Hyperliquid, a decentralized perpetuals exchange, is making waves. The platform's native token, HYPE, recently surged to a new all-time high of over $50, outperforming Bitcoin with a 19% gain over the last week.
The surge is largely driven by a series of major wins for the ecosystem:
- Record-Breaking Performance: Hyperliquid is on track for another record month, having already generated $97 million in revenue in August. This follows a landmark July where it accounted for 35% of all blockchain revenue, according to VanEck.
- Massive Transaction Volume: The exchange recently handled a single $2 billion transaction, with a Bitcoin whale converting BTC to ETH, demonstrating its ability to process large-scale trades efficiently.
- Growing Network: The platform's Layer 1 blockchain, HyperEVM, is also seeing exponential growth. With a TVL of $2.65 billion, it's now the sixth-largest Layer 1 chain by DeFi TVL.
- Institutional Backing: The ecosystem is gaining significant institutional support. Galaxy Digital, led by Mike Novogratz, recently became a validator on Hyperliquid, a move that signals growing confidence from major digital asset funds.
Hyperliquid's success highlights its increasing market share in both perpetual derivatives and spot trading, solidifying its position as a key player in the decentralized finance space.
August 2025, Cryptoniteuae