hyperliquid lost 40% market share in 6 months. the perp DEX wars are just getting started.

Hyperliquid's market share in the perpetual DEX space dropped from over 70% to 28-30% in six months due to centralization concerns, price deviations, high fees, and the JELLY incident. Competitors like Aster, EdgeX, and Lighter are gaining traction with incentives, speed, and ZK-verified execution fairness. Analysts predict long-term success will favor DEXs with provably fair infrastructure over current UX advantages.