Categories: MarketsMenafn

Layer 1 Network Hyperliquid Notes All-Time Highs On 3 Metrics

Hyperliquid, a decentralized exchange and layer 1 network, has reached new all-time highs across three key metrics: protocol revenue, open interest, and trading volume. These milestones coincide with a surge in volatility in the crypto market after US President Donald Trump and his wife launched their meme coins.

The layer 1 network recorded a 24-hour trading volume of $21 billion, an open interest of $4.7 billion, and $9.5 million in daily network revenue. Even though it was launched in November 2024, Hyperliquid has quickly become one of the top-ranked DeFi protocols.

Read more: BARRON Memecoin Sees Massive Pump Before Near $400 Million Wipeout

DeFiLlama data shows that Hyperliquid generated $4.79 million in revenue as of Jan. 20, 2025. Hence, it ranks among the top revenue-generating protocols, like Solana, Ethereum, and Tether.

Hyperliquid Revenue, Jan. 20. | Source: DeFiLlama

Meme Coins Propel This Layer 1’s Growth

There has been a surge in crypto market trading activity after the launch of the Official Trump ($TRUMP) and “Official Melania” (MELANIA) meme tokens. The Trump family launched these meme coins, which reached billion-dollar valuations within 48 hours.

According to CoinGecko data, TRUMP reached $70 billion in fully diluted valuation (FDV) before dropping to its current valuation of $41 billion following a market correction. The same data shows that MELANIA has an FDV of $5.62 billion.

Hyperliquid’s perpetual DEX allowed traders to speculate on these meme coins using leveraged positions. Despite the surge in trading volume, the platform hasn’t been reported to have any issues.

Despite being a newcomer compared to other established DeFi networks, the protocol became popular for building its DEX on its own layer 1 platform. It also airdropped over $1 billion of its native token (HYPE) to early adopters and staked 300 million of these tokens across 16 validators.

Read more: Trump Euphoria: Bitcoin Hits $109K, Over $2B In ETP Inflows

Current CoinGecko data shows that HYPE trades at $21.2, down 9.4% in the last 24 hours,. However, its 24-hour trading volume is up 18.31%. Based on market cap, HYPE ranks among the top 30 cryptocurrencies.

TradingView data shows that the token’s RSI is 46.969, indicating a neutral market condition.

Amresh Poddar

Recent Posts

TR.ENERGY: Buy TRON Energy and Fee Savings on USDT Transfers in the TRX Network

Sharjah, UAE, 5th July 2025, ZEX PR WIRE, TR.ENERGY is a high-tech decentralized platform for efficient…

1 day ago

Closed Zero-Day Market Offers Targeted Exploits for WhatsApp, Android, iOS, macOS, and Linux

New York, US, 5th July 2025, ZEX PR WIRE, A growing number of cybersecurity professionals are…

1 day ago

Atelier Home Sets a New Standard for Luxury Home Decor

Berlin, Germany, 2nd July 2025, In the heart of Europe’s design capital, a new name…

4 days ago

WEMADE and Redlab Games Unleash Blockbuster Web3 MMORPG – ROM: Golden Age – Global Pre-Registration Now Open for August 2025 Launch!

Singapore, 2nd July 2025, ZEX PR WIRE, WEMADE and Redlab Games are thrilled to announce…

5 days ago

Angry Pepe Fork Unveils Deflationary Roadmap as PI Network Crosses 60M Users

New York, USA, 1st July 2025, ZEX PR WIRE, While PI Network officially passes 60…

6 days ago

Tradeview Secures Prestigious SCA Category 5 License, Unlocking New Growth Opportunities in the UAE

Dubai, UAE, 1st July 2025, ZEX PR WIRE, In a bold step forward for its…

6 days ago