Could This 1 Rising Star Cryptocurrency Be a Threat to Solana?

Core Insights - Hyperliquid is a high-throughput Layer-1 blockchain with a decentralized exchange (DEX) that offers a fast, cheap, and user-friendly trading experience, positioning itself as a potential competitor to Solana [1][2] Group 1: Hyperliquid Overview - Hyperliquid is a proof-of-stake (PoS) blockchain designed for professional crypto traders, featuring an on-chain central order book that records all trading activities directly on the blockchain [4] - The platform provides a zero-gas fee experience for its DEX, with low exchange fees and quick transaction processing, enhancing the trading experience [5] Group 2: Market Position and Performance - As of now, Hyperliquid has approximately $2.6 billion in total value locked (TVL) and generated $27.8 billion in DEX volume over a 30-day period ending September 19, with fees amounting to $95.2 million [6] - The concentration of activity around the DEX is seen as a value driver, although it limits the breadth of the ecosystem compared to more diversified chains like Solana [7][8]