DEX Dominance: Hyperliquid’s Rise to Prominence
It’s a jolly good show, old chap! Hyperliquid, the decentralized derivatives platform, has been making waves in the DeFi space. With daily trading volumes reaching a whopping $4 billion, it’s become the largest DEX on the block, commanding a tidy 60% of the market.
Now, I know what you’re thinking: “But what about Binance Futures, with its $50 billion daily average volume?” Ah, yes, well, Hyperliquid still has a thing or two to learn from the big boys, but it’s making strides, by Jove!
What’s behind Hyperliquid’s meteoric rise?
Launched in 2023, Hyperliquid was just a wee lad, but it quickly gained popularity after introducing spot trading in April 2024. Its aggressive listing strategy and user-friendly onchain interface helped attract a wave of new users, just like a magnet attracts metal shavings.
But the real game-changer was the launch of its HYPE token in November 2024. Trading volumes skyrocketed, and Hyperliquid now boasts over 400,000 users and more than 50 billion trades processed, according to data from Dune. It’s a regular whirlwind, I assure you!
As one of Hyperliquid’s founders, Jeff Yan, so astutely put it, “Most L1s build infrastructure and hope that others will come build the killer apps. Hyperliquid takes the opposite approach: polish a native application and then grow into general-purpose infrastructure.” Ah, the old “build it and they will come” approach, eh?
//s3.cointelegraph.com/uploads/2025-03/0195d342-f979-720d-bf15-7a9d265b0be0″ alt=”Hyperliquid’s BTC perpetual futures volume share graph” />
Since 2024, perpetual swaps have seen a revival as a trading tool. During the 2021–2022 bull market, daily perps volume averaged around $5 billion. In early 2025, that number often exceeded $15 billion, with Hyperliquid accounting for nearly two-thirds of it. Ah, the power of the decentralized revolution!
Data from DefiLlama illustrates the shift: while dYdX dominated in 2023–2024, the landscape diversified significantly in 2024—and by 2025, Hyperliquid had taken the lead. Ah, the rise of the underdog!
Despite the recent JELLY token scandal, which involved the exchange halting trading and delisting a low-market-cap token that a whale had exploited, Hyperliquid remains a popular exchange among DeFi and DEX traders. It has yet to capture institutional investor flows or scale to the level of top-tier CEXs, but if its layer 1 ecosystem gains traction with developers, Hyperliquid could evolve into more than just a leading DEX. Ah, the possibilities are endless, old chap!
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2025-04-01 00:47