The Hyperliquid platform has emerged as one of the most notable growth stories in DeFi, according to Grayscale Research.
In a study titled “Hyperliquid Breaks the Mold,” the platform is described as a system that has surpassed the standard protocol, approaching the scale of centralized exchange infrastructure.
Grayscale identified three growth drivers:
- a perpetual futures exchange;
- its own layer-one network;
- the HYPE token, with an economy tied to user activity.
If growth continues and the regulatory environment remains favorable, Hyperliquid could evolve into a “major financial service,” analysts suggest.
Hyperliquid is an L1 blockchain with HyperBFT consensus. The HyperCore engine supports on-chain order books for spot and perpetual futures: orders, trades, and liquidations are processed on the network.
The stated throughput is about 200,000 operations per second.
According to DefiLlama, the cumulative trading volume of perpetual futures on Hyperliquid reached $4.51 trillion. Over the past 30 days, it was $186.54 billion.
Open interest remains in the range of $9.48 billion–$9.53 billion. TVL is $5.53 billion.
At the time of writing, the HYPE token is trading around $56.41. The market capitalization is $12.72 billion, with a fully diluted valuation of $54.65 billion. The asset ranks tenth on CoinMarketCap.
Grayscale also analyzed the token model. HYPE is not a company share, but its economy is directly linked to the platform’s operations.
Trading fees are directed to the community through the Assistance Fund. The fund automatically converts part of the fees into HYPE, after which tokens are burned and removed from circulation.
Over the past 30 days, Hyperliquid’s revenue was $54.23 million, with an annual figure reaching $661.65 million.
The report describes the project as a rare example of a DeFi platform achieving the scale of centralized exchanges. Future growth will depend on retaining its audience, executing its strategy, and expanding on-chain financial services.
In May, Hyperliquid launched prediction markets.