HIP-4 plays out across two competitive landscapes.

Wallets and frontends compete for users on one side. Deployers compete to build the markets themselves on the other.

TradeXYZ is the HIP-3 leader and is likely to own a large portion of the HIP-4 markets on crypto assets.

Kinetiq runs the most aggressive builder-code economics on Hyperliquid and onboarded thousands of users in a single day from its recent mobile launch. It can monetize HIP-4 flow whether it routes to its own markets or to third parties.

The markets HIP-4 can express fit naturally next to existing Hyperliquid positions: ETF approvals, token unlocks, and protocol milestones.

Hyperliquid takes the protocol cut regardless of who owns the user or builds the market.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。