X @Messari

Market Trends & Competition - New perpetual DEXs (decentralized exchanges) such as Aster, Lighter, and edgeX are beginning to attract liquidity [1] - The industry is analyzing volumes, address overlap, and capital flows between these new players and Hyperliquid [1] - The analysis aims to determine if the traction gained by new perp DEXs is organic or driven by incentives [1] Trading Activity Analysis - Vol-to-TVL (Volume to Total Value Locked) is used as a metric to assess potentially inflated activity [1] - Hyperliquid's Vol-to-TVL has remained relatively stable at approximately 2.5 year-to-date (YTD) [1] - Newer perp DEXs exhibit higher Vol-to-TVL ratios, suggesting potential incentive-driven flow or wash trading [1]