Why there’s hype around Hyperliquid

HYPE’s bucked the overall downward trend of the market, and perhaps it’s setting a gold standard

article-image

CryptoFX/Shutterstock modified by Blockworks

share


This is a segment from the Empire newsletter. To read full editions, subscribe.


The vibes may not be great, but it’s hard not to be hyped about HYPE. 

The token’s seen a bit of sell pressure since the beginning of this month, falling to around $23. Yet it’s certainly having a better month than others. 

K33’s David Zimmerman found that HYPE makes up 55% of 7-day DEX volumes, and there’s so much open interest that it could be compared to some of the biggest CEXs. It’s around 47% of OKX’s levels or 13% of Binance’s. 

Let me back up for a second: Hyperliquid, ICYMI, is a layer-1 and a DEX. 

“Unlike many projects in the crypto space that launch tokens before delivering a fleshed-out working product, Hyperliquid took a different approach — it focused on building and launching a successful trading platform before introducing its native token, HYPE,” K33 wrote.

And that helped HYPE stand out amongst a sea of token launches.

“31% of HYPE tokens were distributed to users at TGE, while 38.88% was earmarked for future emissions and community rewards. The only other sizeable allocation is for current and core contributors at 23.8%. Notably, especially in a year of major unlocks, core contributor tokens are locked until November 2025 with most vesting schedules complete by 2027-2028,” Zimmerman noted.

Here’s the catch: Things look great right now when you’re looking at the data. If we’re realistically looking at the market then we have to note the weakness in altcoins at this point. 

Is it impossible for HYPE to keep bucking the overall negativity? No. But it’s tricky. 

On the other hand, perhaps there’s a reason folks are, well, HYPEd. If Hyperliquid can set the gold standard for token launches, then perhaps that’s a more sustainable way to improve morale.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

recent research

Research

article-image

As Trump’s tariff war reignites, everyone is assuming the dollar will continue its path lower. But the journey might be bumpy

article-image

A valuation model for “blockchain GDP”

article-image

The mini app combines vibe-coding with a hypercasual game feed and is coming to the new Coinbase Wallet

article-image

An improbable tale of the world’s 40th graphics-chip startup

article-image

The newly announced token will debut in an ICO on Saturday

article-image

President Trump’s comments about a new 50% tariff on copper rocked the metal this week