In the increasingly competitive DeFi derivatives track, Hyperliquid and AILiquid, as two highly watched on-chain derivatives protocols, are engaged in an all-round competition regarding technical architecture, user experience, and market positioning.
This article will deeply analyze the functional differences, market performance, and user group positioning of the two major projects, and explore whether AILiquid, as a new generation product, is expected to surpass Hyperliquid and become a leader in the on-chain derivatives field.
1. Functional Comparison: Architectural Design and Innovation Highlights
1.1 Underlying Technical Architecture
Hyperliquid uses a customized blockchain solution based on Cosmos SDK, and achieves a processing capacity of up to 10,000 TPS through a proprietary order book model. Its core innovation lies in the "unified account" design, allowing users to manage multiple assets and positions within one account, greatly simplifying the operation process. The protocol adopts a hybrid mode of off-chain calculation + on-chain settlement, which improves efficiency while ensuring decentralization.
As a leading, decentralized, AI-driven derivatives trading platform, AILiquid chose to rely on the high-performance Conscious Chain Layer-1 public chain to achieve ultra-fast on-chain execution, intelligent trading logic, and seamless cross-chain integration, providing users with an excellent trading experience. The system uses machine learning algorithms to optimize market-making strategies in real time, and dynamically adjusts the slippage protection mechanism according to market fluctuations. In terms of architecture, AILiquid adopts a "modular liquidation" design, separating the risk engine, price oracle and settlement layer, so that each component can be upgraded independently.
1.2 Transaction Function Differences
In terms of trading type support, AILiquid recently added options and structured products in addition to perpetual contracts. Its "smart leverage" system can automatically adjust the leverage multiple according to the user's risk preference, and the unique "volatility prediction model" can provide early warning before the market fluctuates sharply. AILiquid currently supports 60+ trading pairs, including some niche altcoins and RWA tokenized assets.
Hyperliquid only provides perpetual contract trading, supports up to 50x leverage, and covers more than 30 mainstream currencies such as BTC and ETH. Its unique features include "one-click copy trading" and "tiered margin system", allowing experienced traders to set custom margin rules.
1.3 Risk Management Mechanism
Hyperliquid adopts the traditional margin call + automatic deleveraging mechanism, and the liquidation threshold is 2% of the maintenance margin. Its risk reserve currently exceeds $50 million, which can cover the loss of positions in extreme market conditions.
AILiquid developed a "dynamic liquidation threshold" system, which adjusts the liquidation line by using AI to evaluate market liquidity depth in real time. Its innovative "joint insurance pool" allows liquidity providers to bear risks in tiers, corresponding to obtaining different levels of income. Data shows that AILiquid's liquidation efficiency in the 3.12 level market is approximately 15% higher than that of Hyperliquid.
2. Performance Comparison: Data Reveals True Competitiveness
2.1 On-Chain Data Performance
According to the latest statistics from DefiLlama, Hyperliquid's TVL reached $1.24 billion, with a growth rate of 48% in the past 90 days. Its average daily trading volume is stable in the range of $8-1.2 billion, accounting for approximately 19% of the on-chain derivatives market. The number of user addresses has exceeded 350,000, and the average gas fee per transaction is approximately $0.3.
Although AILiquid's TVL is only $580 million, the growth curve is steeper, with a growth rate of 210% in the past 90 days. Its average daily trading volume has jumped from $50 million three months ago to the current $350 million, and its market share has rapidly climbed to 8%. It is worth noting that AILiquid's user retention rate is as high as 67%, far exceeding the industry average of 42%.
2.2 Market Responsiveness
In terms of product iteration speed, Hyperliquid maintains an update frequency of approximately once a month, and recently focused on optimizing the mobile terminal experience. AILiquid has shown greater agility, adopting a rapid iteration cycle of once every two weeks. The recently added "Strategy Market" function allows users to trade AI-generated quantitative strategy NFTs.
In response to market fluctuations, during the flash crash event on May 19, Hyperliquid experienced a price anomaly of approximately 15 minutes, resulting in some users being wrongly liquidated. AILiquid's flexible risk control system only interrupted quotations for 2 minutes under the same conditions, and compensated the affected users through DAO voting afterwards.
