On HyperLiquid, Ether Volume Overtakes Bitcoin as Platform Activity Reaches $500B
Users' present preference for ether over bitcoin is seen in the extraordinary trading activity on HyperLiquid's perpetuals market.
This week, HyperLiquid's ether perpetuals have performed better than Bitcoin.
Since its founding, HyperLiquid's total perp volume has exceeded $500 billion.
The market value of the HYPE token has surpassed that of AAVe, RAY, and JUP after rising by more than 300% in only two weeks.
Not all milestones are being established by Bitcoin (BTC). With more ether (ETH) activity on the platform than bitcoin, HyperLiquid, the top on-chain perpetuals trading protocol running on its proprietary layer 1 blockchain, is also breaking records.
According to DefiLlama, the platform's total perpetuals volume has risen to over $500 billion, a startling 15-fold increase so far this year.
Over the last seven days, the platform has witnessed an average daily volume of over $5 billion, which represents more than 45% of the onchain perpetuals market activity over the previous 24 hours.
More interestingly, this week's spike in activity is being driven by ether rather than bitcoin.nEther perpetuals have exchanged $7 billion since Monday. This is 18% more than the $5.94 billion total worth of bitcoin, according to the data source stats.hyperliquid.xyz.
Since late November, Ether has also been in the forefront of the platform's cumulative notional open interest growth. Nearly 25% of the $3.49 billion in open interest was represented by the $857.5 million worth of active ether perpetuals at the time of publication.
Sticky money that might support the next surge in the second-largest cryptocurrency by market value is shown by the increasing ether activity on HyperLiquid. According to CoinDesk statistics, ETH was trading at $3,900 at the time of writing, which represents a 70% increase so far this year.
Some analysts claim that HyperLiquid's success is due to the fact that it is a protocol with a specific goal rather than a broad all-purpose chain.
AAVE is smaller than HYPE.
Speaking of market activity, HYPE, a token issued by HyperLiquid two weeks ago, is already causing a stir. Data source Coingecko reports that since its launch, the coin has increased by more than 300%, reaching a market value of $5.69 billion, surpassing more established DeFi competitors like as Ethereum's top lending protocol Aave and Solana-based decentralized marketplaces Raydium and Jupiter.
"Investor confidence is demonstrated by the sustained bullish move after the record airdrop," Wintermute said.
"Due to the prospect for significant sell force from the airdrop recipients, the sustained demand for HYPE consistently exceeds supply, indicating robust market confidence," Wintermute noted.
Around November 29, 31% of HyperLiquid's over 1 billion HYPE supply was airdropped to users who kept the points they had earned via trading activities. The airdrop was valued at $1.9 billion, while the layer 2 solution, Arbitrum, was valued at $1.5 billion.
As a gas token that facilitates transactions and smart contract executions, HYPE serves as a staking asset to safeguard the platform's HyperBFT consensus process.
Users' present preference for ether over bitcoin is seen in the extraordinary trading activity on HyperLiquid's perpetuals market.
This week, HyperLiquid's ether perpetuals have performed better than Bitcoin.
Since its founding, HyperLiquid's total perp volume has exceeded $500 billion.
The market value of the HYPE token has surpassed that of AAVe, RAY, and JUP after rising by more than 300% in only two weeks.
Not all milestones are being established by Bitcoin (BTC). With more ether (ETH) activity on the platform than bitcoin, HyperLiquid, the top on-chain perpetuals trading protocol running on its proprietary layer 1 blockchain, is also breaking records.
According to DefiLlama, the platform's total perpetuals volume has risen to over $500 billion, a startling 15-fold increase so far this year.
Over the last seven days, the platform has witnessed an average daily volume of over $5 billion, which represents more than 45% of the onchain perpetuals market activity over the previous 24 hours.
More interestingly, this week's spike in activity is being driven by ether rather than bitcoin.nEther perpetuals have exchanged $7 billion since Monday. This is 18% more than the $5.94 billion total worth of bitcoin, according to the data source stats.hyperliquid.xyz.
Since late November, Ether has also been in the forefront of the platform's cumulative notional open interest growth. Nearly 25% of the $3.49 billion in open interest was represented by the $857.5 million worth of active ether perpetuals at the time of publication.
Sticky money that might support the next surge in the second-largest cryptocurrency by market value is shown by the increasing ether activity on HyperLiquid. According to CoinDesk statistics, ETH was trading at $3,900 at the time of writing, which represents a 70% increase so far this year.
Some analysts claim that HyperLiquid's success is due to the fact that it is a protocol with a specific goal rather than a broad all-purpose chain.
AAVE is smaller than HYPE.
Speaking of market activity, HYPE, a token issued by HyperLiquid two weeks ago, is already causing a stir. Data source Coingecko reports that since its launch, the coin has increased by more than 300%, reaching a market value of $5.69 billion, surpassing more established DeFi competitors like as Ethereum's top lending protocol Aave and Solana-based decentralized marketplaces Raydium and Jupiter.
"Investor confidence is demonstrated by the sustained bullish move after the record airdrop," Wintermute said.
"Due to the prospect for significant sell force from the airdrop recipients, the sustained demand for HYPE consistently exceeds supply, indicating robust market confidence," Wintermute noted.
Around November 29, 31% of HyperLiquid's over 1 billion HYPE supply was airdropped to users who kept the points they had earned via trading activities. The airdrop was valued at $1.9 billion, while the layer 2 solution, Arbitrum, was valued at $1.5 billion.
As a gas token that facilitates transactions and smart contract executions, HYPE serves as a staking asset to safeguard the platform's HyperBFT consensus process.