Author: Nancy, PANews

Since reaching a peak about two months ago, the price of HYPE has continuously adjusted, but the ecological expansion of Hyperliquid has not stagnated. With HIP-3 driving growth in RWA trading demand, the platform's share in the global perpetual contract market continues to increase.

At the same time, competition around the HIP-3 ecological entrance has also begun to heat up, with Trade.xyz occupying a dominant position thanks to its first-mover advantage, while several deployers are attempting to carve out a niche for themselves by purchasing popular Tickers and introducing capital support.

RWA Surpasses Crypto as Core Growth Segment, Trade.xyz Encounters New Entrants

The bear market has not hindered Hyperliquid's rapid expansion. The difference now is that the growth is supported not by trading crypto assets like Bitcoin and Ethereum, but by the increasingly heated RWA sector.

Currently, Hyperliquid is accelerating its competitive position in the global perpetual contract market. According to Hypeflow data, as of August 3rd, Hyperliquid has captured 10.1% of the global perpetual contract market share based on the 14-day rolling average of the open interest (OI), up from just 7.1% six months ago.

The driving force behind Hyperliquid's growth comes from the RWA trading demand brought by HIP-3.

Data from Blockworks shows that as of August 1st, 41% of Hyperliquid’s perpetual contract trading volume is related to the HIP-3 RWA segment, which recently even surged to 74%. Meanwhile, the trading share of traditional crypto assets like Bitcoin continues to decline, indicating that Hyperliquid's current growth logic has shifted from trading crypto native assets to an on-chain perpetual trading market covering stocks, commodities, and more real assets.

As the HIP-3 ecosystem continues to expand, more and more deployers are beginning to enter the competition.

Currently, Trade.xyz occupies a leading market position with its first-mover advantage, continuously breaking trading records. According to official disclosures, Trade.xyz's cumulative trading volume has reached $408.4 billion, with a weekend trading total surpassing $26 billion and a peak of over 60,000 independent traders in a single day.

However, Trade.xyz's competitors are speeding up their entry into the HIP-3 market by leveraging differentiated approaches and lower participation thresholds.

For example, Paragon is laying out its HIP-3 ecosystem by purchasing Tickers. According to hl.eco data, since July 15th, Paragon has continuously secured 13 Tickers, spending approximately 6,328 HYPE, worth about $333,000. Prior to this, Ticker auctions in the HIP-3 ecosystem were almost solely dominated by Trade.xyz.

In terms of asset selection, Paragon has adopted a differentiated entry strategy. The Tickers it has recently acquired cover multiple segments of the AI industry chain, including fiber optics and optical modules (GLW, CRDO, AAOI, CIEN), semiconductor equipment (LRCX, TER), storage (STX), computing power and energy (IREN, VST, NET), as well as current hot narrative assets like humanoid robots (UNITREE) and the social platform Reddit (RDDT).

Compared to Trade.xyz’s preference for major blue-chip stocks, Paragon is more focused on assets that have relatively low liquidity in the traditional market, but possess strong narrative attributes suitable for on-chain perpetual trading. The community believes that this strategy essentially allows for positioning in high-growth tracks at a lower cost.

However, based on current scale, there is still a noticeable gap between Paragon and Trade.xyz. ASXN data shows that Paragon's latest weekly trading volume is about $15.55 million, a 12.8-fold increase since early July, but it still accounts for only 0.01% of Trade.xyz's trading scale during the same period. During this time, Paragon’s weekly number of traders grew from 1,260 to 12,760, while Trade.xyz's trader count reached 18.7 million.

At the same time, the participation threshold of the HIP-3 ecosystem is also decreasing. Previously, HIP-3 deployers were required to stake 500,000 HYPE, which limited some project teams from entering. However, as the ecosystem develops, more and more deployers are beginning to reduce entry costs through capital and resource collaboration.

For instance, the second-largest HYPE DAT company, Hyperion, provides support for staking 500,000 HYPE and partners with Skew Technologies to launch institutional-level perpetual futures products. Hyperion participates by obtaining equity in Skew and sharing in the revenue from listing services, allowing Skew to focus on product development and user distribution without locking a large amount of HYPE themselves, potentially expanding their business scope to markets related to HIP-4 in the future; Multicoin Capital invested $1.75 million in seed funding for Trasia, becoming its sole seed investor, while the project received commitments of over $35 million in HYPE and USDC.

