In the volatile world of decentralized finance (DeFi), the recent exodus of users from a decentralized exchange (DEX) has raised eyebrows and sparked discussions within the crypto community. The total value locked (TVL) in the platform has plummeted from a robust $540 million to a mere $150 million in just one month, indicating a significant loss of user confidence and activity.

The reasons behind this mass departure remain unclear, but several factors may have contributed to the decline in user participation. One possible explanation could be the emergence of new DEX platforms offering more attractive features and incentives, drawing users away from the struggling exchange. Competition in the DeFi space is fierce, with projects constantly innovating and introducing novel solutions to cater to the evolving demands of

Source: https://www.coindesk.com/business/2025/04/10/how-the-hype-for-hyperliquid-s-vault-evaporated-on-concerns-over-centralization