- Additionally, the Arbitrum-based DEX revealed a brand-new points system that began on
Random-number-based decentralized trading In terms of total value locked (TVL), Hyperliquid has already overtaken dYdX as it continues to rise in the DeFi rankings.
DefiLlama claims that Hyperliquid has $530 million in TVL compared to $484 million for dYdX. This amount is a new all-time high for Hyperliquid and puts it in second position among derivatives platforms, immediately behind $542 million-showcasing GMX.
Jupiter, based in Solana, with $415 million, and Drift, with $365 million, complete the top 5 in terms of TVL.
Hyperliquid has had an incredible year in 2024. Six weeks prior, the platform’s TVL ranking was eighth. However, the new points program Hyperliquid introduced on May 29 seems to be the main factor driving its most recent growth, drawing a throng of people to the site.
The first snapshot for qualified recipients of the new program, which started on May 29, ends today. Over the course of four months, the team will award 700,000 points every week in addition to an extra 2 million points for every week of activity from May 1 to May 28.
Reactions from the community were not uniform. Many criticized Hyperliquid for delaying the launch and airdrop of its coin by extending the rewards program. However, that hasn’t stopped traders from joining in.
Protecting Hyperliquid
Steven, a founder member of Yunt Capital, which has supported some of the biggest cryptocurrency companies, such as Zerion, claims that Hyperliquid has awarded almost 51 million points over the course of four periods.
According to him, the project has been making an effort to give back to its early adopters and is obviously focused on getting past its everlasting dex tag and into a Layer 1.
The announcement’s language indicates that the team is working to raise awareness that HL is an L1 and not merely a perps dex. Steven made his post on May 29, which coincided with Hyperliquid’s launch. This suggests, in my opinion, that the bulk of the points will go toward attributes unrelated to perps.
Steven said that Hyperliquid preferred PURR holders. According to him, the team gave PURR holders a lot of points in April, so more of the same is probably in store. The first spot token introduced on Hyperliquid, PURR, surged 23% today.
Prior to Token, Milestones
The team seems to want to accomplish a specific set of goals before launching its token, which may disappoint those customers who were hoping for an imminent Hyperliquid token generation event (TGE).
Before issuing its token, Hyperliquid’s leader, the anonymous Chameleon Jeff, posted on X on May 29 about three primary goals. The native EVM will be deployed, the EVM will be smoothly integrated with current native components, and the network would be totally decentralized (albeit he did not specify how this would be accomplished).
Steven believes that delaying the token launch in favor of another round of points will be beneficial. The token will be more expensive on TGE after HL first convinces the market that it should be valued similarly to an L1.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
