Aster's rapid growth challenges Hyperliquid, which remains dominant; what factors could ensure Hyperliquid's long-term market leadership?

The deep research logic is organized as follows: 

Okay, let's tackle this question about Hyperliquid's long-term market leadership despite Aster's rapid growth. First, I need to understand the key points from the references provided. 

From the references, Hyperliquid has seen a drop in its volume share from 45% to 8% due to new competitors like Aster, which is backed by Binance. However, Hyperliquid still leads in open interest at 62%, which is a crucial metric for liquidity. Patrick Scott, the DeFi analyst, mentions that Hyperliquid's fundamentals are strong, including a sustainable business model and a 12.6x revenue multiple. Also, Hyperliquid's ecosystem includes a Layer-1 blockchain (HyperEVM) supporting over 100 protocols and a stablecoin (USDH) with a $25 million market cap. 

Aster, on the other hand, has surged in daily trading volumes, overtaking Hyperliquid, but its long-term sustainability is questioned. The analyst points out that Hyperliquid's dominance could be threatened if it loses open interest, faces prolonged depegging of USDH, or fails to maintain liquidity. 

The user's profile shows interest in stocks, tech, and growth-oriented investments, so they might appreciate the technical and strategic aspects of Hyperliquid's ecosystem. They also prefer technical analysis and market sentiment, so highlighting metrics like open interest and revenue multiples would be relevant.

I need to structure the answer to first present the conclusion, then break down the factors into clear sections. Each factor should be supported by data from the references. Also, ensure to include the visualization for the query "Hyperliquid strategic partnerships ecosystem growth" as per the requirements. 

Let me outline the factors:
1. **Ecosystem Dominance**: Hyperliquid's Layer-1 blockchain and HyperEVM supporting multiple protocols.
2. **Liquidity and Open Interest**: Leading in open interest despite volume drops.
3. **Sustainable Business Model**: Profitability and revenue multiples.
4. **Innovation Pipeline**: Features like HIP-3 and USDH stablecoin.
5. **Market Share Resilience**: Long-term trends in Perp DEX growth.

Each of these points should be explained with relevant data and citations. Also, make sure to address potential risks but focus on why Hyperliquid can mitigate them. Finally, conclude with a summary that ties all factors together, emphasizing Hyperliquid's strategic advantages.

### 🌟 **Conclusion**
**Hyperliquid’s long-term market leadership in the decentralized perpetual futures (Perp DEX) market hinges on its ecosystem dominance, liquidity resilience, and strategic innovations.** Despite Aster’s rapid growth, Hyperliquid retains critical advantages in open interest, revenue sustainability, and infrastructure depth, positioning it as the most investable Perp DEX for the foreseeable future .

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### 📊 **Key Factors Ensuring Hyperliquid’s Long-Term Leadership**

#### 1. **Ecosystem Dominance: Hyperliquid’s Layer-1 Blockchain & HyperEVM**
Hyperliquid operates on a custom Layer-1 blockchain optimized for decentralized trading, enabling **sub-second trade execution** and **zero gas fees**—critical for institutional and retail traders alike . Its **HyperEVM** (Ethereum Virtual Machine) layer supports over **100 protocols** with a combined TVL of $2 billion, including major DeFi projects like Kinetiq, Morpho, and Phantom . This ecosystem integration provides a **defensible moat** against competitors like Aster, which lacks a comparable infrastructure .

| Metric | Hyperliquid (2025) | Aster (2025) |
|-----------------------|-------------------------------|-------------------------------|
| Daily Trading Volume | $7B+ (declined from $398B) | $42B+ (surged from $11B) |
| Open Interest Share | 62% (leads market) | <40% (growing but lagging) |
| Protocols on EVM | 100+ (HyperEVM) | Limited (Binance Chain) |

#### 2. **Liquidity & Open Interest Resilience**
While Aster has captured **50%+ daily volume share** recently, Hyperliquid retains **62% open interest dominance**, a more reliable metric for long-term liquidity . Open interest reflects **active contracts** and **trader confidence**, which Aster has yet to match despite its volume surge . Hyperliquid’s **$25M USDH stablecoin** (pegged to the dollar) further bolsters liquidity, ensuring market stability .

#### 3. **Sustainable Business Model**
Hyperliquid trades at a **12.6x revenue multiple**, far healthier than rivals reliant on airdrop-driven incentives . Its **fee buyback model** (97% of fees reinvested into HYPE token buybacks) aligns token value with ecosystem growth, unlike Aster’s speculative tokenomics . This sustainability attracts institutional investors, as seen in partnerships with Circle and VanEck .

#### 4. **Innovation Pipeline: HIP-3 & USDH**
Hyperliquid’s **HIP-3 proposal** enables permissionless market creation, allowing developers to launch new perpetual markets by staking HYPE . This **decentralized governance** framework fosters organic ecosystem growth, unlike Aster’s centralized Binance Chain model . Additionally, its **USDH stablecoin** (TVL $25M) reduces reliance on external issuers like USDC, enhancing sovereignty .

#### 5. **Market Share Resilience**
The Perp DEX market has grown **10x in 3 years** (2% of CEX volume in 2022 → 20% in 2025), with Hyperliquid driving 80% of this expansion . Aster’s rise reflects short-term user acquisition (e.g., $17M whale rotations into ASTER ), but Hyperliquid’s **institutional-grade infrastructure** ensures long-term dominance .

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### 🚨 **Risks to Watch**
- **USDH Depegging**: If Hyperliquid’s stablecoin fails to maintain liquidity, it could erode confidence .
- **Open Interest Drop**: A sustained decline below 50% would signal liquidity concerns .
- **Competition from Major Exchanges**: Binance’s backing of Aster poses a threat, but Hyperliquid’s ecosystem depth offers a counterbalance .

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### 🎯 **Final Take**
Hyperliquid’s **infrastructure depth**, **liquidity resilience**, and **sustainable tokenomics** position it as the **most investable Perp DEX** despite Aster’s short-term gains. Investors should focus on **open interest trends**, **USDH adoption**, and **HIP-3 progress** as key indicators of Hyperliquid’s long-term dominance .