Hyperliquid's revenue has plummeted!

• Early Q3/Q4: Monthly average revenue steadily stood above $100M+, that was its peak.

• December data: Cut directly in half to ~$55M.

​It’s not that there is no money in the market, but that the competitors are too ruthless. Under the siphoning of points from Aster and Lighter, HL's real fee rate moat finally fell in December.

​When the revenue of a monopoly-level DEX shrinks by 50% in 30 days #Hyperliquid #crypto