Hyperliquid: A Decentralized Trading Platform

Hyperliquid, the decentralized perpetual trading platform and Layer 1 blockchain, has seen over $1 billion worth of USDC net inflows since the launch of its native token, Hype, according to blockchain analytics firm Spot On Chain.

The platform's deposit bridge currently holds over $2.1 billion worth of USDC stablecoin, as reported by Spot On Chain.

Hyperliquid is a decentralized platform that allows users to trade perpetual derivatives by aggregating liquidity from various sources, enabling users to trade crypto with leverage. It operates as a Layer 1 app chain featuring native meme tokens such as Purr and Points.

The platform, which previously operated without a native token, launched Hype on Nov. 29 to much anticipation, coinciding with a community airdrop from one of the most prominent decentralized trading platforms.

The Hype token plays a crucial role in the platform's native perpetual and spot decentralized exchange, where it will be traded against USDC on the native spot order book. It also serves as the native gas token for HyperEVM, the platform’s execution environment. The Hype token has surged over 590% from $3.90 at launch to its current price of $26.61, according to data from CoinGecko.

The token launch gained traction as the project highlighted zero token supply allocations for private investors, exchanges, or market makers, aiming to build a fully community-owned network.

Jeff Yan, co-founder of Hyperliquid, commented on X earlier this month, "The Hyperliquid genesis pays homage to the original ethos of Bitcoin: ownership goes to the believers and doers, not rent-seeking insiders."

In addition, Hyperliquid announced that it has achieved a new all-time high in open interest exceeding $4.3 billion, reflecting increased user interest and activity in tandem with the $1 billion USDC inflow milestone.

According to data from DefiLlama, Hyperliquid’s total value locked (TVL) has soared from $196 million on Nov. 29 to $3.203 billion today.