ARK Invest research director Lorenzo Valente stated that RWA trading venues can form a scale without relying on Bitcoin and Ethereum liquidity. Data shows that RWA accounts for 54% of Hyperliquid's weekly trading volume, with individual stocks accounting for 61% of RWA trading volume; During the same period, the trading volume of perpetual contracts on decentralized exchanges reached 79 billion US dollars, with Hyperliquid accounting for 50 billion US dollars. Lorenzo Valente believes that if Trade.xyz accounts for 90% of Hyperliquid's trading volume, it may demand a higher user fee share. Most popular applications still rely on shared infrastructure and may only choose to build their own chains when the independent operating costs exceed the rental value. （Bitcoin.com News）
