The conclusion is that Hyperliquid employs a self-developed high-performance L1 (HyperCore + HyperEVM), “transparent market + speed bump/priority cancellation” to protect market makers, HLP market-making treasury, and large-scale airdrops/buybacks (USDH interest endogenization) to form a flywheel, capturing 50–70% market share. dYdX is hindered by its token mining-style rebate mechanism and product ossification/strategic shift (migration to Cosmos), leading to stagnation. GMX, although leveraging the GLP innovation to absorb organic traffic post-FTX, struggles to maintain leadership with v2 due to intense competition and a lack of “new narrative.” The paths of emerging players are becoming clearer: Aster focuses on “hidden orders + dual mode (pools/order books) + BNB ecosystem” to meet significant privacy demands; Lighter emphasizes “ZK-verifiable price-time priority + zero fees” to prioritize process fairness and gain market share; EdgeX adopts “StarkEx + mobile-first + modular finance” to lower the barriers for usage and innovation. Read the full article: https://t.co/oAEiqzmiZn