Hyperliquid has made headlines by generating over $5.5 million in daily fees, surpassing both Ethereum and Tron in terms of revenue. The platform”s native token, HYPE, has demonstrated significant resilience amid recent cryptocurrency volatility, with over 2.32 million tokens being removed from circulation through buybacks in the last month.
In terms of trading activity, HIP-3 has seen an impressive daily volume of $5.21 billion, indicating a robust adoption of on-chain derivatives products. This growth has allowed Hyperliquid to capture more than 30% of the perpetual decentralized exchange market share, marking a notable increase after five weeks of continuous expansion.
Throughout a turbulent period for major cryptocurrencies like Bitcoin, which fluctuated from $90,000 to $60,000 before bouncing back to around $70,000, HYPE has remained relatively stable around the $32 mark, as reported by market analyst Wise Advice. Since the recent market low, HYPE has appreciated by approximately 60%.
This period has also seen a decrease in open interest, dropping from $8.4 billion to $5.39 billion, signaling a shift towards spot-driven demand rather than speculative trading. Current data from CoinGecko indicates that HYPE is trading at $31.45, with a 24-hour trading volume of about $408 million, despite a 5.25% decline on the day and a 2.48% drop over the week.
The revenue performance of Hyperliquid is noteworthy. In addition to the $5.5 million in fees generated in the last day, buyback activities have surged, with $5.25 million spent on buybacks in a single day, totaling $25.9 million over the past week and $62.9 million in the last month. This strategy directly ties the protocol”s revenue growth to a reduction in token supply.
As the market for on-chain perpetual derivatives continues to evolve, Hyperliquid”s recent achievements position it among the most promising platforms in this sector. The platform”s ability to attract users and maintain a stable pricing environment suggests a strong foundation for future growth, especially as adoption rates increase and trading volumes continue to rise.
