- The price of Hyperliquid’s HYPE token has skyrocketed, overtaking the market capitalization of loan platform Aave.
- The platform has also grown to account for over half of all trade volume in perpetual swaps.
Since Friday’s token generation event (TGE), which saw the decentralized perpetual swaps trading platform airdrop 310 million fully-unlocked tokens to users who accrued points by trading on the site for six months ending in May, Hyperliquid’s HYPE token has only increased in value.
The tokens, which were valued at about $1.2 billion at the time, are now worth approximately $2.9 billion at HYPE’s current price of $9.39, giving the token a completely diluted valuation of $9.4 billion. Over the last 24 hours, the token’s value has increased by more than 10%.
With a current market valuation of almost $3.1 billion, the token surpasses other noteworthy cryptocurrency projects such as Ethereum Layer 2 Optimism OP, privacy-focused cryptocurrency Monero XMR, and lending platform Aave.
Hyperliquid yesterday claimed nearly half of all trading volume among decentralized perpetual swaps platforms, at 47%, after initially rising to the top of the daily trading volume among these platforms in October, as previously reported. In contrast to Hyperliquid, which witnessed a 10% decline in trading volume between Friday, Nov. 29 and Saturday, Nov. 30, Synfutures, its biggest rival, saw a 30% decline.
A key component of the Hyperliquid ecosystem is HYPE, which may be staked to protect HyperBFT, an enhanced proof-of-stake consensus system that encourages decentralization and guarantees network security. Additionally, as the native gas token for the HyperEVM, the network’s execution environment, HYPE enables transaction fees.
The Hyperliquid genesis honors Bitcoin’s founding principles, which state that ownership belongs to believers and doers rather than rent-seeking insiders. The evolution of finance is hyperliquid.
Some cryptocurrency inventors have criticized Hyperliquid for being closed-source at the moment. How do you know that the TVL, volume, and figures are accurate? since it is self-reported by their API?
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.
