Recent three-month data shows that the public chain sector exhibits clear and distinct capital flow directions: Hyperliquid, BASE, and Polygon have become popular choices for net capital inflows, while Arbitrum, Ethereum, and edgeX have experienced significant net capital outflows.

This phenomenon clearly reveals two important market trends:

Trend One: Hyperliquid Dominates, the Pattern Is Set

Currently, Hyperliquid's leading advantage is very obvious, showing a dominant position. Its strong capital inflow indicates high market recognition of its model and future prospects. In this situation, even the second-ranked edgeX struggles to compete, let alone other competitors like GMX and DYDX.

Trend Two: Ethereum Ecosystem Continues to "Bleed," BASE May Become the "New Center"

The Ethereum ecosystem is facing ongoing capital outflow pressure, like a giant being drained of blood. Notably, although BASE still exists as an Ethereum Layer 2, its traffic is almost entirely from Coinbase itself, and all signs indicate that it is actively preparing to establish a completely independent ecosystem of its own.