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See Clearly from Hyperliquid: Vertical Integration Is the Core of Competition
【Plain Language Guide】The moat in the crypto industry is shifting from pure liquidity to vertical integration.
Leading protocols like Hyperliquid and MetaMask build an irreplicable experience by simultaneously controlling funding supply, user demand, and distribution channels. They demonstrate: capital is a result of vertical integration, not the moat itself.
Perpetual contract exchanges generate $0.30 in fees for every $1 locked, far surpassing lending protocols.
In the future, to achieve economic scale, project teams may need to make trade-offs between full decentralization and business efficiency.
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