2025-12-26 10:21:08

Many platforms stimulate trading activity through airdrops and points rewards, but can this prosperity really last?

According to CryptoRank data, Hyperliquid leads significantly in open interest, with a scale seven times larger than similar platform Lighter. Even more interesting is that its turnover rate remains at a relatively low level — which, from professional traders' perspective, precisely indicates what true "organic growth" looks like.

A high turnover rate usually implies wash trading and volume manipulation, while a low turnover rate combined with high open interest reflects genuine long and short battles within the platform, rather than false gaming. Even amid recent market pessimism, Hyperliquid’s user retention and capital stickiness remain strong. This resilience is not something that can be built solely through incentive schemes.

The structure of "high holdings, low turnover" creates a moat that others find difficult to cross. When market enthusiasm wanes, those trading volumes supported solely by points will quickly evaporate, but a solid liquidity foundation is the real competitive edge of on-chain financial ecosystems. If you want to find truly promising platforms in the derivatives sector, these data points are worth paying attention to.

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FreeMinter

· 12-28 05:43

Low turnover rate combined with high OI data indeed slap those platforms relying on airdrops for survival in the face It seems that the real moat is not incentives, but liquidity speaking Hyperliquid's recent growth is genuine organic growth, not the false prosperity kind Will other platforms collapse directly after their points heat fades...

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CryptoComedian

· 12-27 20:00

Low turnover rate? Is that organic growth? I think some people are really trading inside, not just coming for airdrops. Those platforms that rely on points to survive, once the hype fades, they immediately die out. It's hilarious. --- Hyperliquid's 7x lighter OI, and the turnover rate is still so low... Truly, this is what we call a moat, not false prosperity built on sugar-coated cannons. --- What does high OI and low turnover indicate? It shows that there are real people opposing each other, not just fake volume boosting. Once the market cools down, the "trading volume" of those airdrop providers evaporates in seconds. Let's see who can survive. --- Laughing to tears, how long can the points incentives on some platforms last? Comparing with Hyperliquid's user retention rate makes it clear—data speaks for itself. --- After all this, organic growth is really "low turnover and high holding," and this set of data indeed exposes a lot of players relying on spending money to create hype. --- Things that can't be created with RMB are called liquidity depth. I respect Hyperliquid's logic.

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TrustlessMaximalist

· 12-27 05:17

Low turnover rate with high open interest—that's the real moat. Platforms relying on airdrops to survive will eventually fade away; it's easy to see through wash trading and volume manipulation. --- Hyperliquid's data is indeed outstanding; a 7x difference is no joke. The key is genuine funds accumulating, not false prosperity. --- Organic growth vs. incentive stacking, it's obvious who to choose. When the market cools down, those points platforms instantly lose users; true liquidity is what lasts until the end. --- Low turnover rate in the derivatives sector is a rare commodity; others find it hard to replicate this logic. --- Honestly, when the market is pessimistic, you can see who is genuine and who is fake. A solid retention rate shows real strength. --- Moats don't happen overnight; Hyperliquid is clearly serious about building its ecosystem.

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StrawberryIce

· 12-26 10:50

Low turnover rate combined with high open interest truly shows real skill, unlike those platforms that airdrop every day; once the hype fades, there's no one left.

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LiquidationOracle

· 12-26 10:50

Low turnover rate paired with high OI? This is real trading, unlike some platforms that just airdrop daily to fool people. Hyperliquid's data is indeed impressive, but the key is how long it can hold up—true strength is revealed in a bear market. The hype built on airdrops is just superficial; a single negative event can expose the truth, no doubt about it. The metaphor of a moat is excellent—platforms relying solely on incentives will eventually cool down. Real long and short battles versus fake gambling—this difference is huge, like night and day. Strong capital stickiness is the real deal; incentive systems? Well, they only treat the symptoms, not the root cause. OI is just sitting there; even if market sentiment is terrible, it can still hold its ground—that's called a solid foundation. Low turnover rate isn't necessarily good; it depends on what it's paired with. When combined with OI, it makes sense. There are so many derivatives platforms, but ultimately, survival depends on deep liquidity.

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StableGenius

· 12-26 10:46

low turnover + high OI is actually the tell... everyone's chasing airdrop theater while hyperliquid's quietly building real moats. the math doesn't lie, contrary to what your favorite influencer's been shilling lol

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JustHodlIt

· 12-26 10:46

Low turnover rate combined with high open interest is the real deal. Platforms that rely on airdrops to survive will eventually fade away.

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NoodlesOrTokens

· 12-26 10:41

Low turnover rate combined with high open interest is the real winning formula. Those trading volumes sustained by airdrops will eventually collapse. --- Hyperliquid's data shows what a true moat looks like—it's not built on false prosperity from incentive stacking. --- Once the hype cools down, those points-based trading volumes evaporate immediately. Only deep liquidity can survive until the end. --- Can 7x open interest still maintain low turnover? That’s the platform trait I want to see. --- To put it simply, high turnover = wash trading, fake volume; low turnover = genuine long and short battles with real money. The difference is huge. --- Risk resistance can't really be faked. No matter how bad the market gets, Hyperliquid users are still here. That says a lot. --- The derivatives track record depends on this "high holding, low turnover" structure. Everything else is just a flash in the pan. --- I just want to know where those platforms that survive on airdrops have gone—most of them are dead. --- Moats are built with liquidity, not with incentives. Many people haven't realized this.

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VitalikFanboy42

· 12-26 10:38

Low turnover rate combined with high open interest—that's the real moat, not the false prosperity created by airdrops.

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TokenomicsTinfoilHat

· 12-26 10:30

Low turnover rate paired with high open interest—that's true liquidity, not the false hype driven by airdrops. This wave of HL clearly shows the strategy; while others are burning money to increase volume, it is quietly accumulating and settling. When bulls and bears truly fight, it's not just robots trading against each other; even when the market cools down, it can still stand firm.

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