CLOB Wars (Context)In less than two years Hyperliquid, went from a nascent idea to capturing a staggering 30% of Binance's open interest and achieving a valuation comparable to nearly half of Solana's entire fully diluted value. Its success did not stem from a radical new invention, but from the relentless execution of a simple, powerful idea: delivering a CEX-like trading experience on a decentralized, self-custodial platform. By building its own purpose-built L1 blockchain, Hyperliquid achi...

CLOB Wars (Context)In less than two years Hyperliquid, went from a nascent idea to capturing a staggering 30% of Binance's open interest and achieving a valuation comparable to nearly half of Solana's entire fully diluted value. Its success did not stem from a radical new invention, but from the relentless execution of a simple, powerful idea: delivering a CEX-like trading experience on a decentralized, self-custodial platform. By building its own purpose-built L1 blockchain, Hyperliquid achi...