2.3 Partner Ecosystem
Hyperliquid has integrated mainstream oracles such as Chainlink and Pyth, and has reached deep cooperation with wallets such as MetaMask and Rainbow. Its institutional client list includes well-known trading companies such as Amber Group and Folkvang.
In addition to basic oracles, AILiquid also accesses on-chain analysis data from Into The Block and optimistic oracles from UMA. In terms of strategic cooperation, AILiquid is deeply integrated with the @Arbitrum Foundation ecosystem and recently announced joint liquidity mining with Aevo in the options field. Its institutional portal has attracted market makers Jump Crypto and Wintermute.
3. User Group and Regional Strategy Differences
3.1 Core User Profile
In Hyperliquid's user composition, professional traders account for approximately 58%, institutional users account for 25%, and retail investors account for the remainder. Geographically, European and American users account for 63%, and Asian users account for 28%. Its users' average holding time is 3.7 days, showing a preference for short-to-medium-term trading strategies.
AILiquid has attracted more "technical" users, with quantitative trading teams and DAO Treasury accounting for 41% in total. The geographical distribution is multi-polarized, with the proportion of Asian users rising to 38%, and emerging markets in the Middle East and Latin America growing significantly. Its users' average holding time reaches 6.2 days, reflecting a preference for structured products.
3.2 Regional Expansion Strategy
Hyperliquid adopts a "institutions first" strategy, attracting regulated entities through compliant entrances such as Fireblocks. It has obtained some financial licenses in Europe and Singapore, and recently focused on developing the Japanese market.
AILiquid implements a "community-driven" globalization strategy, launching multilingual interfaces and localized community operations. Especially in Southeast Asia, it quickly acquires customers through cooperation with local exchanges such as Indodax and Bitkub. Its no-KYC strategy has gained advantages in the African and Middle Eastern markets.
3.3 Developer Ecosystem Construction
Hyperliquid's developer program is mainly aimed at market makers and quantitative teams, providing API documentation and a backtesting sandbox environment. Currently, approximately 120 teams have connected to its system.
AILiquid has created a more open developer ecosystem, launching the "AI Model Market" to encourage third-party development of trading algorithms. Its SDK supports one-click deployment of custom derivatives contracts and has attracted 350+ developers to participate. The total prize pool for the recently held global quantitative competition reached $2.5 million.
4. Future Outlook: AILiquid's Path to Transcendence
Through comparative analysis, it can be seen that Hyperliquid has established a first-mover advantage in the traditional derivatives field, and its stability and institutional recognition are still its core competitiveness. AILiquid, with its AI innovation and modular architecture, has shown greater potential in product diversity and emerging market expansion.
Key to Overtaking: AILiquid's "Three-Dimensional Crushing" Strategy
AILiquid is currently adopting an industry-innovative "three-dimensional crushing" strategy, which is reflected in the following three aspects:
1. Technical moat: Compared to Hyperliuid, AiLiquid's AI pre-execution engine greatly reduces MEV by 89%
2. Stronger user stickiness: The "wealth creation effect" of the AI strategy market is more obvious, and the B2C profit sharing method is very popular among users. Currently, $13 million has been pledged on the platform, which is enough to show AiLquid's strong "money-sucking ability".
3. In terms of ecological scalability, AILiquid's cross-chain AI liquidity routing maximizes the conversion of performance advantages into cognitive advantages through AI: making the platform "better understand" traders!
The greater the market opportunity, the greater the risk challenge:
· Hyperliquid is developing its own AI execution engine, which may narrow the technology gap
· Regulatory uncertainty poses a potential threat to AILiquid's no-KYC policy
· Market maker depth is still a shortcoming that AILiquid needs to continue to strengthen
Comprehensive evaluation shows that AILiquid indeed has the potential to surpass Hyperliquid in terms of innovation ability and growth momentum, but the ultimate winner of this competition will depend on who can better balance the multi-dimensional challenges of technological innovation, risk control and localization operations.
The "battle for the throne" in the on-chain derivatives market has just entered an exciting chapter, and the ultimate beneficiaries will be the traders and builders of the entire DeFi ecosystem.
