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The trading volume of Hyperliquid in July reached $218 billion, surpassing the combined turnover of several of the largest competing DEXes. The market is increasingly shifting toward on-chain perps, and HYPE is cementing itself not just as another token, but as an infrastructure leader in this segment

If the trend in perp DEXes holds, HYPE will remain one of the main beneficiaries; however, further performance will depend on user growth and fee revenue, not just the hype around the sector

#HYPE #DeFi #DEX #Perpetuals #Cryptoт