Hyperliquid’s share has significantly declined from 71% to 38%. In contrast, emerging competitors Aster and Lighter gained market traction, increasing their shares to 14.9% and 16.8% respectively.
The on-chain perpetual market has recorded an impressive cumulative trading volume of nearly 700 billion USD in four weeks, with the number of available protocols rising from 2 to over 80 since 2022.
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