At TOKEN2049 this time, Hyperliquid was still the project I was watching most closely.
The team recently disclosed that site-wide two-sided OI has reached $18 billion. Meanwhile, manual borrowing, trailing stops, and outcome markets are also being integrated into the same account.
This means that going forward, looking only at a trader’s positions and PnL won’t be enough to analyze them.
Two people might both make $1 million, but one could have held a trend with low leverage, while the other used their assets as collateral to borrow funds and add to their positions. The returns look similar on the surface, but the risks underneath are completely different.
The more complete an account’s features become, the more efficiently capital can be used—but the risk chain can also grow longer:
Collateral could fall in value, borrowing costs could rise, and positions could draw down—all at the same time.
The next phase won’t be about who tops the leaderboard, but who can manage this entire account over the long term.
#TOKEN2049 #Hyperliquid
The team recently disclosed that site-wide two-sided OI has reached $18 billion. Meanwhile, manual borrowing, trailing stops, and outcome markets are also being integrated into the same account.
This means that going forward, looking only at a trader’s positions and PnL won’t be enough to analyze them.
Two people might both make $1 million, but one could have held a trend with low leverage, while the other used their assets as collateral to borrow funds and add to their positions. The returns look similar on the surface, but the risks underneath are completely different.
The more complete an account’s features become, the more efficiently capital can be used—but the risk chain can also grow longer:
Collateral could fall in value, borrowing costs could rise, and positions could draw down—all at the same time.
The next phase won’t be about who tops the leaderboard, but who can manage this entire account over the long term.
#TOKEN2049 #Hyperliquid