Three weeks after the launch of Hyperliquid's native token, HYPE, the decentralized perpetual exchange (DEX) is enjoying resounding success. The price of HYPE simply exploded, as did the trading volume and open interest of the DEX.
Hyperliquid is carried by its native token, HYPE
Hyperliquid, the decentralized exchange (DEX) of Perpetuals, recorded over $1 billion in net inflows since the launch of its HYPE token on November 29.
At the same time, Hyperliquid announced that it had reached $4.3 billion of open interest. Furthermore, at present, $2.1 billion in USDC stablecoin are held on its deposit bridge. All these results demonstrate the current success of the exchange.
🔎 Everything you need to know about Hyperliquid (HYPE), the DEX offering perpetual contracts and a spot market
Since it is possible to acquire this new cryptocurrency associated with the DEX, daily trading volume recorded by Hyperliquid continues to break records. While it struggled to exceed $5 million in daily trading volume, this figure has almost multiplied by 100.
Over the last 24 hours, the exchange recorded a trading volume of just over $428 million. This result is relatively close to the record recorded by the crypto platform on December 14 with $497 million in assets traded.
In a highly anticipated airdrop, eligible Hyperliquid users shared no less than 31% of the total HYPE supply. While this amounted to approximately $1.3 billion at the end of November, this amount is now worth more than 9 billion dollars.
In just 3 weeks, the HYPE price has simply exploded. Launched at just under $4 on November 29, the token is now trading at over $27an increase of almost 750% over the period.
Try Hyperliquid: a decentralized trading platform!
The DEX and its cryptocurrency are experiencing growing success
Several reasons explain the success of Hyperliquid and its native token. The latter actually plays a crucial role in the decentralized exchange of perpetuals, coming to serve its interests.
Thus, the HYPE can be used to secure the exchangepromote its decentralization by participating to the governance of its ecosystemor to facilitate payment of transaction fees on the crypto platform.
Furthermore, for the moment, private investors cannot have access to cryptocurrency. Only Hyperliquid users can trade or acquire it. Furthermore, only 35% of its supply is currently in circulation.
🌐 In the news – Pudgy Penguins (PENGU) airdrop is today – Are you eligible?
This is explained by the desire of the founders of Hyperliquid to build a platform and a network entirely owned by its community. “ The genesis of Hyperliquid pays homage to the original ethos of Bitcoin: ownership belongs to those who believe and do, not to rent-seeking insiders, » explained Jeff Yan, one of the co-founders of the decentralized exchange.
It's inspiring to see tens of thousands of community members secure life-changing wealth as part of the Hyperliquid genesis event. Importantly, none of these people were insiders. They:
1) believed in the vision for a better financial system when no one else would
2) acted on…— jeff.hl (@chameleon_jeff) November 30, 2024
Always with this in mind to let its community decide, the team behind Hyperliquid invited its users and more broadly the crypto community to vote for the date of your next airdrop.
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Source: SpotOnChain, CoinGecko
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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