THE REAL THREAT TO HYPERLIQUID

Summary from the TLDR Crypto newsletter

Coinbase plans to launch fully compliant perpetual-style futures for BTC and ETH in the U.S. on July 21, challenging HyperLiquid's de facto American perps monopoly by leveraging its 10 million monthly users versus HyperLiquid's 500,000. However, Coinbase's existing global perps volume and its recent Deribit acquisition still trail HyperLiquid, and its track record of entering new markets raises questions about execution. Decentralized frontends have also begun bridging US traders to HyperLiquid despite regulatory uncertainty, but the biggest looming rival is Robinhood, which boasts 15 million MAUs, deep options-trading experience, and a history of successfully launching new products.