DEX Adoption and HIP-3 Drive $200 HYPE Case Amidst Competition Challenging Hyperliquid's Lead

Hyperliquid's Growth Potential: Hyperliquid, a decentralized perpetuals exchange, is projected by Cantor Fitzgerald to see its HYPE token price surge to $200 by 2035, driven by the Hyperliquid Improvement Proposal 3 (HIP-3) and a growing market share of decentralized trading venues.

Market Dynamics: The market share of perpetual futures decentralized exchanges (DEXs) has increased significantly, from 2.1% in January 2023 to 11.7% in November 2025, indicating a shift towards decentralized trading platforms.

Emerging Competition: New competitors like Lighter DEX pose a significant threat to Hyperliquid's growth, particularly with their zero-fee trading model and anticipated token generation event (TGE), which could attract traders and market share.

Token Buyback Strategy: The HYPE token's valuation is supported by a buyback strategy from the Assistance Fund, which uses 99% of trading fees to repurchase tokens, potentially reducing supply and increasing demand over time.