adom.hype
1.1K posts
The takeaway from this tweet is .hls think that TradeXYZ launching their own product would be corrupt and egotistical and so insulting and how could Shoku ever do that to them?!! (that’s showbiz, baby). Replace this scenario with a contract renegotiation: 70% of fees go to Trade, 30% go to Hyperliquid. Now how do you feel, anon?
As a HYPE bull during the Cambrian explosion of RWA perps, you should ask yourself the following questions: 1) if TradeXYZ left Hyperliquid tomorrow and launched their own exchange, where would you go to trade RWA perps? 2) if TradeXYZ launched a stock/token, how would you value HYPE differently? 3) what is the likelihood of #1 and #2? I don’t intend to be a bear, but I’m pretty confident in my answers to #1 and #2 and I’m not naive enough to say I (or seemingly any major allocator) knows the answer to #3. And before the .hl’s whine in my comments, this is not meant to slight either protocol, it’s to state a fact: TradeXYZ holds a large and growing amount of leverage over Hyperliquid.
As a HYPE bull during the Cambrian explosion of RWA perps, you should ask yourself the following questions: 1) if TradeXYZ left Hyperliquid tomorrow and launched their own exchange, where would you go to trade RWA perps? 2) if TradeXYZ launched a stock/token, how would you value HYPE differently? 3) what is the likelihood of #1 and #2? I don’t intend to be a bear, but I’m pretty confident in my answers to #1 and #2 and I’m not naive enough to say I (or seemingly any major allocator) knows the answer to #3. And before the .hl’s whine in my comments, this is not meant to slight either protocol, it’s to state a fact: TradeXYZ holds a large and growing amount of leverage over Hyperliquid.
We are entering a new era for DeFi. For the first time ever, @HyperliquidX generated more volume from RWAs than crypto in a single week. RWAs accounted for 54% of total trading volume. An even more interesting trend: since June, single stocks have overtaken indices and commodities on HIP-3. Today, 61% of all RWA trading volume is in individual equities. I’m no longer convinced RWA trading will naturally aggregate on the same venue as crypto. There will likely be category leaders within RWA, and owning BTC/ETH/SOL flow may become far less important than many people assume. To put this into perspective: Total DEX perpetual volume last week: $79B Hyperliquid: $50B Of that, $26B was HIP-3 RWA trading In other words, Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX. If you’re still only focused on crypto token trading, I think you’re focusing on the wrong market. data from @Blockworks
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