Growth Strategy | How can @ HyperliquidX become the strongest DEX on the chain?Over the past year, Hyperliquid has risen at an almost overwhelming pace, rapidly dominating the on chain derivatives market and becoming the most talked about and controversial DEX. You may have experienced its high leverage trading, used its KYC free platform, and witnessed the public opinion frenzy caused by James Wynn opening a $500 million position on the chain. But what truly makes Hyperliquid the "strongest DEX" on the chain is not just one or two single point breakthroughs, but its extreme performance in multiple dimensions. one ️⃣ The 'ultimate' playing style in four dimensions ① Extremely lowering the threshold Hyperliquid replicates the user experience of CEX without the need for KYC. Up to 50 times leverage; Smooth UI/quick matchmaking; Ready to use, no authentication required; For users, this is a DEX that is infinitely close to CEX, with almost zero threshold. ② Extreme Deflation Model It has no VC, no private equity, but returns nearly 100% of the platform's revenue to the community, truly building a closed-loop deflation model. 46% commission reward to HLP; 54% of the funds flowing into the Assistance Fund are used for repurchasing and destroying HYPE; This is an extremely rare "pure endogenous growth" model that almost returns all platform revenue to users, directly driving the spiral rise of HYPE. The result was that HYPE broke through a historical high and reached 45 the day before yesterday. ③ The largest airdrop in history In November 2024, Hyperliquid airdropped HYPE, which accounted for 31% of the total and was worth over 1.2 billion US dollars, to early users, activating transactions and promoting viral growth. After the HYPE airdrop, it rose from an initial 3.9 to 34.96, and this visible "wealth effect" immediately attracted countless attention. ④ The Strongest Attention Economy One major feature of Hyperliquid is that transactions=content. All on chain positions are publicly available, and whale trading has become a source of traffic: James Wynn's $568 million BTC multi order has attracted countless FOMO followers; Andrew Tate's 76 highly leveraged trades have sparked social media discussions; Position → emotion → liquidity, this attention economy flywheel is unparalleled on the chain. two ️⃣ Behind the extreme, there is also a cost When everything is pushed to the extreme, the cost also comes with it. Behind the "high-performance narrative" of Hyperliquid, some structural risks are beginning to be exposed: Whale Arbitrage Event: High Leverage+Unrestricted Positions Resulting in HLP Treasury Losing Millions of Dollars in 24 Hours Governance intervention in the market: adjusting oracle prices through community governance to force liquidation, raising doubts about "decentralization" Opaque strategy: The code is not yet fully open sourced, key transactions and clearing logic are controlled by off chain teams, and there is a lack of public verifiability These issues have sparked industry reflection on 'black box DeFi', and @ RuneKek, co-founder of Sky (formerly MakerDAO), has announced plans to create an 'open-source version of Hyperliquid' to replace the existing model. Summary: From Ultimate Rise to Mechanism Testing The success of Hyperliquid is not because it is perfect, but because it dares to take the experience, deflation, and traffic to the extreme. Its' long board 'allows it to climb to the top, but whether it can cross the cycle depends on whether its' short board' can be filled. Of course, its shortcomings are not only its own problems, but also structural issues that the entire industry must address before on chain finance becomes mainstream.