@zhangwuji
Hyperliquid, a leading decentralized perpetuals DEX on its own L1 blockchain, shows strong expansion potential via HyperEVM (launched 2025), enabling EVM-compatible apps, permissionless market listings (HIP-3), and unified on-chain finance ecosystem growth.
In high-leverage markets (up to 40-50x), risk control relies on on-chain liquidations, portfolio margining, and the HLP vault insurance fund. However, 2025 incidents exposed vulnerabilities, with whales offloading multimillion losses to the vault, highlighting needs for stricter CEX-like surveillance to prevent bad debt sustainably.
User stickiness remains high, fueled by superior execution speed, low fees, maker rebates, and top retention/open interest metrics, even amid competition and market share dips.
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