Hyperliquid Faces Competition and Token Unlock Risks

[cryptohog]

USDH’s debut coincides with intensifying competition. Rival exchange Aster, backed by Binance founder Changpeng Zhao’s family office YZi Labs, logged $147 billion in weekly perpetual volume, outpacing Hyperliquid’s $81 billion, according to DeFiLlama.

Hyperliquid still leads on a 30-day basis with $296 billion versus Aster’s $162 billion. But analysts at Maelstrom warn this gap could shrink as 237.8 million HYPE tokens — worth about $12 billion — begin unlocking in November, after the asset fell over 20% in a week.

[Nahid Hossen]

Aster’s rapid growth shows it could challenge Hyperliquid soon, especially with that kind of backing.

[Rimon Khan]

The upcoming HYPE token unlock in November could put real pressure on Hyperliquid’s lead.