"Hyperliquid's Liquidity Dilemma: The Exit of Small Market Makers and Structural Stalling of the Long Tail Market" (Author: Matteo, Translated by Deep Tide TechFlow) Based on order book data for 86 assets over the past year, the author found that liquidity in Hyperliquid's long-tail assets has shrunk significantly, with the median USD depth within 5 basis points decreasing by 82%, and a substantial decline relative to Binance's depth. High transaction fees, network congestion, and the advantage of top accounts are squeezing the survival space of small market makers, weakening the platform's original long-tail liquidity advantage, and posing challenges to the HIP-4 prediction market ecosystem. For Hyperliquid to maintain its competitiveness, it needs to improve the trading environment for small market makers and prevent further concentration of liquidity towards top players. Read the full article: https://www.(wublock123.com)/articles/article-59854