Investing & Markets

On-Chain Perps Race: Hyperliquid Cedes Ground to Aster & Lighter

On-Chain Perps Race: Hyperliquid Cedes Ground to Aster & Lighter

In the fast-evolving landscape of decentralized finance (DeFi), market leadership is a fluid concept, often shifting rapidly as innovation and competition intensify. A prime example of this dynamic can be observed in the on-chain perpetuals market, where Hyperliquid, once the undisputed frontrunner, is now witnessing a significant erosion of its dominance. Emerging platforms such as Lighter and Aster are aggressively expanding their footprint, fundamentally reshaping the competitive terrain. Just a few months ago, in May, Hyperliquid commanded a substantial 71% of the on-chain crypto perpetuals market, a figure that underscored its strong initial foothold. However, recent data from pseudonymous Dune Analytics user @uwusanauwu indicates a dramatic recalibration, with Hyperliquid's market share plummeting to a still respectable but much reduced 38%. This shift highlights the intense competitive pressures inherent in a market characterized by rapid growth and technological advancement…

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