Asset manager Ark Invest expressed pessimism about Hyperliquid’s ability to achieve its « house of all finance » vision, citing limited decentralization, a partially anonymous team, and near-non-existent spot trading. Lorenzo Valente, head of crypto research at Ark Invest, questioned the Kraken partnership for U.S. market access, stating the product would be « way worse » due to the inability to commingle liquidity with the broader Hyperliquid market. The platform recorded $271 million in spot volume over 24 hours versus $12 billion in perps volume and $16 billion in open interest. Despite these limitations, Hyperliquid saw explosive growth with RWA perps expanding 44x this year to over $117 billion in volume, now accounting for 86% of the RWA perps market on on-chain venues versus 14% for centralized exchanges.
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