Before there was the Curve war, now there is the USDH war, and almost all stablecoin issuers want to get in on it. Hyperliquid has thus firmly established itself amidst controversy and expectations, monopolizing the Perps DEX. If the ecosystem is built up, the moat will reach another level. There are only so many users on-chain, which is different from the CEX landscape. Unless a major issue arises, it will be difficult for newcomers to replicate this.
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