Hyperliquid Sees $1 Billion USDC Inflow Following Airdrop

Since the genesis airdrop of the native token HYPE on November 29, the Hyperliquid platform has experienced a net inflow of $1 billion in USDC. This was highlighted by Spot On Chain.

? #Hyperliquid is on fire! Since $HYPE‘s TGE on November 29, a massive $1B net inflow of $USDC has entered this chain.

The Deposit Bridge now holds $2.09B $USDC —doubling in just 17 days.

Meanwhile, $HYPE has surged 729% during this period.

Follow @spotonchain and track the… pic.twitter.com/8B3DmkNqls

— Spot On Chain (@spotonchain) December 16, 2024

Analysts from the service noted that the deposit bridge now holds over $2.1 billion in USDC, with the amount nearly doubling over the past 17 days.

Hyperliquid operates as a layer-one blockchain, providing decentralized trading platform services. HYPE is the primary asset for staking within the HyperBFT PoS consensus mechanism and is used for gas payments in the HyperEVM execution environment.

At the time of writing, the token is trading around $28. Compared to its launch price of $3.9, HYPE has appreciated by approximately 620% (CoinGecko).

The coin’s market capitalization has reached approximately $9.3 billion, placing HYPE fourth in the DeFi segment.

The total value locked on Hyperliquid has increased from approximately $191 million (November 29) to over $3 billion (December 17), according to DeFi Llama.

The platform’s team reported that open interest in perpetual options has reached a record high of $4.3 billion.

Hyperliquid reached a new all-time high in open interest of >$4.3B. pic.twitter.com/8YUwBEEWEU

— Hyperliquid (@HyperliquidX) December 16, 2024

Earlier, Coinbase experts identified the hype surrounding the HYPE airdrop as one of the drivers behind the stablecoin market capitalization surpassing $200 billion.