I did some research on projects using @HyperliquidX builder codes and was blown away. It’s more than a chain or app, it’s a platform for businesses. Most of those apps run on @redstone_defi. Quick explainer first, then a deep dive on @infinex and their integration🧵

1/ Let's start with Revenue. In the last 24 hours, apps using builder codes have generated $30M in revenue, from 17,600 unique users, across 211 apps built on top of Hyperliquid.

2/ The top 20 builder codes roughly represent 80% of the revenue, with the top 5 @BasedAppHQ @phantom @InsilicoTrading @massdotmoney @AxiomExchange representing about 8% of the last 24 hours volume.

3/ @infinex builder codes have only been live 44 days. For the first 43, only Patron holders could trade on Hyperliquid. Even so, Infinex ranks #13 in revenue with $60,278 in the past 30 days, without a campaign and with participation limited to patrons.

4/ In the last 44 days on @infinex builder codes: Unique users: 1012 Total volume: $228,141,825 Total revenue: $132,160 Infinex Fee: 0.05% Builder code: 0xcf56dd84ed85eb4929e0a76a0f2f04049b4ffc1a And represents 0.045% of 24H global hyperliquid volume.

5/ What are most people trading on Infinex? BTC, ETH, SOL, WLD, ENA, SNX, LINK, TRX are the top 8, representing volume of 218M of the 228M total volume.

6/ The top traders on @infinex builder fees: 0x...373 has paid $77K on a volume of 127M 0x...6c1 has paid $13.4K on a volume of 25.8M 0x...5ac has paid $8.1K on a volume of 16.2M 0x...e6b has paid $5.29K on a volume of 10.6M 0x...27a has paid $2.8K on a volume of 5.7M

7/ Conclusion: Competitive Moat - @HyperliquidX has built a monster business, with strong brand loyalty, amazing user experience, a platform that's hard for others to compete against. Once you build a business on top, making actual revenue, locked-in at that point.

8/ Conclusion: Business Fundamentals - I didn't discuss this, but @BasedAppHQ last 30 days of revenue was $6.29M, annualized $76M, a very healthy business, all built on Hyperliquid. Great of Based and great for Hyperliquid which makes a % of the $76M. Synergies are unreal.

9/ Conclusion: Potential for @infinex If they follow Based and Phantom’s trajectory, a $100M/year business on perps trading isn’t unrealistic. And that’s only one line, Infinex has more apps integrating, each with its own revenue stream.

10/ Thanks to @CMMHyperTracker for the data and images. @chameleon_jeff and team have built an absolute monster of a business, which has also spawned hundreds of other businesses. Truly a platform that benefits all participants.