HYPERLIQUID THESIS

Summary from the TLDR Crypto newsletter

Over the past year, Hyperliquid has grown to host 150,000 users and over $220 billion in volume. Traders at all levels and across Crypto Twitter like the platform, and it has found product/market fit. Over 95% of Hyperliquid users are down on their trades but continue to use the platform, creating a community moat.