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![kelano_eth Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::851641634.png) Kelano [@kelano_eth](/creator/twitter/kelano_eth) on x 13.8K followers
Created: 2025-07-21 14:53:14 UTC

Out of the top XX highest TVL chains, @HyperliquidX has the 2nd lowest natively minted assets ratio

XX% of assets on HL are non-native

the TL;DR is 
- Hyperliquid is showing to be one of the best execution venues in recent years
- The native ecosystem is tiny. We're going to see a few big winners soon with almost X competition
- Strong usage, but weak native developer adoption (for now)

I'm heavily sidelined on the ecosystem and have been doing a bit of research this week, and I feel that while we're not so early on the token MC and price, native apps are still a small fraction of the ecosystem

in other words, I think there will be some big cooks born in the HL ecosystem, so I'll keep a close eye

![](https://pbs.twimg.com/media/GwY5kc7WIAAaeq0.jpg)

XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947308896428724585/c:line.svg)

**Related Topics**
[tvl](/topic/tvl)
[adoption](/topic/adoption)
[hyperliquid](/topic/hyperliquid)
[hyperliquidx](/topic/hyperliquidx)

[Post Link](https://x.com/kelano_eth/status/1947308896428724585)