While traditional financial markets continue to debate the compliance and efficiency of centralized exchanges, a full-stack on-chain financial execution layer called Hyperliquid is quietly changing the game.

Recently, with the disclosure of several heavyweight data and product upgrades, Hyperliquid has once again become the focus of the crypto market. From the explosive growth of the Builder ecosystem to the absolute monopoly in the perpetual contract market, and the redefinition of prediction markets, Hyperliquid is proving with strength that its title of "on-chain Nasdaq" is not just a hollow claim.

1. The Wealth Creation Myth of the Builder Ecosystem: Phantom Wallet Earns $20 Million Annually

The prosperity of Hyperliquid's ecosystem is first reflected in its unique Builder Code mechanism. According to the latest official data released by Hyperliquid, the well-known Web3 wallet Phantom earned up to $20 million on Hyperliquid through Builder Code in less than a year.

This is not an isolated case. So far, more than 100 teams have completed integration with Hyperliquid via Builder Codes. Users can trade over 200 markets directly in applications like Phantom, covering various asset classes such as cryptocurrencies, indices, and commodities. This profit-sharing mechanism has greatly stimulated developers' enthusiasm, leading major wallets like MetaMask and Rabby to join as well, with these three major wallets currently accounting for over 20% of Hyperliquid's trading volume.

2. The Absolute Dominance of Perpetual Contracts: A Disruptive Performance in Data

In the core perpetual contract (Perpetual DEX) track, Hyperliquid has built an unshakeable moat. According to data from market analysis platforms, Hyperliquid shows a disruptive leading advantage in both trading volume and open interest (OI).

As shown in the table above, Hyperliquid's 24-hour open interest reached $9.06 billion, nearly 4 times that of the second-place Aster; its 24-hour trading volume was close to $6 billion, capturing about 73% of the decentralized perpetual contracts market. This terrifying liquidity depth makes it the preferred battleground for professional traders and institutional funds.

3. HIP-4: Not Making "On-Chain Polymarket," But Redefining Prediction Markets

With the heating up of hot events like the US elections, prediction markets have ushered in explosive growth. However, as senior analysts have pointed out, the recently launched HIP-4 (Outcome Contract) by Hyperliquid "is not primarily about replicating Polymarket, but rather integrating prediction markets with perpetual contracts and spot systems."

Traditional prediction market platforms like Polymarket and Kalshi are typically isolated ecosystems with low fund efficiency. Hyperliquid's HIP-4 has achieved revolutionary breakthroughs:

 

• Unified Underlying Architecture: Spot, perpetual contracts, and event contracts share the same centralized limit order book (CLOB).
• Ultimate Fund Efficiency: Using USDH fully collateralized, traders can use the same margin to simultaneously long BTC perpetuals and hedge BTC price interval event predictions.
• Zero Opening Fees Impact: Opening positions is completely free, with fees only applicable during closing or settlement, directly piercing through Polymarket's up to 2% winning position fee.

HIP-4 does not aim to compete in Polymarket's home turf but rather elevates the prediction market, making it part of a more grand leveraging trading system.

Conclusion: Seize the Era of HYPE's Dividend

With a price surge from $20 to $44 and a market capitalization exceeding $10 billion, the performance of the HYPE token confirms the market's recognition of Hyperliquid's vision. It is not only a DEX but also an underlying infrastructure accommodating all financial activities.

For ordinary investors, now is the best time to strategize. Register at Hyperliquid through AiCoin's exclusive channel using invitation code AICOIN88, and seamlessly access the deepest on-chain liquidity pool worldwide, while enjoying a permanent 4% commission rebate.

The actual operation is super simple:

Step 1:

Open Hyperliquid BTC/USDC K-line on AiCoin

Step 2: Find the toolbar and check the lightning order option

Step 3: Click the green "Buy Long" or red "Sell Short" → Instant Transaction

Now use AiCoin exclusive invitation code AICOIN88 to register at Hyperliquid and enjoy a permanent 4% commission rebate.
https://app.hyperliquid.xyz/join/AICOIN88

📖 Beginner's Tutorial:

- "AiCoin PC Terminal Hyperliquid Authorization Trading Tutorial":

https://www.aicoin.com/zh-Hans/article/514197

- "Zero Basics Entry! Hyperliquid First Trading Super Detailed Illustrated Tutorial":

https://www.aicoin.com/zh-Hans/article/510225

In the history of financial evolution in Web3, Hyperliquid is writing its own Nasdaq moment.

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