Promether retweeted
🟣 Do the DEXs with the most listed pairs necessarily generate the most volume?
Since the new perps DEX meta, the listing race has accelerated significantly.
Each platform keeps listing new markets (stocks, commodities, pre-market) in order to attract new traders, to the point that the number of available pairs has now become a growth argument in its own right.
However, our infographic shows that this figure is not necessarily a relevant indicator of a protocol’s actual activity:
◻️ @Aster_DEX and Variational are the two platforms offering the most markets, with 592 and 574 perps markets respectively, compared with 346 for Hyperliquid.
Yet @HyperliquidX processed $7.22 billion in volume over the last 24 hours, almost twice as much as Aster and Variational combined ($3.9 billion).
◻️ On Aster and @variational_io, around three quarters of markets record less than $100,000 in daily volume, and more than 40% don’t even exceed $10,000.
◻️ On Hyperliquid, the situation is completely different. 141 markets exceed $1 million in daily volume, including 59 above $10 million, which is more than Variational, Lighter and Aster combined.
◻️ The same pattern can be seen on @Lighter_xyz, which is the DEX with the fewest listed markets (199 currently). Yet the DEX generates more volume than Aster, with $1.87 billion recorded versus $1.53 billion for its competitor.
The number of listed markets is therefore currently more of a marketing argument than a genuine indicator of activity. That said, having many illiquid pairs is not necessarily a disadvantage for a perp DEX.
Indeed, as long as the infrastructure and maintenance costs of these markets (oracles, risk parameters, market making) remain low, each of them can remain profitable despite limited volume.
They also broaden the platform’s offering, which can attract new traders, and some of them may eventually become liquid.
Promether retweeted
The best thing for crypto would be these fucking retards being banished to the shadow realm.
FaZe Banks explains why Kimchi partnering with Bottega Veneta is a huge win for the industry
FaZe Banks: “He’s for sure gonna be able to leverage all this attention to go make $40,000,000. He's 22 years old”
Ansem: “Bro he got a partnership with Bottega Veneta. That’s lit”
FaZe Banks: “It is lit. I don't care if that's your cup of tea. I don't care if you want to wear Bottega but one thing is fact. We should all be able to come to the consensus, that is good for crypto”
“Crypto's biggest issue has been swagless, aura-less. Objectively this is good for us like legitimately could be good for Bitcoin”
Promether retweeted
It’s pretty funny how fast the sentiment and general opinion around someone in the ecosystem can flip on ct.
Two or three months ago, everyone was idolizing @izebel_eth, complimenting the way that he thinks, the way he expresses himself, and there was basically a favorable consensus around him.
Same thing with @ThinkingUSD basically.
Now it’s the complete opposite. The guys who make decisions, innovate, or have radical takes just get roasted on the second they’re wrong.
And if they end up being right / the consensus on their decision was generally good, the whole world would’ve worshipped them.
That’s also why the whole social trading idea won’t work long term. Most of these kols will never have the ability to stay consistent and keep talking about their trades when they make a mistake or take a bad call.
Nothing to do with it but imo, the people who idolize Jeff and the @HyperliquidX team to an extreme way today, will be the first ones to spit on them, the moment a hard decision has to be made or one that doesn’t go the way of the majority.
Anyway, stay chill and form your own opinion on people.
It’s pretty funny how fast the sentiment and general opinion around someone in the ecosystem can flip on ct.
Two or three months ago, everyone was idolizing @izebel_eth, complimenting the way that he thinks, the way he expresses himself, and there was basically a favorable consensus around him.
Same thing with @ThinkingUSD basically.
Now it’s the complete opposite. The guys who make decisions, innovate, or have radical takes just get roasted on the second they’re wrong.
And if they end up being right / the consensus on their decision was generally good, the whole world would’ve worshipped them.
That’s also why the whole social trading idea won’t work long term. Most of these kols will never have the ability to stay consistent and keep talking about their trades when they make a mistake or take a bad call.
Nothing to do with it but imo, the people who idolize Jeff and the @HyperliquidX team to an extreme way today, will be the first ones to spit on them, the moment a hard decision has to be made or one that doesn’t go the way of the majority.
Anyway, stay chill and form your own opinion on people.
Promether retweeted
Not a lot of people talking about the playbook Unit Labs has set up.
-> What do people need when interest in crypto picks back up?
Bridge their funds to come trade on a perp dex -> @unitxyz TVL climbs (the effect is even stronger with portfolio margin btw)
-> What happens if interest of crypto drops off?
Traders move to stocks for more volatility -> @tradexyz volumes go up.
Basically no matter the market phase, these guys are always winning.
Whether you like it or not, any competitor or builder has managed to create this kind of flywheel.
And all of it benefits to Hyperliquid
🟣TradeXYZ losing momentum?
After a record of nearly $37 billion in weekly volume in early August, volumes on TradeXYZ’s markets fell back to around $13 billion in September. Should this be seen as a genuine loss of interest in the protocol?
In our view, this drop in activity is mainly the result of a deliberate choice made since launch, namely to let volumes grow organically.
@tradexyz has never launched public incentives to attract traders. Without any farming period, virtually no one comes to trade on its HIP-3 markets solely in the hope of one day receiving a reward.
Volumes therefore directly reflect what users want to trade, and how the market behaves.
And since its user base is largely crypto-native, its behavior follows a fairly simple logic:
◻️ When expected volatility is higher in crypto than in TradFi, traders stay on their usual assets and neglect the HIP-3 markets.
◻️ When the opposite is true, and TradFi promises more future volatility, they come to trade on TradeXYZ’s markets.