HYPE Continues to Decline from High Levels, Institutions Engage in High Selling-Low Buying?

Despite the ecosystem continuing to expand against the trend, the price of the HYPE token has failed to maintain an upward trend.

In mid-June of this year, the HYPE price once surged close to $77, a historic high, before entering a prolonged adjustment phase. According to CoinGecko data, in the past 30 days, HYPE has accumulated a decline of 26.8%.

Behind this round of adjustment, the withdrawal of ETF funds and the profit-taking actions by large whales are the main factors.

On one hand, inflows of HYPE spot ETF funds have noticeably decreased. SoSoValue data shows that since late June, HYPE spot ETF inflows have gradually cooled and turned into net outflows. During the week of June 26th, HYPE spot ETF saw a weekly net inflow exceeding $110 million, but since then, inflow sizes have continued to contract. After entering July, ETFs continuously experienced outflows, with a cumulative net outflow of over $15.16 million for the month.

On the other hand, some institutional whales have recently made large on-chain operations. Multicoin Capital unstaked 1.96 million HYPE on July 22nd, worth about $120 million, and transferred some tokens to exchanges; a Paradigm-associated wallet unstaked about 2.92 million HYPE on July 24th, worth around $171 million; an a16z-associated address also transferred around 437,000 HYPE to multiple trading platforms in mid-July, worth about $28.38 million. Additionally, addresses from Selini Capital, Bitwise, and market maker Cumberland have also shown behaviors of transferring HYPE to exchanges, with scales ranging from millions to tens of millions of dollars.

However, these on-chain actions do not equate to selling. For instance, Multicoin Capital co-founder Tushar Jain stated that the unstaking was primarily for wallet rotation and privacy management needs, not for selling tokens; Selini Capital's founder also responded that there was no dumping behavior, and HYPE is still being used in various business scenarios; a16z's associated entities appear to be engaging in high selling-low buying, re-purchasing about $7.335 million worth of HYPE.

Apart from changes in fund flows, Hyperliquid’s declining revenues have also weakened the repurchase capacity of HYPE, further impacting short-term market support. ASXN data indicates that in July, the total repurchase amount of HYPE was about $244,000, a 72.4% decrease from June's $886,000.

It is worth mentioning that the unlocking of team tokens has not resulted in the large-scale selling pressure in the market that was previously feared. According to MLM, since the unlocking of HYPE team tokens began in December 2025, about 4.93 million HYPE has been allocated to team members, which at the current price is about $270 million, accounting for about 0.493% of the total supply. Among these, approximately 1.19 million were sold in the secondary market, realizing about $32.5 million, and around 3.14 million were transferred to over-the-counter platforms, with a transfer value of approximately $132 million, totaling about 4.33 million HYPE sold for about $165 million.

During the same period, the aid fund has repurchased approximately 9.8 million HYPE, investing about $364 million, averaging about 1.23 million purchases per month, amounting to about $46 million, the repurchase speed exceeding that of current and former team members by more than twice.

This implies that the main pressure currently faced by HYPE does not come from team unlocks, but rather more from changes in market demand. Meanwhile, the Hyperliquid team is intentionally looking to mitigate the impact of unlocks on secondary market liquidity through OTC methods, while the continuous repurchases by the aid fund have alleviated supply pressure at the circulation end to some extent.

In the short term, Trade.xyz, with its liquidity, user scale, and first-mover advantage, remains the absolute leader in the HIP-3 ecosystem, with other deployers finding it difficult to present a direct challenge. However, in the long term, as asset types continue to diversify, participation thresholds steadily lower, and more infrastructure and capital forces enter, the HIP-3 ecosystem may usher in larger-scale expansion.

For Hyperliquid, the ongoing enrichment of the ecosystem and assets can not only broaden trading demand, but may also enhance the platform's network effects, providing new growth opportunities for HYPE's value capture.

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。