Crypto news

The Hyperliquid protocol is firmly establishing itself among the top three largest platforms for trading perpetual futures. The open interest on the platform has exceeded the $10 billion mark for the first time. This milestone was made possible by the active introduction of markets for traditional assets — stocks, commodities, and stock indices.

Particular attention should be paid to the contribution of decentralized exchanges created by third-party developers under the HIP-3 initiative. They account for approximately $4 billion in open interest. This indicates the maturity of the ecosystem and the community's trust in the tools built on the protocol.

Traders are increasingly using synthetic instruments. The daily trading volume for contracts on oil and the Nasdaq 100 index consistently exceeds $100 million. An impressive surge in activity was observed in pre-IPO markets: ahead of the anticipated SpaceX listing, open interest for the corresponding contract reached $250 million.

A key event for Hyperliquid was the transition to the USDC stablecoin as the primary settlement asset. After the integration with Circle and Coinbase, the platform gained access to a fundamentally new yield model. According to the partnership terms, issuers are required to stake native HYPE tokens and share profits from reserves with the protocol. Hyperliquid will receive approximately 90% of the income from Treasury bonds and repo operations that back the issuance of USDC within the network. At current interest rates, this will bring the platform about $160 million annually.

The protocol will use the received funds to buy back and burn HYPE tokens. The expected buyback volume is $450 million. Such a mechanism traditionally supports the market value of the asset by reducing its circulating supply.

Let me remind you that back in May, Hyperliquid's share of the derivatives market reached a record 6.63% of the total turnover of centralized exchanges — $200 billion out of $3 trillion. Current figures only confirm that the protocol continues to aggressively expand its presence, successfully competing with established industry giants.

My assessment: Hyperliquid demonstrates a level of institutional integration rare for DeFi projects. The combination of synthetic assets, traditional markets, and yield from USDC reserves creates a sustainable economic model. If the protocol maintains its current pace, we could see it in the top two within the coming quarters.