At the beginning of the year, Hyperliquid’s share of the global perpetual markets was still less than 5%; it is now at 9%, and the rate at which it is eating into CEXs is accelerating. This may be due to European compliance, or because new asset classes such as crude oil, gold, and the US stock market are attracting a large number of traders who previously didn’t belong to the crypto space.

HYPE-2.73%
PAXG1.80%
XAU1.85%
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