Hyperliquid has become the star of decentralized finance by taking more than 80% of the perpetuals market and handling over $30 billion in trades every single day, according to a new report from RedStone
This rise happened in only one year, which is very fast for any crypto platform. RedStone, notes Hyperliquid is now competing with some of the largest centralized exchanges because of its speed, its design, and the way it helps builders.
One of the main reasons for this growth is Hyperliquid’s order book. Most decentralized platforms struggle to keep up with centralized exchanges, but Hyperliquid’s order book runs fully on-chain and still gives the same speed and fair pricing.
Another reason is due to HIP-3, which is described as Hyperliquid’s permissionless market creation system. This system allows anyone to create new markets without any requirement from a third party.
HIP-3 also shares revenue with developers, and in many cases, these developers earn even more than the protocol itself. RedStone explained that this has encouraged many builders to join, which has turned Hyperliquid into one of the most creative and active communities in decentralized finance.
Hyperliquid also uses a special design made up of HyperCore and HyperEVM. This setup lets users try new financial ideas, such as tokenized perpetual positions and strategies that balance risk. It also gives tools for better liquidity, which is very important for smooth trading.
“Hyperliquid is setting a new standard,” the RedStone report said. It added that the platform’s design and community-driven approach are opening “unprecedented opportunities for builders and institutions alike.”
Meanwhile, there are numbers to back this up. According to data from DefiLlama, Hyperliquid has more than $2.2 billion locked on its network. In addition to that, it has processed $330 billion in total trading volume in the past 30 days.
Hyperliquid TVL | Source: DefiLlama
What makes this story even more unusual is that Hyperliquid is not backed by large venture capital firms. Instead, it is run by a lean, self-funded team.
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