{"id":97619,"date":"2026-05-28T15:38:27","date_gmt":"2026-05-28T12:38:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=97619"},"modified":"2026-05-28T15:40:18","modified_gmt":"2026-05-28T12:40:18","slug":"grayscale-hails-hyperliquid-as-a-breakthrough-in-defi","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/grayscale-hails-hyperliquid-as-a-breakthrough-in-defi\/","title":{"rendered":"Grayscale Hails Hyperliquid as a Breakthrough in DeFi"},"content":{"rendered":"<p>The <a href=\"https:\/\/forklog.com\/en\/news\/hyperliquid-surpasses-4-trillion-milestone-and-launches-prediction-market-testing\">Hyperliquid<\/a> platform has emerged as one of the most notable growth stories in <a href=\"https:\/\/forklog.com\/en\/news\/what-is-decentralised-finance-defi\">DeFi<\/a>, according to <a href=\"https:\/\/research.grayscale.com\/reports\/hyperliquid-breaks-the-mold\">Grayscale Research<\/a>.<\/p>\n<p>In a study titled &#8220;Hyperliquid Breaks the Mold,&#8221; the platform is described as a system that has surpassed the standard protocol, approaching the scale of centralized exchange infrastructure.<\/p>\n<p>Grayscale identified three growth drivers:<\/p>\n<ul class=\"wp-block-list\">\n<li>a perpetual futures exchange;<\/li>\n<li>its own layer-one network;<\/li>\n<li>the HYPE token, with an economy tied to user activity.<\/li>\n<\/ul>\n<p>If growth continues and the regulatory environment remains favorable, Hyperliquid could evolve into a &#8220;major financial service,&#8221; analysts suggest.<\/p>\n<p>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.<\/p>\n<p>The stated throughput is about 200,000 operations per second.<\/p>\n<p>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.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-68bbd629f893a732-5572977830744205.webp\" alt=\"image\" class=\"wp-image-280659\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/defillama.com\/protocol\/hyperliquid-perps\">DeFiLlama<\/a>.<\/figcaption><\/figure>\n<p>Open interest remains in the range of $9.48 billion\u2013$9.53 billion. <span data-descr=\"total value locked\" class=\"old_tooltip\">TVL<\/span> is $5.53 billion.<\/p>\n<p>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 <a href=\"https:\/\/coinmarketcap.com\/currencies\/hyperliquid\/\">CoinMarketCap<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a7517f2fabd9d5af-5573008314659563.webp\" alt=\"image\" class=\"wp-image-280660\"\/><figcaption class=\"wp-element-caption\">Hourly chart of HYPE\/USDT on Bybit. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/XQSQJA42\/?symbol=BYBIT%3AHYPEUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Grayscale also analyzed the token model. HYPE is not a company share, but its economy is directly linked to the platform&#8217;s operations.<\/p>\n<p>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.<\/p>\n<p>Over the past 30 days, Hyperliquid&#8217;s revenue was $54.23 million, with an annual figure reaching $661.65 million.<\/p>\n<p>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.<\/p>\n<p>In May, Hyperliquid <a href=\"https:\/\/forklog.com\/en\/news\/hyperliquid-launches-prediction-markets\">launched<\/a> prediction markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hyperliquid platform has emerged as one of the most notable growth stories in DeFi, according to Grayscale Research.<\/p>\n","protected":false},"author":1,"featured_media":97620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Hyperliquid platform is a notable growth story in DeFi, says Grayscale Research.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[943,1823],"class_list":["post-97619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-investments","tag-hyperliquid"],"aioseo_notices":[],"amp_enabled":true,"views":"2","promo_type":"1","layout_type":"1","short_excerpt":"Hyperliquid platform is a notable growth story in DeFi, says Grayscale Research.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=97619"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97619\/revisions"}],"predecessor-version":[{"id":97621,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97619\/revisions\/97621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/97620"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=97619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=97619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=97619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}