Hyperliquid platform trading addresses surpass 3 million.

Hyperliquid's open interest and trading volume have continued to hit new highs. However, due to the HIP-3 fee-sharing mechanism, the rise of third-party markets, and a lackluster ecosystem, the platform's retained earnings have been declining steadily. The HYPE buyback pressure, valuation support, and regulatory scrutiny are all under pressure simultaneously.

Hyperliquid had no marketing team and did not rely on traditional promotion, yet it became the most discussed protocol on X and was featured on CNBC.

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