First there was the Curve war, now there's the USDH war. Almost every stablecoin issuer wants to get in on this. Hyperliquid has managed to establish itself amidst controversy and expectations, holding a monopolistic position in Perps DEX. If the ecosystem gets built up, the moat will reach another level. On-chain users are limited, and the landscape is different from CEX. Unless there's a major issue, it's going to be hard for newcomers to replicate this.