Author: Chen Mo cmDeFi

The discussion about why @HyperliquidX is more successful than other Perps is the most talked-about topic today. Let’s share my personal experience with $HYPE in a comprehensive manner 🧵

1. Technical Mechanism Perspective

The key here is the Vault. This mechanism exists in GMX and Jupiter, but Hyperliquid's Vault is an evolved version, featuring both Protocol Vaults (HLP) and User Vaults, opening the door to diversification.

At the same time, the emergence of diversified Vaults addresses the liquidity issues of long-tail assets, and trading long-tail assets is the core competitive advantage of Perps DEX over CEX, which many competitors have been exploring to solve.

Then there’s the composability as a chain, which directly skips the transition from Protocol to Chain, reaching the finals, thus opening up space in terms of valuation and imagination.

2. Market Perspective

Here are a few bonus points that many projects could learn from:

(1) Not seeking funding, not pursuing listings on major exchanges, and not deliberately spending on advertisements, taking a bottom-up approach makes it easier to gain favor in this market cycle.

(2) Generous airdrops.

(3) No PUA (Pick-Up Artist) tactics; although there were some controversies regarding score dilution in the early stages, overall it has been clean and straightforward, without repeatedly creating tasks or engaging in an endless loop of completing tasks to earn NFTs.

(4) Positioned as a "chain" provides room for imagination and valuation. Hyperliquid is essentially a chain, allowing for the construction of various DeFi and Perps combinations, such as stablecoins, lending, etc. This has led to a phenomenon where initially, people compared the valuation of some Perps DEX with $HYPE, but gradually felt something was off and began comparing it with public chains. This alternative sense of upward breakthrough has once again boosted market sentiment.

(5) Positioned as "on-chain Binance," it generates significant buzz because DEX, lending, stablecoin, and other DeFi protocols have basically secured their place in the market, while the Perps track is still struggling, fulfilling the expectation of the last piece of the DeFi puzzle.

Summary

The market is uncontrollable; factors like timing, location, and human relations are hard to replicate. The technical mechanism, however, is certain. As of now, without major technological innovations in the future, the Vault for Perps is akin to AMM for DEX. dYdX has also recently introduced Vaults, and more micro-innovations may roll out various forms of Vaults. The success of this mechanism has solidified the position of Perps, which may no longer be the promising vase that just couldn't develop in the past.

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