Hyperliquid Data Fully Explodes, Emerging from the Low Point to Welcome New Opportunities

Recently, Hyperliquid, a decentralized derivatives exchange, has once again become the focus of the crypto market. After facing previous challenges, Hyperliquid has started to truly shake the status of traditional trading platforms with its impressive data performance and rapid expansion of its ecosystem.

The contract open interest reaches a new high, on par with mainstream platforms.

On May 23, the open contracts of Hyperliquid reached $9.31 billion, setting a new historical high. This figure is more than double the peak of $4.4 billion in December last year. Among these, BTC and ETH account for about half of the contract positions.

In a horizontal comparison, Hyperliquid's contract open interest has reached a level comparable to some mainstream trading platforms. In terms of Bitcoin contract open interest, it ranks between 5th and 7th. On the same day, Hyperliquid's DEX trading volume reached $714 million, which is an increase of about three times since the beginning of the month.

As trading activity increases, Hyperliquid's revenue has also grown significantly. In the past 30 days, the platform generated fees amounting to $62 million, making it the 8th ranked protocol in terms of revenue, even surpassing some well-known public chains.

Capital inflow reversal, whale effect is significant

Although there were some setbacks in March, the capital inflow of Hyperliquid began to reverse with the return of large investors. As of May 26, the platform's net capital inflow had increased to about $3.5 billion, not only making up for previous losses but also setting new highs. This trend has become even more evident since May, with the highest single-day net inflow reaching $240 million and an average daily net inflow of about $53 million.

The influx of these funds is closely related to the large-scale operations of some well-known traders. Since May, several big players have frequently placed contract orders worth tens of millions or even hundreds of millions of dollars on Hyperliquid. Under the real-time attention of on-chain analysts, these operations have become a market hotspot, inadvertently promoting Hyperliquid. The momentum effect created by such transparent on-chain operations has become a unique advantage for Hyperliquid as a decentralized exchange.

Token market capitalization surges, ecosystem rapidly expands

Against the backdrop of overall improvement, Hyperliquid's governance token HYPE has started to rise sharply since hitting a low of $9.3 in April. As of May 27, the highest price of HYPE surged to $39.9, an increase of approximately 329%, with the token's market cap reaching a peak of $12.9 billion, briefly surpassing a well-known public chain token and ranking 13th in market cap.

In terms of ecosystem, Hyperliquid has also made significant progress. In April, several external DeFi protocols began deploying on Hyperliquid. There are also several exclusive protocols operating within the platform, with many of them having a TVL exceeding $100 million. As of May 27, Hyperliquid's TVL reached $1.46 billion, and the number of protocols increased to 27, of which 16 are exclusive to Hyperliquid. Some new protocols have launched point programs, which have substantial airdrop potential.

In addition, Hyperliquid has also added multiple cross-chain bridge tools, supporting the direct transfer of more on-chain assets. In terms of stablecoin issuance, Hyperliquid ranks sixth with a market capitalization of $3.6 billion, surpassing some public chains with a longer development time.

Challenges and Opportunities Coexist

Despite the impressive performance of most data, Hyperliquid still faces some challenges. The growth in the number of new users has slowed down, with only a few hundred new users added daily, far below the level when the platform was first launched. Although the number of daily active traders has increased, it still lags behind that of centralized exchanges.

In addition, in terms of trading categories, the trading volume of mainstream tokens such as BTC, ETH, and SOL has long maintained a proportion of around 50%, making it difficult for other tokens to have a significant impact. This has also led to the newly listed tokens on Hyperliquid struggling to generate a "listing effect" similar to that of other leading exchanges.

Previous security incidents have also had a certain impact on the platform. Although the earnings of the HLP treasury have recovered and reached a new high, the deposit amount has not yet fully returned to its original level, indicating that the trust of some large holders in the platform has not fully restored.

Overall, Hyperliquid has performed remarkably well recently, with core metrics such as contract open interest and trading volume showing exponential growth, and the market performance of the HYPE token is also very strong. The entry of large investors and transparent on-chain operations have brought a new wave of attention to the platform.

However, issues such as the slowdown in new user growth and the recovery of trust among some large holders still need to be addressed. Nevertheless, Hyperliquid's overall performance has proven to the industry that it is becoming a new force that cannot be ignored in the trading platform sector.