I did some research on projects using @HyperliquidX builder codes and was blown away. It’s more than a chain or app, it’s a platform for businesses. Most of those apps run on @redstone_defi. Quick explainer first, then a deep dive on @infinex and their integration🧵
1/ Let's start with Revenue. In the last 24 hours, apps using builder codes have generated $30M in revenue, from 17,600 unique users, across 211 apps built on top of Hyperliquid.
2/ The top 20 builder codes roughly represent 80% of the revenue, with the top 5 @BasedAppHQ @phantom @InsilicoTrading @massdotmoney @AxiomExchange representing about 8% of the last 24 hours volume.
3/ @infinex builder codes have only been live 44 days. For the first 43, only Patron holders could trade on Hyperliquid. Even so, Infinex ranks #13 in revenue with $60,278 in the past 30 days, without a campaign and with participation limited to patrons.
4/ In the last 44 days on @infinex builder codes:
Unique users: 1012
Total volume: $228,141,825
Total revenue: $132,160
Infinex Fee: 0.05%
Builder code:
0xcf56dd84ed85eb4929e0a76a0f2f04049b4ffc1a
And represents 0.045% of 24H global hyperliquid volume.
5/ What are most people trading on Infinex? BTC, ETH, SOL, WLD, ENA, SNX, LINK, TRX are the top 8, representing a volume of 218M of the 228M total volume.
6/ The top traders on @infinex builder fees:
0x...373 has paid $77K on a volume of 127M
0x...6c1 has paid $13.4K on a volume of 25.8M
0x...5ac has paid $8.1K on a volume of 16.2M
0x...e6b has paid $5.29K on a volume of 10.6M
0x...27a has paid $2.8K on a volume of 5.7M
7/ Conclusion: Competitive Moat
- @HyperliquidX has built a monster business, with strong brand loyalty, amazing user experience, a platform that's hard for others to compete against. Once you build a business on top, making actual revenue, locked-in at that point.
8/ Conclusion: Business Fundamentals
- I didn't discuss this, but @BasedAppHQ last 30 days of revenue was $6.29M, annualized $76M, a very healthy business, all built on Hyperliquid. Great of Based and great for Hyperliquid which makes a % of the $76M. Synergies are unreal.
9/ Conclusion: Potential for @infinex
If they follow Based and Phantom’s trajectory, a $100M/year business on perps trading isn’t unrealistic. And that’s only one line, Infinex has more apps integrating, each with its own revenue stream.
10/ Thanks to @CMMHyperTracker for the data and images. @chameleon_jeff and team have built an absolute monster of a business, which has also spawned hundreds of other businesses. Truly a platform that benefits all participants.
1.51K
6
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.