Hyperliquid, the decentralized perpetual trading platform, has seen a flood of activity since launching its native token, HYPE.
Hyperliquid, a decentralized perpetual trading platform, has seen a massive influx of activity following the launch of its native token, HYPE. According to blockchain analytics firm Spot On Chain, over $1 billion in USDC has flowed into the platform since the launch on November 29.
Currently, Hyperliquid’s deposit bridge holds a total of $2.1 billion in USDC amid a surge in trading and investment activity within the ecosystem. The platform operates by aggregating liquidity from different sources for users to trade perpetual derivatives. Notably, Hyperliquid functions with native meme tokens such as PURR and Points.
The launch of HYPE was highly anticipated as Hyperliquid had previously operated without a native token. It also included a community-focused airdrop, which piqued the interest of decentralized finance (DeFi) enthusiasts.
Hyperliquid’s commitment to a community-first approach has contributed to its remarkable success. Co-founder Jeff Yan highlighted this philosophy, stating “The Hyperliquid genesis pays homage to the original ethos of Bitcoin: ownership goes to the believers and doers, not rent-seeking insiders.”
As a result, the HYPE token has experienced a 774.73% increase in the last month. Initially valued at around $4 during the airdrop, HYPE recently climbed to $28, hitting a peak of $28.13 only 23 minutes ago at the time of writing, according to CoinMarketCap. With Bitcoin surging to $106,000, the token followed a similar path, gaining 13.26% higher in the past 24 hours.
Hyperliquid’s total value locked (TVL) has exploded by over 1000% in just a month, as reported by DefiLlama. At present, Hyperliquid ranks second among decentralized exchanges (DEXs) with a TVL of $2.89 billion, following only Uniswap’s $6.82 billion. It also leads Solana-based Raydium and shows a promising trajectory.
Trading activity on the platform has been exceptional, with Hyperliquid recently recording a 24-hour trading volume of over $10 billion. Open interest also reached an all-time high of $4.3 billion, indicating sustained engagement and growing user trust.
Moreover, Hyperliquid has officially launched the final proposal for the much-anticipated $HYPE Season 2 Rewards. According to the announcement, the first 10,000 voters to participate will obtain early adopter status, granting them exclusive on-chain rewards.
