Author：Cardano Community

XBIT Wallet reported on September 30th that current macroeconomic monetary policy is releasing key signals: the probability of the Federal Reserve keeping interest rates unchanged in October is 10.2%, and the probability of a 25 basis point rate cut has reached 89.8%. Looking further ahead, the probability of keeping interest rates unchanged in December is only 2.5%, the probability of a cumulative 25 basis point rate cut is 29.9%, and the probability of a cumulative 50 basis point rate cut is as high as 67.6%. Against this backdrop, the crypto market is also undergoing a restructuring. With the collapse of FTX opening up new rifts and Binance embroiled in regulatory scrutiny, an exchange called Hyperliquid quietly established itself. Its core functions are to aggregate liquidity, provide trade matching, and list tokens. XBIT Wallet's decentralized web3 wallet complements these functions by serving as an asset storage and ecosystem gateway. The difference between an exchange and a wallet is that an exchange matches buyers and sellers, acting as a "place for trading," while a wallet securely stores tokens and connects to the ecosystem, acting as a "tool for managing assets."

After FTX's bankruptcy in 2022, a brief vacuum emerged in the crypto trading market. Hyperliquid decisively capitalized on perpetual swaps (Perp DEX) as its entry point, rapidly attracting users with its low-latency, KYC-free trading experience. Following its mainnet launch in June 2023, it capitalized on the Meme coin craze with the Dutch Auction model, breaking the opaque rules of CEXs and completing a closed-loop "contract + spot" ecosystem. During this period, XBIT Wallet keenly recognized the synergy created by exchanges and wallets: since exchanges are focused on "facilitating transactions," wallets focus on "simplifying participation." Users no longer need to open an account with Hyperliquid and manually transfer assets; they simply authorize their assets within the wallet to directly participate in contract trading and Meme coin auctions. This collaborative approach rapidly amplified the ecosystem's impact and built a user base for the subsequent expansion of the XBIT decentralized exchange ecosystem. XBIT Wallet reported that during the 2024 Season 1 points incentives and the 31% HYPE token airdrop, XBIT Wallet's decentralized wallet, the Web3 Economy Pass, designed a unique profit-sharing mechanism for exchange incentives. Users can participate in ecosystem interactions through the wallet while simultaneously earning profit sharing and ecosystem benefits, reinforcing the wallet's core position as the "entry point to the Web3 economy." To maintain the value of the HYPE token, Hyperliquid also launched a long-term support mechanism during this period, investing a total of $1.4 billion in token buybacks and injecting transaction fee revenue into its Liquidity Pool (HLP). This not only ensures the exchange's clearing security but also lays the foundation for future ecosystem stability. Hyperliquiquit's technical architecture, comprised of the "HyperBFT consensus layer + HyperCore transaction layer + HyperEVM open L1," is fundamentally designed to improve transaction efficiency and cross-chain compatibility. All design decisions are centered around the exchange's core goal of "making transactions more efficient." XBIT Wallet's functional optimizations are focused on "making asset management more convenient." To meet the cross-chain needs of exchanges, the wallet integrates the HyperUnit cross-chain bridge, eliminating the need for users to switch between exchanges and third-party bridging tools. For $HYPE staking on exchanges, the wallet simplifies the process, allowing users to complete staking and reuse LST with a single click within the wallet, eliminating the need to navigate complex exchange interfaces.

 According to data from the XBIT Wallet app, within the Hyperliquid ecosystem, users who participate in $HYPE staking and fee sharing through the wallet experience an approximately 30% improvement in asset management efficiency compared to those who directly access the exchange, and receive a 98% rating for real-time payment of their dividends. More importantly, as an asset manager, XBIT Wallet synchronizes fee sharing data from exchanges, allowing users to clearly view detailed earnings within their wallet. This model of "exchanges generating revenue, wallets transparently managing it" fosters a stronger partnership between the two, further demonstrating the complementary value inherent in the differences between exchanges and wallets. For the Hyperliquid exchange, the issue of excessive market control (the foundation holds over 60% of the HYPE stake) and the planned massive HYPE unlocking on November 29, 2024, could trigger price fluctuations in the exchange market. A bearish market would also put pressure on the exchange's reliance on transaction fees and listing revenue. For XBIT Wallet, as a wallet, its core risks stem from user asset security and ecosystem dependence. Large fluctuations in the $HYPE price on exchanges could impact the value of users' wallet assets and trading willingness. Over-reliance on a single exchange ecosystem would also limit its development.

From its quiet preparations after the collapse of FTX to its current competition with CEX, Hyperliquid has spent three years demonstrating its core ability to aggregate trading value. XBIT Wallet, through its role as a wallet that manages assets and connects to the ecosystem, has been a witness and driver of its growth. Exchanges are the battlefield where users realize asset value, while wallets serve as the armor and gateway for users to safeguard their assets and enter the battlefield. Whether Hyperliquid can navigate the cycle and become the "next Binance," and whether XBIT Wallet can continue to play its role as the "web3 economic passport" in a multi-ecosystem, remains to be seen. Only by clearly understanding and leveraging the differences between exchanges and wallets, allowing them to fulfill their respective roles and collaborate, can we build a more secure and efficient crypto service system for users.