Market Dominance - Pendle 控制了 57% 的流通 susde [1] - 该协议成为市场本身 [1] - 行业应交易这种垄断地位 [1] Valuation - 当一个协议拥有 60 亿美元稳定币生态系统的收益发现时，估值差距不会持续 [1]

Market Share & Volume - Hyperliquid captured 30% of all DEX spot volume [1] Platform Metrics - Automated Facility has 26 million HYPE locked away [1] - Whale shorts position at 118.8 million USD at 107 thousand BTC [1] Integrations & Launches - Jumper Exchange integrated new routes today [1] - Kinetic Staking launching July 15th [1] Industry Outlook - Infrastructure dominance is happening in real time [1]