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Hyperliquid’s HYPE Token Sees $1B USDC Inflows Post-Launch
12/17/2024 03:51
Hyperliquid’s HYPE token sees over $1B USDC inflows post-launch, driving massive trading activity and a 774.73% price surge.
Key Notes
- Hyperliquid's HYPE token surged 774.73% in a month, climbing from $4 to a peak of $28.13, driven by community enthusiasm.
- Over $2.1 billion in USDC deposits now sit in Hyperliquid's bridge, fueled by innovative perpetual derivatives trading and native tokens like PURR.
- Hyperliquid's TVL skyrocketed by over 1000% in just a month, reaching $2.89 billion and ranking second among DEXs, just behind Uniswap.
Hyperliquid, the decentralized perpetual trading platform, has seen a flood of activity since launching its native token, HYPE $28.36 24h volatility: 15.9% Market cap: $9.48 B Vol. 24h: $356.90 M . Over $1 billion worth of USDC has flowed into the platform since the launch on November 29, according to Blockchain analytics firm Spot On Chain. This significant milestone highlights the growing interest in the potential of the Layer 1 blockchain.
Currently, Hyperliquid’s deposit bridge holds a massive $2.1 billion in USDC $1.00 24h volatility: 0.1% Market cap: $42.51 B Vol. 24h: $8.53 B amid a massive surge in trading and investment activity within the ecosystem. The platform’s unique approach allows users to trade perpetual derivatives while aggregating liquidity from different sources, and it operates with native meme tokens like PURR and Points.
Source: Spot On Chain
HYPE’s launch came with considerable anticipation, especially because Hyperliquid had previously operated without a native token. The launch included a community-focused airdrop, drawing interest from decentralized finance (DeFi) enthusiasts.
One reason for Hyperliquid’s surge is its commitment to a community-first approach. Co-founder Jeff Yan emphasized this philosophy, stating “The Hyperliquid genesis pays homage to the original ethos of Bitcoin: ownership goes to the believers and doers, not rent-seeking insiders.”
As a result, the HYPE token’s price has increased by 774.73% in the last month. Initially worth around $4 during the airdrop, HYPE recently climbed to $28, remarkably hitting a peak of $28.13 only 23 minutes ago at the time of writing. As Bitcoin surged to $106,000, the token followed a similar path, gaining 13.26% higher in the past 24 hours, according to CoinMarketCap.
Source: CoinMarketCap
DefiLlama’s data shows Hyperliquid’s total value locked (TVL) has exploded by over 1000% in just a month. With a current TVL of $2.89 billion, Hyperliquid ranks second among decentralized exchanges (DEXs), trailing only Uniswap’s $6.82 billion. It also leads Solana-based Raydium and shows a promising trajectory.
Hyperliquid Trading Soars to New Highs
Trading activity on the platform has been phenomenal. Hyperliquid recently recorded a 24-hour trading volume exceeding $10 billion. Open interest also reached an all-time high of $4.3 billion, reflecting sustained engagement and growing user trust.
Hyperliquid reached a new all-time high in open interest of >$4.3B. pic.twitter.com/8YUwBEEWEU
— Hyperliquid (@HyperliquidX) December 16, 2024
Notably, Hyperliquid officially launched the final proposal for the much-anticipated $HYPE Season 2 Rewards today. The announcement offers a unique opportunity: the first 10,000 voters to participate will secure early adopter status, granting them exclusive on-chain rewards.
— HyperIiquid (@HyperliquiidsX) December 16, 2024
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