Hyperliquid (HYPE)

Being a Hyperliquid maxi is wild because 99% of the time I look like this and 1% like our pinned tweet https://t.co/vkyz4NkMXB

"Nature does not start from scratch. Rather, she is an inveterate jury rigger who rarely invents a new mechanism to do splendidly what an old mechanism can be modified to do tolerably well." - Daniel Gilbert This applies to way more than biology. Microsoft has been trying to beat Google in search for over a decade. It wasn't until ChatGPT that Microsoft even made a dint in Google's search marketshare. Even with revolutionary technology, billions in capital, and a legitimately better product, Microsoft couldn't overcome what people call "the power of inertia and habit." People were simply habituated to Google. Platforms that create habits, have moats. Everyone in crypto loves analogies when they mean number-go-up. Suddenly they don't apply when they suggest the incumbent wins. But structural reality doesn't care about your bags. The bear case for new perp DEXs is that Hyperliquid will always be good enough and therefore no users will switch platforms. The Jury-Rigged Incumbent Traders don't choose perp

Some thoughts I am extremely bearish on crypto. I still stand on the tweet below, you should look to sell into any bounce you get. Currently there are no tailwinds left like etfs in 2023, trump presidency in 2024 and Dats in 2025. I strongly feel we will see a lot of blood going forward, unless there is new information that changes the land scape. Some predictions - Expect btc to trade around 69-70k (below saylor's avg - max pain scenario) , SOL - 88-95, ETH 1800, HYPE - 23-25.

Perps have only a limited set of dimensions across which one can innovate and over the last 2 years we saw innovation across all of them except Collateral. 1. Liquidity Provisioning. @HyperliquidX was the first to launch the community vault, providing APR for depositors, reinforcing exchange liquidity and trading activity, which is now adopted by most players in the space. 2. Fees Structure. @Lighter_xyz was the first to introduce the zero fees model. As discussed many times, there are both pros and cons for this approach, but it was an innovation in the market. 3. Ways of trading. @HyperliquidX came up with builders code (which we launched as well), allowing external teams to access underlying exchange infrastructure and liquidity and enable different frontends and use cases for trading perps (wallets, trading terminals, Telegram bots, etc). I believe we are yet to see innovation in the UX of perps trading, as the main trade screen of exchanges has not significantly ch

Aster flips lighter and hyperliquid and is the #1 DEX https://t.co/wZdnmpO70C

The distinction is really about market focus and user base rather than raw tech. Hyperliquid nails Web3-native liquidity. it’s fast, optimized, and consolidates fragmented liquidity, but it’s still constrained by the size of the existing crypto market. Lighter, on the other hand is taking a longer term bet on bringing TradFi into DeFi, building infrastructure that can scale for institutional participants and eventually unlock an entirely new pool of liquidity. In short: Hyperliquid captures what’s already there; Lighter is creating what doesn’t exist yet. Both can succeed, but their paths and risks are completely different. The interesting part is that Lighter’s approach could expand the market itself, making Hyperliquid’s addressable market bigger in the long run.