- Since the introduction of its native token, Hype, Hyperliquid has experienced net inflows of USDC into its network totaling $1 billion.
- Since its debut, Hype’s price has increased by more than 590%.
- On Monday, Hyperliquid also revealed that its open interest had risen to a record-breaking $4.3 billion.
According to blockchain analytics company Spot On Chain, since the introduction of its native token, Hype, Hyperliquid, the decentralized perpetual trading platform and Layer 1 blockchain, has seen over $1 billion in USDC net inflows into the chain.
According to data from Spot On Chain, there are currently over $2.1 billion worth of USDC stablecoin in the platform’s deposit bridge.
By combining liquidity from several sources, Hyperliquid is a decentralized platform that enables users to trade perpetual derivatives and trade cryptocurrency with leverage. With native meme tokens like Purr, Points, and others, it functions as a Layer 1 app chain.
Following a community airdrop from one of the most well-known decentralized trading platforms, the trading platform, which had been functioning without a native currency, had tremendous expectation when it debuted Hype on November 29.
The token is essential to the native permanent and spot decentralized exchange of the platform, where it will be traded on the native spot order book against USDC. It serves as HyperEVM’s native gas token as well. From its launch price of $3.90 to its current price of $26.61, the hype token has increased by more than 590%.
In order to maintain its focus on creating a network that is entirely owned by the community, the project made it clear that there are no token supply allocations for private investors, exchanges, or market makers. This helped the token launch gain traction.
The Hyperliquid genesis honors Bitcoin’s founding principles, which state that ownership belongs to believers and doers rather than rent-seeking insiders.
Along with the $1 billion USDC influx milestone, Hyperliquid also revealed on Monday that its open interest had risen to a new all-time high of over $4.3 billion, suggesting increased user interest and activity.
Hyperliquid’s total value locked (TVL) increased from $196 million on November 29 to $3.203 billion today, per DefiLlama data.
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.
