According to Wu Blockchain, Grayscale has released a research report on Hyperliquid, stating that the platform has become one of the fastest-growing DeFi trading platforms in the current crypto industry. The report highlights that Hyperliquid focuses on perpetual contract trading, with an estimated trading volume of $2.9 trillion in 2025 and a current open interest of approximately $7 billion, making it the third or fourth largest crypto perpetual contract trading platform globally. The report also mentions that the annualized volatility of the HYPE token is about twice that of Bitcoin. Hyperliquid's current validator structure is relatively centralized, and its core software remains closed-source. Additionally, its future growth potential partly depends on changes in the U.S. regulatory environment and the establishment of a clearer regulatory framework for perpetual contract products in the U.S. market. https://(wublock123.com)/news/grayscale-hyperliquid-2025-perpetuals-volume-2-9t-regulatory-risks-us-61762