Hyperliquid’s growing success can be attributed to several factors that make it stand out in the crowded world of decentralized exchanges.
Hyperliquid has just hit a huge milestone. The decentralized trading platform broke its record, reaching $22 billion in trade volume in just 24 hours on Monday night. The milestone surpasses Hyperliquid’s previous record of $21 billion set just a day earlier.
This achievement highlights Hyperliquid’s fast growth and its impact on decentralized finance (DeFi). Remarkably, the platform is quickly becoming popular for traders, fueled by its innovative token listings and active user participation.
HyperLiquid Sees New Highs in Volume and Revenue
According to The Block, this remarkable milestone of $22 billion trade volume sets a new benchmark for the platform. Alongside this record-breaking volume, the platform also saw $4.7 billion in open interest. This surge demonstrated that traders were highly engaged, holding significant positions.
This active participation reflects users’ confidence in the platform’s future. Additionally, Hyperliquid generated $9.5 million in protocol revenue. This shows that it is seeing increased trading activity and growing financial success.
As considered by analysts, this performance is not a one-off. Even in the days preceding the record, Hyperliquid was posting impressive numbers. On Sunday, the platform hit a single-day trading volume of $15.6 billion. It reached nearly $19 billion in perpetual trade volume just days before.
This ongoing upward trend indicates that Hyperliquid consistently attracts large volumes of traders who rely on its services for their trading needs. This success comes after the platform addressed concerns from its community about its validator mechanism.
The issues were raised by community members, as reported by Coinspeaker. Hyperliquid’s surge in trading volume can be linked to the recent listings of tokens associated with the US President and his First Lady, Melania Trump.
These tokens, namely TRUMP and MELANIA meme coins, generated significant interest. This is because the platform allowed traders to use up to 3x leverage, allowing them to capitalize on volatility.
However, after Trump’s inauguration, the tokens’ prices dropped sharply, with TRUMP falling by 28.3% and MELANIA by 53%. Despite this, the heavy trading activity helped HyperLiquid set new trading volume records.
Why Traders Are Choosing Hyperliquid
Hyperliquid’s growing success can be attributed to several factors that make it stand out in the crowded world of decentralized exchanges. First, it offers low fees, a major attraction for high-frequency traders looking to maximize their profits.
In addition to the cost savings, its speed ensures fast trades, even during periods of high volatility. Finally, its simplicity provides a user-friendly interface that feels familiar to anyone who has used a centralized exchange.
These qualities make HyperLiquid an appealing option for experienced DeFi users and newcomers. Hyperliquid’s ecosystem is growing quickly, establishing itself as a major player in the DeFi space.
With over $500 billion in trade volume last December, Hyperliquid makes up a large part of the total perpetual trade volume in DeFi. DefiLlama ranks the platform as the fifth-largest decentralized derivatives exchange by Total Value Locked (TVL).
This places it behind top rivals like Jupiter Perpetual Exchange, Drift Trade, GMX, and dYdX.
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