[Hyperliquid Market Share Drops to 38%, On-Chain Perpetual Contract Competition Intensifies] According to Dune data, the competitive landscape of the on-chain perpetual contract market is undergoing significant changes. Hyperliquid, which held a 71% market share in May this year, has now seen its market share drop to 38%. Meanwhile, emerging platforms Lighter and Aster have grown their market shares to 16.8% and 14.9%, respectively, demonstrating strong competitiveness. The on-chain perpetual contract market as a whole is showing rapid expansion. Over the past four weeks, cumulative trading volume has approached $700 billion, with trading volume in the last 24 hours reaching $42 billion. The number of protocols has surged from just 2 in 2022 to over 80 today. The rapid development of the market has attracted a large number of new participants, further intensifying competition and putting pressure on the market share and profitability of early leaders.