On-chain trading protocol Hyperliquid has been scripting records left-right-center of late.
Background
- The aggregate perps volume on Hyperliquid has surpassed the $500 billion threshold
- Instead of Bitcoin, platform users have started leaning more towards Ethereum
- Over the past day, $2.71 billion in ETH volume was clocked in vs. BTC’s $2.42 billion
Why should you pay attention?
- The platform has been registering a daily average of around $5.2 billion over the past week
- This represents nearly half the volume of the total on-chain perps market activity
- On the token front too, HYPE has already created a niche for itself
- It’s slid up to the 32nd position overall, flipping other DeFi stalwart protocols like Aave
- Mindshare-wise also, HYPE continues to maintain a position in the top 5
Who said what?
- Bringing to light another feat, data analyst 'Crypto Koryo' pointed out,
“HYPE has now surpassed UNI in FDV and ranks 15th in overall FDV ranking. Excluding bitcoin, this is the first non-memecoin non-vc funded project to make it that far in that ranking”
- The analyst added,
“Making both its users and token holders happy and without an unfair advantage to any cohort. Clearly a model that should inspire the new generation of Web3 projects”
Zooming out
- Towards the end of November, the team airdropped 31% of HYPE's ~1 billion supply to users as an incentive for driving activity on the platform
- Over the past year, the DEX operated without a native token
- However, HYPE is now the primary asset for staking and securing the HyperBFT consensus mechanism
