Petro D. | ResearchCommunity

@PDmytriiev

Nearly half of every wallet that has traded an @tradexyz market, 173,794 out of 356,886, had never traded on @HyperliquidX before. @HansonBirringer at @hypurrdash traced all of them. The share of xyz first-timers who are new to the exchange rises with each listing cycle: 22% at launch, 49% during the oil and Iran escalation, 60% through the AI and memory run. The direction this points in: — Demand is arriving for non-crypto assets. Crude and Brent did $69B combined, semis and memory went from 4% of xyz volume in January to 60% by late July, and SPCX had more unique traders than BTC on IPO day. — Always-on markets are the real edge. During the Iran escalation, CME sat closed until Sunday night while Hyperliquid stayed open. That window alone brought in 44,038 new wallets. — The growth is additive. xyz went from 0.2% of exchange open interest to 25.9% while total OI roughly doubled to $14.3B. — Distribution runs through other people's frontends. Most of these users arrive via third-party builder codes, which means Hyperliquid is being used as a settlement layer rather than a destination app.

Thursday, September 10, 2026 at 03:22 PM UTC