Since launching its native token, HYPE, on Nov. 29, Hyperliquid has experienced a surge in activity, recording over $1 billion in USDC net inflows.
Since launching its native token, HYPE, on Nov. 29, Hyperliquid has experienced a surge in activity, recording over $1 billion in USDC net inflows. The platform’s deposit bridge now holds more than $2.1 billion in USDC, according to blockchain analytics firm Spot On Chain. Hyperliquid, a decentralized perpetual trading platform and layer-1 blockchain, has also seen its total value locked (TVL) rise dramatically by over 1000% in just one month, reaching more than $3.2 billion, according to DefiLlama data.
The launch of the HYPE token sparked significant interest, driving its price up by 590% from $3.90 to $26.61. The token serves a key role within the platform’s decentralized exchange, where it is traded against USDC on the native order book. The platform’s success is partly attributed to its community-first approach. Hyperliquid did not allocate any of the token supply to private investors or exchanges, ensuring that ownership remains with the users. Co-founder Jeff Yan emphasized that Hyperliquid is focused on empowering its community, in line with the original ethos of Bitcoin.
Hyperliquid allows users to trade perpetual derivatives and spot assets while aggregating liquidity from multiple sources. The platform also offers native meme tokens like Purr and Points. The HYPE token functions as both a utility token for trading and the gas token for HyperEVM, the platform’s execution environment. The platform’s open interest recently surpassed $4.3 billion, setting an all-time high and highlighting the increasing engagement from traders.
The platform’s growth has been meteoric, with its TVL skyrocketing from $196 million at launch to over $3.2 billion today. Hyperliquid’s trading volume has also surged, recently exceeding $10 billion in 24-hour volume. Despite some criticisms due to the lack of an API, which limits verifiability, Hyperliquid has established itself as a major player in the decentralized exchange space, ranking second by TVL behind Uniswap.
The rise of Hyperliquid has not gone unnoticed in the DeFi community. The platform has attracted a loyal user base, aided by the successful HYPE airdrop and its focus on community governance. Recently, it launched the $HYPE Season 2 Rewards, providing exclusive rewards for early adopters. The platform’s future appears promising, as it continues to grow in both trading volume and liquidity, with plans to expand its offerings and further integrate the community into its governance.
Hyperliquid’s approach to decentralized perpetual trading has resonated with users, and its continued success will likely position it as one of the leading platforms in the DeFi ecosystem.
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