Will Hyperliquid surpass Solana... Who will be the winner of 'Bitcoin 3.0'?

▲ Hyperliquid (HYPE), USD/ChatGPT generated image ©

Hyperliquid is emerging as a key player in the 'Bitcoin 3.0' competition, putting pressure on Solana with its focus on speed and user experience.

According to crypto media outlet Bitcoinist on April 29 (local time), Justin Bons, founder of Cyber Capital, Europe's first crypto fund, commented on the competition between Hyperliquid (HYPE) and Solana (SOL), stating, "Structural differences hidden in the details will determine the winner."

Bons emphasized that Hyperliquid's competitiveness lies not just in simple performance, but in product completeness. He analyzed that the platform has an advantage over competing platforms, including Solana, in terms of trading experience, and its ability to maintain a top position in fee revenue also stems from this execution capability. On the other hand, Solana is pursuing a strategy to reduce the performance and user experience gap through upgrades such as Alpenglow and MCP.

Hyperliquid has rapidly dominated the market by focusing on perpetual futures trading and real-world assets (RWA). Bons pointed out that the platform's growth in specific areas without competition is also noteworthy. However, the current structure is an transitional model that has not yet reached full decentralization, and future evolution is identified as a key variable.

The core of the debate is the 'latency speed competition'. Hyperliquid has a structure where 24 validator nodes are concentrated in one data center in Tokyo, ensuring high processing speed, but this simultaneously draws criticism for extreme centralization. Bons explained that this structure is a result of the market's 'preference for speed', and assessed that both platforms are moving towards simultaneously achieving low latency and decentralization.

Another point of contention is the transaction processing method. Hyperliquid uses a structure where orders are not immediately recorded on-chain but are matched in a memory pool before being reflected in a block. While this method improves user experience, it differs from full on-chain processing. However, the project is pursuing gradual decentralization through code open-sourcing, conversion to on-chain transactions, and expansion of global validators, and Bons suggested that the winner of this competition is likely to eventually establish itself as the next generation standard, the so-called 'Bitcoin 3.0'.

*Disclaimer: This article is for investment reference only and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*