Hyperliquid platform has emerged as a prominent growth narrative within the DeFi space, as highlighted by Grayscale Research.
In a study titled “Hyperliquid Breaks the Mold,” the venue is characterized as a system that transcends the conventional protocol and rivals the scale of centralized exchange infrastructure.
Grayscale has identified three key growth drivers:
- a perpetual futures exchange;
- its own Layer-1 network;
- the HYPE token, with an economy tied to user activity.
Should Hyperliquid maintain its momentum and operate within a favorable regulatory landscape, it has the potential to evolve into a “major financial service,” according to the analysts.
Hyperliquid is an L1 blockchain employing the HyperBFT consensus mechanism. The HyperCore engine supports on-chain order books for spot and perpetual futures, with orders, trades, and liquidations processed directly on the network.
The platform claims a throughput of approximately 200,000 operations per second.
According to DefiLlama, the total trading volume for perpetual futures on Hyperliquid has reached $4.51 trillion, with $186.54 billion recorded in the last 30 days.
Source: DeFiLlama.
Open interest ranges between $9.48 billion and $9.53 billion. The total value locked (TVL) stands at $5.53 billion.
At the time of this report, the HYPE token is trading around $56.41, with a market capitalization of $12.72 billion and a fully diluted valuation of $54.65 billion. The asset ranks tenth on CoinMarketCap.
HYPE/USDT hourly chart on Bybit. Source: TradingView.
Grayscale also analyzed the token’s model separately. While HYPE is not a company share, its economic mechanisms are intrinsically linked to the platform’s operations.
Trading fees are distributed to the community via the Assistance Fund. This fund automatically converts a portion of the collected fees into HYPE, which are then burned and removed from circulation.
In the past 30 days, Hyperliquid’s revenue was $54.23 million, with the annual figure reaching $661.65 million.
The report identifies the project as a rare instance of a DeFi platform achieving the scale of centralized exchanges. Future expansion will depend on audience retention, strategic execution, and the enhancement of on-chain financial services.
It is worth noting that Hyperliquid introduced prediction markets in May.