Hyperliquid: Data Explosion, Rise of DEX Giants

Recently, the crypto market has witnessed the rise of an emerging force. The decentralized derivatives exchange Hyperliquid, with its impressive data performance and rapid expansion of its ecosystem, is shaking the territory of traditional centralized exchanges. Let's delve into Hyperliquid's recent developments to gain a comprehensive understanding of its true nature.

Core Data Hits New Highs

On May 23, the open interest of Hyperliquid reached $9.31 billion, setting a historical record. This figure is more than double the peak of $4.4 billion in December last year. Among them, Bitcoin and Ethereum contributed approximately half of the contract positions.

In a horizontal comparison, the contract open interest of Hyperliquid has approached that of a well-known centralized exchange. In terms of Bitcoin contract open interest, it is comparable to several mainstream exchanges, ranking between 5th and 7th. On the same day, Hyperliquid's DEX trading volume reached $714 million, an increase of about three times since the beginning of the month.

In terms of revenue, Hyperliquid generated fees of 62 million USD in the past 30 days, making it the 8th ranked protocol in revenue, surpassing several well-known public chains.

Significant increase in capital inflow

From early March to early April, Hyperliquid experienced a capital outflow, with total funds decreasing from $2.47 billion to $1.85 billion, a drop of about 25%. However, with the return of large traders and the emergence of large contract orders, market attention increased, and capital inflow began to reverse. As of May 26, Hyperliquid's net capital inflow rose to about $3.5 billion, not only compensating for previous losses but also creating a new high.

Since May, this trend has become more pronounced. The highest net inflow in a single day reached 240 million USD, with an average daily net inflow of about 53 million USD. This is closely related to some well-known traders placing large contract orders on the platform. These operations have attracted widespread attention in the market due to their on-chain transparency, creating a unique promotional effect for Hyperliquid.

Token Performance and Ecological Expansion

The governance token HYPE of Hyperliquid began to surge after bottoming out at $9.3 in April. As of May 27, the highest price of HYPE reached $39.9, with a maximum increase of approximately 329%. Its market capitalization once reached $12.9 billion, surpassing a well-known public chain token, climbing to the 13th position in market cap ranking.

In terms of ecology, Hyperliquid has also made new progress. Several external DeFi protocols have begun to deploy on the platform, while multiple exclusive protocols have emerged within the platform, many of which have a TVL exceeding 100 million USD. As of May 27, Hyperliquid's TVL reached 1.46 billion USD, and the number of protocols increased to 27, of which 16 are platform-exclusive protocols. Several new protocols have launched point programs, with a possibility of airdrops.

In addition, Hyperliquid has added multiple cross-chain bridge tools, supporting the direct transfer of more on-chain assets. In terms of stablecoin issuance, Hyperliquid ranks sixth among all public chains with a stablecoin market cap of $3.6 billion, surpassing some public chains that have been established for a longer time.

Challenges and Prospects

Despite the positive data overall, Hyperliquid still faces some challenges. The growth of new users has slowed, and the number of daily active users still lags behind that of centralized exchanges. In terms of trading categories, the proportion of mainstream tokens is too high, making it difficult for newly launched tokens to have a significant impact.

Additionally, the previous security incidents have had a certain impact on the platform's trustworthiness. Although the HLP treasury returns have recovered and reached new highs, the deposit amount has not yet fully returned to previous levels, indicating that some large holders' trust has not been completely restored.

Overall, Hyperliquid has performed remarkably well recently, with a significant increase in core data and heightened market attention. However, user growth and the restoration of trust will still take time. Hyperliquid's development proves that it is gradually becoming an undeniable force in the trading platform sector.