Market Share & Competition - Hyperliquid's market share in perpetual DEXs has decreased from over 70% to just over 30% [1] - New entrants like Lighter and Aster are rapidly gaining market share [1] - Users are switching platforms for better fees, incentives, and trading speed [1] Industry Trends - Market fragmentation may indicate healthy competition or the beginning of a liquidity war in onchain futures [1]

Demand Side Catalysts - Hyperliquid有望上线Perp交易[1] - Hyperliquid可能开放Solana, Bitcoin, Ethereum等资产的现货交易，支持跨链桥接和更多资产的存款，或将支持跨资产抵押[1] - Assistance + insurance Fund（援助+保险基金）和Insilico Terminal的购买量增加，每周超过25%的收入用于购买，年交易量超过100 billion美元[1] - 预计将在所有中心化交易所上线Perp交易[1] - 预计将在二线中心化交易所上线现货交易[1] - 预计将在三线中心化交易所上线现货交易[1] - Hyperevm - L1+ EVM价值有望提升[1] - 总锁仓价值（TVL）接近2 billion美元的USDC，并且自身原生代币的数量也在增加[1] - 越来越多的DeFi、AI和其他项目正在涌现[1] - 基金和做市商（MMs）的购买[1] - 法币入口有望开通[1] Supply Side Catalysts - 质押机制将减少代币供应[1] - 即将公布的代币细节，包括用途、运作方式等，除了gas+质押+治理之外[1] - 长期供应量下降，保守估计年化下降约2-4%（通过燃烧）[1]