perps are now the 2nd biggest sector by mindshare. aster, lighter and avantis are all competing to gain market share from hl. in terms of fdv, all alt hype perps combined don't even make up to half of hl's fdv. a similar pattern when looking at volume/oi/fees. when considering the whole sector, there are many more protocols, some still pre-tge like gte, with good funding. hyperliquid will probably continue to dominate in terms of on-chain metrics in the short-term but the market is forward looking. for any liquid investor, the main question is will $hype continue to outperform like it did in q1? $hype fdv is at $55b already. for reference, only btc, eth, xrp, sol and bnb have a higher fdv. eth is at $550b. on the other hand, aster/jup/avantis/drift are all below $5b fdv. obviously hl is battle tested, is a fast growing l1 while all the others are relatively small new perp protocols. but i like to look at this from a mean reversion angle. my conclusion is that if you are...
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