Im also more bullish on Hyperliquid after listening to Jeff speak at the private event during token2049. “Once HyperEVM is ready, builders and users alike will be able to feel its power”. Full report: https://newsletter.asxn.xyz/p/hyperliquid-the-hyperoptimized-order
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Sumaa
@sumaa
Bro hyperliquid gives out 100+% apy of points for trading purr. I bet there are lots of mercenary traders
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Big Cat
@intothenetwork
there definitely are. but i believe that hyperliquid has the perfect narrative + flawless execution by the team to be one of the leaders this cycle. there are many who think its just a perp dex currently (judging from the many comparison with other perp dexs). rarely seeing anyone compare it to a L1 / onchain CEX-experience
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Sumaa
@sumaa
I agree that their product is v good, but they are not a perp dex. They are a cex without regulation (hence why they renounced their us citizenship), with native on-chain onboarding. If I had to place a bet on anyone to be the ftx of this cycle, it would be hyperliquid.
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Big Cat
@intothenetwork
can't deny that at its current form it is centralized, but they are working towards decentralization come tge. team itself has proven itself to be acting in good faith (from purr allocation), and hyper vault (not out to extract value), and thus seem to be wanting more to build a good product rather than out to make money. I think that's the key difference to this and ftx, so don't think it should be compared.
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Sumaa
@sumaa
"seem to be wanting more to build a good product rather than out to make money" - they have a centralized liquidation system. By definition opening up liquidations would add competition and execute liquidations at better prices, yet it's closed so they can capture all the value from this. This is why the HLP is so profitable. Also their decentralization plan is to have all the nodes located in japan, which is sort of psuedo-decentralization
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Big Cat
@intothenetwork
yes these are good points made - but also, anyone can participate on HLP, but the "better prices" are not necessarily going to the team's pocket. I'm not denying that it has several obstacles it has to overcome btw, i just think that the team has so far proven itself to be trustworthy and has a good narrative. it's a work in progress and so far the execution has been good. glad you mentioned the vaults, that adds on to the social aspect which is a good narrative. - no vcs - social aspect (onchain , people can create vaults) - onchain CEX - community focused - actual users. good product (we will see after points end soon - but it stopped points back then in may, and volume didn't drop) and many more!
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