1/ Despite ending its points program last year, @HyperliquidX has maintained a dominant market position with nearly 80% of perpetuals DEX volumes.
Hyperliquid's success stems primarily from rapid, relevant token listings and superior UX for users and market makers. 

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Market Sentiment Reversal
In the first two days of October, the crypto market experienced a massive short liquidation. According to CoinGlass data, over $700 million in short positions were forced to close globally, including a $11.61 million short position on Ethereum on Hyperliquid.
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2/ Currently, it is the only DEX that has been able to compete with CEX volumes.
Over the past three months, the platform has averaged $6.4B in daily trading volume, which sits just above 50% of the daily trading volumes of Bybit and OKX.

3/ Fees generated on HyperCore are divided between the HLP and the assistance fund. The assistance fund uses fees to buyback the HYPE token.
From February until now, the assistance fund has bought a cumulative $96M USD in HYPE, which is approximately $1.4M daily. 

4/ Although the HyperEVM is currently underoptimized and lacks necessary precompiles, it represents an important strategic expansion to enable asset issuance, composability, and increased collateral options. 

5/ We expect for the HyperEVM to evolve in the following ways:
- Increased asset issuance on the chain for listing on the HyperCore order book.
- Increased usage of money markets and LSTs as users find ways to gain increased leverage, increased collateral, or collateral on their

6/ Going forward, we expect the HyperEVM to focus on optimizations, precompiles and growing an ecosystem of strong, robust fundamental applications, primarily revolving around money markets, LSTs and offramps.

7/ We expect HyperCore to start competing with CEXs and taking market share away from them, while continuing its dominance in the decentralized perpetuals space.

8/ You can read the full report by @salveboccaccio, including our valuation model, on @blockworksres