How HYPE Surged on Hyperliquid’s Growing Perpetual Futures Stardom
HYPE, the native token of Hyperliquid, increased by 14% to approximately $37.72, marking an 80% rise over the past month and reaching an all-time high of $39.68. Hyperliquid's perpetual futures offering has gained significant market share, competing with centralized exchanges like Binance and Bybit. In May, HyperCore generated 80% of on-chain trading volume for perpetual futures, totaling $17 billion, while the platform has supported $1.6 trillion in cumulative trading volume since its launch. Hyperliquid facilitated $250 billion in trading volume in May alone. Recent trading activity has drawn attention due to high-leverage bets by trader James Wynn, who faced a $100 million liquidation. Critics have raised concerns about Hyperliquid's decisions impacting the decentralized finance ethos and its low validator count. An airdrop of 310 million HYPE tokens in November, initially valued at $1.6 billion, is now worth $11.7 billion. Hyperliquid has maintained a strong community despite challenges faced by similar projects.
