Hyperliquid Shines Again: Data Surges Across the Board, Challenging the Position of Traditional Exchanges

Recently, a decentralized derivatives exchange has regained market attention after experiencing setbacks. This once-challenging player is starting to truly shake the territory of traditional exchanges with impressive data performance and rapid ecosystem expansion.

Let's take a deep dive into the recent data of the platform to fully showcase the true picture of its development.

Contract open interest hits new highs

On May 23, the platform's open interest reached $9.31 billion, continuously setting new historical highs. This figure more than doubled the previous high of $4.4 billion set in December last year. Among them, BTC and ETH accounted for about half of the contract positions.

Comparing the data of some mainstream exchanges horizontally, the contract position of this platform is already close to that of a well-known exchange. In terms of Bitcoin contract positions, it ranks between 5th and 7th, similar to several well-known exchanges. On May 23, the trading volume of this platform reached 714 million USD, approximately tripling from 200 million USD at the beginning of the month.

As the trading activity increases, the income situation of the platform has also improved significantly. The fees generated in the past 30 days reached 62 million dollars, making it the 8th ranked protocol in terms of revenue, only behind two well-known projects and even surpassing some mainstream public chains.

Inflow of Funds Situation Reversal

In March, the platform frequently encountered incidents where traders exploited loopholes to gain massive profits. Since then, the platform's capital inflow has experienced a significant decline. From March 1 to April 7, the funds decreased from $2.47 billion to $1.85 billion, a decline of about 25%.

However, as large holders return and frequently place large contract orders, the inflow of funds on the platform has begun to reverse. As of May 26, net inflows have grown to around $3.5 billion, not only recovering the previous losses but also creating a new high. Especially after entering May, this change in inflows has become more apparent. The highest single-day net inflow reached $240 million, with an average daily net inflow also reaching $53 million.

These capital inflows are closely related to the operations of certain large holders. After entering May, several well-known traders frequently placed contract orders worth tens of millions or even hundreds of millions of dollars on the platform. Under the real-time attention of on-chain analysts, these operations became the focus of the market. At the same time, this also brought an invisible advertising effect to the platform. It is worth noting that this transparent on-chain operation has formed a unique copying effect, becoming an advantage for the platform as a decentralized exchange, which is difficult for traditional centralized exchanges to imitate.

Token Market Capitalization Growth and Ecological Expansion

On the premise that data is fully improving, the governance token of the platform began to experience a significant surge after hitting a low of $9.3 in April. As of May 27, the highest price rose to $39.9, with a maximum increase of about 329%. The market capitalization of the token also reached a peak of $12.9 billion, surpassing a certain well-known public chain to become the 13th-ranked token by market capitalization.

In the ecological field, the platform has also made new progress recently. In April, several external DeFi protocols began to be deployed on the platform. Within the ecosystem, multiple exclusive protocols have started operations, with several protocols' TVL exceeding 100 million USD. As of May 27, the platform's TVL reached 1.46 billion USD, and the number of protocols increased to 27, of which 16 are exclusive protocols. Some protocols have launched point programs, which have significant airdrop potential.

In addition, the platform has introduced multiple cross-chain bridge tools, supporting direct capital flow of more on-chain assets. In terms of stablecoin issuance, it ranks sixth among all public chains with a stablecoin market value of $3.6 billion, surpassing several public chains that have been established for a longer time. USDC accounts for 97% of the issuance, while the platform's unique stablecoin has an issuance of $51 million and is still in the early stages. Another full-chain stablecoin was also launched on the platform in May, providing a new important channel for capital flow.

Challenges Faced

Although most of the data shows impressive performance, the platform still faces some challenges. For example, the cumulative number of new users has not shown a significant upward trend recently, with only a few hundred new users added each day, which is a noticeable difference compared to the thousands of new users per day when the platform was first launched. There seems to be a lack of momentum in attracting new users.

Additionally, although the number of independent traders has recently increased, peaking at over 30,000, there is still a significant gap compared to other trading platforms. In terms of trading categories, the market share of three tokens, BTC, ETH, and SOL, has long hovered around 50%, making it difficult for other types of tokens to break through in trading volume. This has resulted in newly listed tokens on the platform struggling to create an "inclusion effect," and recent token auctions have been relatively quiet, with auction prices generally between $20,000 and $30,000.

In addition, the platform's largest direct loss from the security incident encountered earlier came from the loss of earnings in the liquidity pool. Although earnings have now recovered and reached new highs, the deposit amount has not yet fully returned to pre-incident levels, indicating that some large holders' trust in the platform has not yet fully restored.

Summary

Overall, the platform has recently delivered an impressive performance report. The exponential growth of core data and the market performance of the native token demonstrate strong upward momentum and high market attention. In particular, the entry of large holders and on-chain transparent operations have brought a new wave of free market promotion for the platform.

However, the slowdown in new user growth and the complete recovery of liquidity provider trust are issues that the platform must face and address before moving to a higher level. But overall, the platform's performance proves to the industry that this emerging platform is gradually becoming an undeniable force in the trading field.