jakiro
Author: Haotian; Source: X, @tmel0211
Recently, the Hyperliquid HIP3 protocol has become popular. Stock Perp, gold Perp, and even Pokémon cards, CS jewelry skins, etc. can be traded online. This has made Hyperliquid famous for a while, but many people have ignored that Arbitrum’s liquidity has also experienced a huge surge in the past.
That’s right, the more popular Hyperliquid becomes, the more Arbitrum will be able to “make a fortune quietly.”Why do you say that?
1) A basic fact is that most of the USDC held by Hyperliquid must be bridged from Arbitrum.Whenever Hyperliquid launches a TSLA stock contract or a gold perp, there is an influx of USDC from Arbitrum.This connection is not “incidental” but a structural dependence.
These bridging activities,Directly contributed to Arbitrum’s daily trading volume and ecological activity, pushing Arbitrum to continue to hold the top spot in layer 2;
2) Of course, some people will say that Arbitrum is just a springboard for Hyperliquid’s funds, and the funds just pass through one channel and leave. Then why did Hyperliquid not choose Solana or Base, but deeply tied up with Arbitrum?The reasons are as follows:
1. The lowest cost of technology adaptation: Hyperliquid needs a flow portal with good EVM compatibility to safely accept stablecoins, and Arbitrum’s Nitro architecture can control the bridge delay within 1 minute, and the gas fee is less than 0.01 US dollars, so users can hardly feel the friction cost;
2. There is no substitute for depth of liquidity: Arbitrum’s native USDC circulation reached US$8.06 billion, the highest among all layer 2s.Moreover, mature protocols such as GMX and Gains on Arbitrum have formed a complete closed loop of lending, trading, derivatives, income aggregation, etc. In essence, Hyperliquid chose Arbitrum, which is not only a bridge channel, but a mature liquidity network;
3. Ecological synergy cannot be replicated: Some of the newly launched stock Perp, gold Perp and even treasury bond tokens on HIP3 have long existed in the form of RWA assets on Arbitrum, and have implemented lending and farming operations through DeFi protocols such as Morpho, Pendle, and Euler.In this way, users can pledge RWA assets as collateral on Arbitrum, lend USDC, and then bridge to Hyperliquid to open 5x or even 10x leverage trading stock perp.This is not a matter of funds passing through one place, but a cross-ecological liquidity aggregation.
3) In my opinion, the relationship between Hyperliquid and Arbitrum is by no means a simple “parasitic relationship” of liquidity, but a strategic complementarity.
Hyperliquid, as the application chain of Perp Dex, continues to stimulate trading activity, while Arbitrum provides continuous liquidity transfusion., for Arbitrum, phenomenal applications like Hyperliquid are also needed to break the lack of product tension in the Ethereum ecosystem.
This reminds me,When Arbitrum launched the Orbit layer3 framework, it focused on the card of “universal layer2 + specialized application chain”, Orbit allows any team to quickly deploy its own Layer 3 application chain, not only enjoying the security and liquidity of Arbitrum, but also customizing performance parameters according to business needs.
Although Hyperliquid chose the path of self-built layer1 + deep binding to Arbitrum, it seems to be different from directly deploying layer3.But if you carefully analyze the relationship between HIP-3 ecology and Arbitrum, you will find an interesting conclusion:HIP3 has become Arbitrum’s de facto Layer 3 application chain to some extent..
After all,The so-called core logic of layer3 is to outsource security and liquidity to Layer2 while maintaining its own performance advantages..Obviously, Hyperliquid cannot give the HIP3 ecosystem the liquidity advantage for the time being, but Arbitrum can.
Isn’t this a variant of layer3 operating mode?
