akstar82
@akstar82
CEX vs DEX: A War for Market Share and Trading Structure (Why HyperEVM Matters in the Battle for Dominance?) The Web3 trading platform landscape is undergoing seismic shifts, especially in derivatives. At the heart of this transformation lies the explosive rise of @HyperliquidX , and the defensive posture of posture of @binance , the long-time incumbent. [TL;DR] 1. Hyperliquid is growing on the back of actual usage, verifiable positions, and self-sustaining infrastructure. 2. Binance is fighting back through synthetic dominanceāoptics over substance. 3. As the market matures, the number of users who prioritize signal over noise will continue to rise. 4. The expansion of Precompile and HyperEVM could make Hyperliquid a dominant spot venue as well. 5. If Binance wants to retain its throne, it must shift focus from āappearing dominantā to actually improving product quality and transparency.
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akstar82
@akstar82
Quick note before we get started: Iāve been with Binance since day one. Now letās dig into whatās really going on behind the numbers. š1. Hyperliquidās Ascent: 10x Volume Growth in One Year As of May 2025, Hyperliquid recorded its all-time high monthly perpetuals volume of $24.8 billion. Just one year earlier, in May 2024, it held less than 2% of Binanceās volume. Today, it accounts for approximately 10.5% of Binanceās futures volume. The absolute gap remains large, but the growth velocity and product fundamentals suggest that Hyperliquid may be the only credible contender capable of disrupting Binanceās perpetuals monopoly.
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akstar82
@akstar82
š”ļø 2. Binanceās Defensive Playbook: Volume Preservation at All Costs To hedge against market share erosion, Binance has employed a multi-pronged strategy across its centralized exchange and BNB Chain-based DeFi ecosystem. - Projects like Aster, a BSC-based perpetual DEX, have shown a recent spike in trading volume. - However, their user base and TVL remain negligible. - Many observers suspect that internal MM or circular trading accounts for a significant share of the volume. This indicates that Binance may be transitioning from real CEX-based dominance to onchain volume inflationānot to lead, but to maintain optical parity.
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akstar82
@akstar82
āļø 3. The Real Battleground Is Spot, Not Perps Binanceās core strength has always been in the spot market, not perps. Hyperliquidās spot market uses a centralized orderbook model while settling in native assets rather than stablecoins like USDC. This creates a compelling incentive for users to hold and trade assets directly on Hyperliquidāmaking it a legitimate threat to Binanceās influence. Over the last 6 months, Hyperliquidās spot share (relative to Binance) has more than doubled. While perp volume growth has been more dramatic, the spot trend is quietly accelerating, especially with the upcoming expansion of Precompile and HyperEVM.
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