Hyperliquid introduced the concept of a perpetual contract decentralized exchange (perp DEX). Through the HLP mechanism, it brings features valued by investors in centralized exchanges—such as high leverage, fast execution, and stable liquidity—to the on-chain environment. Early usage was partly driven by demand for the $HYPE token airdrop. However, continued engagement after the airdrop reflects user satisfaction with the platform’s performance. Ultimately, Hyperliquid’s resilience stems from addressing a persistent real-world problem: dissatisfaction with centralized exchanges.
Canton Network was created to address this need. With the rising interest in real-world assets, institutions are viewing blockchain as financial infrastructure rather than a public network, and they require selective privacy models that support regulatory compliance and confidentiality. Through DAML, Canton provides configurable data disclosure for each participant, allowing information sharing only where necessary while maintaining transaction confidentiality. Canton does not impose a provider-driven design, but builds infrastructure that meets institutional needs and emphasizes real-world deployments, notably through partnerships with financial institutions such as DTCC, which processes about $3.7 quadrillion in transactions annually.
Kite AI is building payment infrastructure for this environment. Its core components include a “proxy passport” for authentication and x402 protocol functionality for enabling automated payments. Kite AI’s vision cannot be deployed on a large scale at present, simply because the future it envisions has not yet been realized; nevertheless, the underlying technology is positioned to become essential as adoption expands. Evaluations of these projects often hinge on whether they solve a real problem, whether there is market demand, and whether the team has the capability to turn the vision into reality.
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