crypto industry
Jun 5, 2026

Crypto Is Dead, Long Live Perpetuals: The Industry’s Great Shift from Native Assets to Global Channels

Native crypto assets are losing their appeal as traditional assets like stocks and gold dominate on-chain activity. Hyperliquid rode four major waves to become the leading perpetual exchange. The perpetual swap, neither delivering nor closing, flattens all assets into a single, 24/7 price signal — and it may be crypto’s most successful yet most dangerous innovation.

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Crypto Is Dead, Long Live Perpetuals: The Industry’s Great Shift from Native Assets to Global Channels