banner

Hyperliquid: The Rising Star of Decentralized Exchanges

Since its launch last year, the decentralized exchange has facilitated over $150 billion worth of trades.

Hyperliquid, an Arbitrum-based decentralized exchange, is making significant strides in the DEX rankings, with its total value locked (TVL) skyrocketing in the past week.

According to DefiLlama, Hyperliquid boasts a TVL of $450 million, securing its position as the 8th largest DEX, trailing slightly behind GMX ($511 million) but surpassing Thorchain ($334 million), which experienced a surge following the introduction of Bitcoin-backed collateralized loans earlier this year.

The exchange’s activity surged after it introduced a points program late last year, offering users the chance to participate in an upcoming airdrop. The recent spike in activity is attributed to the launch of Hyperliquid’s spot trading feature, which included the airdrop of a memecoin called PURR to users holding existing points.

Traders have been actively engaging in buying and selling PURR, fueled by the heavy incentivization of spot trading with points. PURR’s value surged by over 70% on April 19th, reaching a market cap of $96 million.

On the secondary market, Hyperliquid points are trading for approximately $7 on Whales Market, an OTC platform allowing traders to monetize points from various DeFi protocols.

Designed with user-friendliness and functionality in mind, Hyperliquid’s DeFi platform offers the convenience of a centralized exchange (CEX) combined with a seamless user experience, one-click trading, and almost instant transactions.

According to its website, the platform recorded a 24-hour trading volume of $1.8 billion from over 136,000 users.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content