This is exactly what our infographic has shown since the beginning of the year.
At the end of January, bitcoin:native drops from nearly $97,000 to $65,000, then settles into a range with no real prospect of an upside in the short term.
Traders then go looking for volatility elsewhere, in narratives that have nothing to do with crypto, starting with AI-related stocks, whose performance captured the market’s full attention.
As a result, TradeXYZ’s volumes go from barely $1 billion per week to more than $15 billion.
The same scenario repeats itself in early June. bitcoin:native falls back toward $60,000 and remains stuck there all summer, even hitting its yearly low around $58,000 at the end of June.
While crypto struggles to find a catalyst, the protocol’s volumes climb without interruption up to their early August record (11 consecutive weeks above $20 billion in volume).
In mid-August, the trend reverses. bitcoin:native climbs back above $75,000 and then pushes toward $87,000 at the end of September.
Crypto once again becomes the most volatile arena, and TradeXYZ’s volumes promptly fall back to around $13 billion.
Even though TradeXYZ maintains a volume base well above that of the start of the year, proof that some users stay for the quality of the product, the 24/7 accessibility and the liquidity depth of its markets, traders above all go where future volatility is greatest.
The challenge for TradeXYZ is therefore to remain competitive against protocols that use incentives to boost their adoption and their metrics.
One of its best assets is precisely to offer the best markets, at the right time, by anticipating where volatility will be in the months ahead.
Not a lot of people talking about the playbook Unit Labs has set up.
-> What do people need when interest in crypto picks back up?
Bridge their funds to come trade on a perp dex -> @unitxyz TVL climbs (the effect is even stronger with portfolio margin btw)
-> What happens if interest of crypto drops off?
Traders move to stocks for more volatility -> @tradexyz volumes go up.
Basically no matter the market phase, these guys are always winning.
Whether you like it or not, any competitor or builder has managed to create this kind of flywheel.
And all of it benefits to Hyperliquid
🟣TradeXYZ losing momentum?
After a record of nearly $37 billion in weekly volume in early August, volumes on TradeXYZ’s markets fell back to around $13 billion in September. Should this be seen as a genuine loss of interest in the protocol?
In our view, this drop in activity is mainly the result of a deliberate choice made since launch, namely to let volumes grow organically.
@tradexyz has never launched public incentives to attract traders. Without any farming period, virtually no one comes to trade on its HIP-3 markets solely in the hope of one day receiving a reward.
Volumes therefore directly reflect what users want to trade, and how the market behaves.
And since its user base is largely crypto-native, its behavior follows a fairly simple logic:
◻️ When expected volatility is higher in crypto than in TradFi, traders stay on their usual assets and neglect the HIP-3 markets.
◻️ When the opposite is true, and TradFi promises more future volatility, they come to trade on TradeXYZ’s markets.
This is exactly what our infographic has shown since the beginning of the year.
At the end of January, bitcoin:native drops from nearly $97,000 to $65,000, then settles into a range with no real prospect of an upside in the short term.
Traders then go looking for volatility elsewhere, in narratives that have nothing to do with crypto, starting with AI-related stocks, whose performance captured the market’s full attention.
As a result, TradeXYZ’s volumes go from barely $1 billion per week to more than $15 billion.
The same scenario repeats itself in early June. bitcoin:native falls back toward $60,000 and remains stuck there all summer, even hitting its yearly low around $58,000 at the end of June.
While crypto struggles to find a catalyst, the protocol’s volumes climb without interruption up to their early August record (11 consecutive weeks above $20 billion in volume).
In mid-August, the trend reverses. bitcoin:native climbs back above $75,000 and then pushes toward $87,000 at the end of September.
Crypto once again becomes the most volatile arena, and TradeXYZ’s volumes promptly fall back to around $13 billion.
Even though TradeXYZ maintains a volume base well above that of the start of the year, proof that some users stay for the quality of the product, the 24/7 accessibility and the liquidity depth of its markets, traders above all go where future volatility is greatest.
The challenge for TradeXYZ is therefore to remain competitive against protocols that use incentives to boost their adoption and their metrics.
One of its best assets is precisely to offer the best markets, at the right time, by anticipating where volatility will be in the months ahead.
heyy @jchervinsky, for the non-lawyers among us on ct, I think it’d be interesting to understand a few things.
After sending this kind of letter with your recommendations to the SEC or the CFTC, what actually happens next? what’s the process that follows?
Does the SEC respond to you, discuss certain points with you, or does the letter just go into the public file and influence (or not) the final rule months later?
Are you in direct contact with them?
Do you already have a sense of whether your previous letters to the SEC/CFTC were actually taken into consideration, and to what extent the points you raised ended up being applied in the final regulation?
btw these questions are about everything you’ve done since the beginning, not just this specific letter
Hyperliquid
No matter what happens in the next few weeks, what’s going on right now is actually pretty interesting.
I really feel like not pretending to be someone that you’re not is the best move here.
This is the perfect time to put the ego aside and just learn from the situation.
Keep your spot convictions.
Keep some cash.
Observation. Learning. Patience.
tbh that was one of the fears I had in mind lmaoo, like would people keep farming PAPER even as emissions keep dropping more and more.
but I quickly switched to “will people even have enough PAPER to actually be satisfied?” lol
much agree that the thesis on Derive doesn’t change at all, if anything it strengthens it.
As for Lighter, tbh I find it pretty bearish that they’re not even trying to add any other type of options besides binary ones, which are in complete freefall and barely used by anyone alongside perps
can someone tell me what Lighter actually tried to do in terms of something new in the ecosystem and real innovation after a year and a half of development?