Grayscale's latest research report suggests that Hyperliquid, a decentralized exchange, is evolving into a significant blockchain-based financial infrastructure platform. The report highlights Hyperliquid's impressive performance in 2025, with approximately $800 million in revenue and a perpetuals trading volume of about $2.9 trillion. The platform's open interest reached around $7 billion, capturing a notable share of the cryptocurrency perpetuals market. Grayscale emphasizes that the regulatory environment will play a crucial role in Hyperliquid's future growth. Although currently restricting U.S. users, the platform could see substantial expansion as the U.S. regulatory landscape clarifies and interest from institutions like Coinbase, Robinhood, and Kraken increases.