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lykt.hl Profile picture
lykt.hl
@0xlykt
Chasing too many rabbits
May 25 • 6 tweets • 4 min read
Why I'm so bullish on Hyperliquid ecosystem protocols

For those of you who have followed me for a while, you will notice that I dedicate almost all my capital and attention to farming Hyperliquid ecosystem protocols. In particular, I have focused on farming Unit, Felix, Hyperlend, and HypurrFi. Why am I so concentrated on this ecosystem and these protocols?Image The current state of ecosystem protocols

Currently, most ecosystem protocols are very similar to what we have on other chains. We have vanilla lending markets (Hyperlend, Felix, HypurrFi), CDPs (Felix, HypurrFi, Keiko), and DEXes (Hyperswap, Kittenswap, Valantis, Laminar). These protocols have a combined TVL of around 900 million, putting it on par with Berachain and Sonic in TVL.

The ecosystem has had explosive growth since early April, and I believe that it would reach the top 5 chains by TVL even if the HyperEVM did not receive any upgrades from today onwards. However, there is a key component of Hyperliquid that I think is necessary for it to flip Solana and even Ethereum in TVL.Image
Mar 15 • 9 tweets • 6 min read
The Hyperliquid Thesis

This is going to be a very long thread explaining why I am so bullish long-term on Hyperliquid, the Hyperliquid ecosystem and $HYPE, including some points which people might easily overlook.Image 1. The Perp DEX

Hyperliquid has proven to be the only perp dex that can compete with CEX volumes and OI, and it completely dominates all other perp dexes in market share. We can attribute this dominance to a few main reasons:

- Best in class liquidity and execution. Other perp dexes struggle with illiquid orderbooks, limited asset selection, lack of advanced order types and occasional latency issues. Hyperliquid experienced these issues in its early stages, but managed to fix them quickly and has dominated ever since.

- Low fees relative to CEXes. Hyperliquid has the lowest fees (0.035% maker and 0.01% taker, decreases with more volume) for futures trading compared to all the major CEXes.

- Organic growth instead of mercenary capital. Hyperliquid usage actually rose after $HYPE TGE, in contrast with other perp dexes with metrics that fall off a cliff after they TGE.Image
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