Hyperliquid has achieved a significant milestone by generating over $5.5 million in daily fees, surpassing both Ethereum and Tron in revenue generation. This achievement underscores the growing influence of on-chain derivatives platforms in the cryptocurrency market.
In the past 30 days, the protocol has actively engaged in buybacks, resulting in the removal of more than 2.32 million HYPE tokens from circulation. The trading volume for the HIP-3 derivatives reached an impressive $5.21 billion daily, reflecting a robust adoption of these financial products.
Despite the volatility in the broader cryptocurrency market, where Bitcoin has experienced significant price fluctuations, HYPE has shown remarkable resilience. During a period when Bitcoin dropped from $90,000 to $60,000 before recovering to around $70,000, HYPE maintained stability near the $32 mark. This relative price strength indicates that while many cryptocurrencies are struggling, HYPE is quietly capturing market share.
Since the recent market downturn, HYPE has appreciated by approximately 60%. However, open interest has decreased from $8.4 billion to $5.39 billion, indicating a shift towards spot-driven demand rather than speculative trading. At the time of writing, HYPE is trading at $31.45, with a 24-hour trading volume of about $408 million, reflecting a 5.25% decline in the last day and a 2.48% drop over the week.
The revenue metrics for Hyperliquid have also been on the rise. The platform reported $5.5 million in fees over the last 24 hours, placing it ahead of Ethereum and Tron during that same timeframe. Buyback activity has surged in tandem with revenue growth, with $5.25 million in buybacks recorded in 24 hours, $25.9 million in a week, and $62.9 million over the past month.
The expansion of Hyperliquid is evident in the HIP-3 trading volume, which climbed to a new all-time high of $5.21 billion daily. Notably, contracts for gold and silver accounted for over $20 billion in trading volume over a ten-day span, illustrating the increasing interest in these derivatives. Cumulatively, the HIP-3 platform has now recorded $55 billion in total trading volume across nearly 40 million trades from over 103,000 users.
With its perpetual decentralized exchange market share surpassing 30% for the first time since September, Hyperliquid has positioned itself as a formidable player in the decentralized trading arena. The platform”s growth trajectory is supported by stable pricing, increasing revenue, and a rising user base, making it one of the standout performers in the on-chain derivatives sector.
As the cryptocurrency landscape continues to evolve, Hyperliquid remains a key player to watch, demonstrating the potential for on-chain derivatives to reshape trading dynamics across the market.
