Our latest research report dives into the rising phenomenon of retail consumer apps onboarding their users to Hyperliquid via buildercodes. While this has been an integral part of the growth story for HYPE, the health of these users has continued to decline.
They bring traders, volume and fees every month, but users are down $280M all-time. Over half of what they lost through the apps went to fees, and one in seven is active after 3 months.
Full report:
https://x.com/HansonBirringer/status/2111952390966669818?s=20
X (formerly Twitter)
Hans on X: "The $280M Cost of Onboarding Retail to Hyperliquid" / X
3October 18, 2026 961
