Noticed that Hyperliquid's HIP-3 hit a new high in mid-February, with daily trading volume soaring to $5.2 billion, making it the most vigorous one this year. After examining the data carefully, I realized that mainly precious metal contracts drove this surge; the silver contract alone traded $40.9 billion that day, almost accounting for 70% of the entire platform's trading.

Speaking of this wave of enthusiasm, it’s quite interesting. It started around the end of January, when gold and silver prices continuously broke historical highs, and traders seemed eager to find alternative assets on crypto platforms to trade. However, after reaching the peak, both metals experienced significant pullbacks, which in turn attracted more people to operate.

Open interest also increased accordingly, reaching a peak of $1.06 billion, now stabilized around $665 million, still a considerable growth compared to before. It seems that Hyperliquid is indeed using multi-asset strategies to attract traditional market traders, not just crypto players.