Hyperliquid growth driven by leveraged degeneracy, trade sharing
Although mostly indistinguishable from a regular crypto exchange — it offers derivatives trading and issued its own proprietary coin — Hyperliquid has managed to capture market share through two particularly successful Features . While it debuted with a generous airdrop of its HYPE token, this is nothing out of the ordinary. After all, many other crypto exchanges have tried giving away free money in the hopes of generating a return via media attention. However, the HYPE airdrop did give the token enough momentum to fund its team and allow it to go on to tweak two pages from the conventional exchange playbook. First, Hyperliquid created a platform that allows users to create hedge fund-like Vaults and trade other people’s money . Despite being geo-restricted from the US (that activity is illegal without Securities and Exchange Commission (SEC) registration), these Vaults helped extend momentum from its $1.2 billion airdrop . During the exchange’s early ...