Ran Neuner, a crypto analyst, identified regulation as the main risk for Hyperliquid, the leading perpetual DEX by 30-day volume. He remains optimistic about Hyperliquid’s ability to withstand competition due to its network effects, arguing that it is impossible to replicate a user community. President Donald Trump announced in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the US in a fully compliant manner. The HYPE token surged approximately 20% in the 24 hours following the announcement, with gains exceeding 220% year-to-date, bringing its market capitalization to about $18.2 billion and a fully diluted valuation of roughly $78.4 billion.
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