HyperCore’s Growth Going Forward | Clip

Transcript

One thing I wanted to mention because you brought up that we're onboarding more people. Um, you know what I've been thinking about? Are you guys familiar with Axiom? I assume most people here use PvP trade, but so Axiom does both Salana and Hyperliquid. And I feel like that's actually quite a good um way to get this new user base of people who are primarily in the Solana trenches um to get into per because it's relatively seamless, as seamless as you can make um Solana type liquid. Um, and that's one thing that I think we wrote about it two weeks ago and I was thinking about that it's like a whole new class. And if you guys ever go on

Twitter and you see these people who are in the Solana Trenches, it's not like you you and me. It's it's like 19 year olds with.5 soul in a dream. It's it's legitimately dumb flow. Um, and like you mentioned, that's what people want. And I mean these people can be onboarded potentially. I don't know how many of them are on Telegram to be honest with you. I think most of them typically use Phantom. But either way, it's a good growth revenue. One thing that was actually kind of shocking is um Axium makes I think like 95% of its money off of Solana and like sub 5% from Hyper. Dude, I think it's that's a great point. It's even more I think like I think only 50 bits of their uh revenue has actually come from builder codes on

that really build which is pretty crazy. Yeah. Um yeah, because they can't charge the 1% fees they charge on a lot of transactions with with the cap. But um uh but I think that's actually a good um add-on to the conversation, right? because you know whether we're talking about per p per p per p per p per p per p per p per p per p per p per volumes or spot volumes um the reality is that you know continued growth is coming from entities like axiom that integrate hyperlquid as a liquidity backend. I I think often this discourse focuses too much on you know hyperlquid as and exchange alternative right people compare it to individual exchanges or

individual you know per protocols um but with the builder code mechanism right that allows someone to submit transactions on a user's behalf and and charge you know up to a certain fee threshold for doing so u which is different for for spot versus for S we're basically getting to a point where you can have unlimited organizations, you know, do putting the work in for user acquisition and user retention. You know, my hope is that within a year's time, right, like the builder code ecosystem looks like a proto Shopify, right? where were where two beady schmucks from some far-flung

part of the world, you know, could, you know, spin up a billboard, attract 10,000 users and, you know, cover their rent that way, right? Like that is, I think, the the true bullcase for Hyperlid is that it just becomes this liquidity layer um for so much and in so many different niches and Axiom, PVP, right? these teams have kind of shown what what builder codes can do and you know there's a lot I think coming to market over um over the next few months as well. Uh, so I I'm I'm personally interested to see at which point, you know, longtail centralized exchanges even just kind of throw in the towel. Yeah. And say, "Hey, we can have pure profit by forcing our

users um, you know, to pay the fees we want them to pay, but then just delegating our back end, basically the hyperlquid, right? like that can be pure profit uh and cut out you know 50 60 70% of the cost structure of a centralized exchange um and yeah I assume you know someone will eventually do that I think the math checks out at a certain point and it'll be more than just you know telegram bots uh making use of builder codes it'll it'll be you know the the kind of centralized exchanges people have already on boarded to that that make that All as well.

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