Hyperliquid has become one of the most valuable blockchains since launching its HYPE token in 2024. However, according to VanEck, Hyperliquid has yet to attract a strong developer community. This could pose a risk to $HYPE holders if it fails to meet the community’s growth expectations. Hyperliquid’s perpetual futures exchange has captured 70% of the market share and has reached $260 million in daily trading volume. However, VanEck notes that DEXs lack long-term competitive advantages. Hyperliquid is expected to launch its EVM smart contract platform in 2025. Share your thoughts in the comments.