Volume on Hyperliquid excluding BTC, ETH, and SOL grew 127% since late December. Majors still dominate in absolute terms, representing 70% of volume over the past two weeks. However, their share declined from 78% as everything else grew faster. HYPE did $5.4B, XRP did $1.8B, and tokenized commodities did $13.5B. The marginal trader showing up in late January was more likely to trade outside the majors. New venues competing purely on BTC and ETH liquidity are fighting for the slowest growing segment.(Delphi Digital)