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.
