Coinspeaker
16 December 2024
Updated 17 December
0 0

Hyperliquid’s HYPE Token Attracts Over $1 Billion in USDC Inflows

Hyperliquid, a decentralized perpetual trading platform, has experienced substantial activity following the launch of its native token, #HYPE. Since its launch on November 29, over $1 billion in USDC has been deposited, according to Blockchain analytics firm Spot On Chain. This milestone indicates increasing interest in Layer 1 blockchain potential.

The platform’s deposit bridge currently holds $2.1 billion in USDC, reflecting a surge in trading and investment activity. Hyperliquid's model allows users to trade perpetual derivatives while aggregating liquidity from various sources, utilizing native meme tokens like PURR and Points.

Source: Spot On Chain

The HYPE token launch generated significant anticipation as Hyperliquid previously operated without a native token. The launch included a community-focused airdrop, attracting DeFi enthusiasts.

Community-Driven Success

Hyperliquid's growth can be attributed to its community-first approach. Co-founder Jeff Yan stated that "The Hyperliquid genesis pays homage to the original ethos of Bitcoin: ownership goes to the believers and doers, not rent-seeking insiders."

The HYPE token price rose by 774.73% in one month, increasing from approximately $4 during the airdrop to around $28, peaking at $28.13 recently. The token gained 13.26% in the last 24 hours, correlating with Bitcoin's rise to $106,000, according to CoinMarketCap.

Source: CoinMarketCap

According to DefiLlama, Hyperliquid's total value locked (TVL) increased by over 1000% within a month, reaching $2.89 billion. This positions Hyperliquid second among decentralized exchanges (DEXs), behind Uniswap’s $6.82 billion, and ahead of Solana-based Raydium.

Trading Activity

Hyperliquid recorded over $10 billion in 24-hour trading volume, with open interest hitting an all-time high of $4.3 billion, indicating strong user engagement.

Additionally, Hyperliquid launched the final proposal for the upcoming $HYPE Season 2 Rewards, offering early adopter status to the first 10,000 voters who participate, granting them exclusive on-chain rewards.