Limited Overlap Between Hyperliquid and Centralized Exchange User Bases

Haseeb Qureshi, managing partner at Dragonfly, stated that Hyperliquid has limited overlap with the user bases of centralized exchanges. Many users who cannot complete compliance KYC or have difficulty accessing mainstream platforms are using Hyperliquid as their primary trading entry point. While Hyperliquid's market share is growing, the trading volume on centralized exchanges has not decreased; both are expanding, making the market appear as if the boundaries are widening rather than a one-way transfer of shares. Haseeb expects the crypto market to perform well in the next 6 to 12 months and believes that crypto investments will gradually integrate into areas such as fintech, digital banking, consumer products, stablecoin backends, and AI.

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