A major achievement for the decentralized finance sector is that HyperliquidX has reached an all-time high of $3 billion in Bridge Total Value Locked, a significant milestone for the perpetual DEX.
HyperliquidX is growing rapidly, fueled by strong user adoption, a deflationary token model, and fundamentals that most would describe as excellent. We at DeFiLlama think that it is a dominant force in the decentralize finance ecosystem.
Arbitrum Powers Growth as HyperliquidX’s Liquidity Hub
HyperliquidX’s total value locked (TVL) has increased significantly due to its connection with Arbitrum One, which has become the main liquidity portal for users who need to deposit and withdraw assets.
As one of the largest perpetual DEXs in the market, Hyperliquid has increasingly turned to Arbitrum for expansion and trade execution. Of late, in gas-efficient environments, Arbitrum has churned out high-throughput, low-cost transactions. In the process, it has largely eliminated the kind of counterparty risks that DEXs used to worry about.
Now the DEX can operate at scale.
HyperliquidX can scale while staying decentralized and under user control, thanks to Arbitrum’s infrastructure. This key integration has helped push bridge total value locked (TVL) to recent heights, making it easy and fast for traders and liquidity providers to on-ramp and off-ramp assets. With more than $10 billion in daily trading volume, it’s obvious that the DEX is providing a valuable service to its users vis-a-vis performance and stability.
Hyperliquid Tops Fee Revenue Rankings Amid Token Deflation
Although numerous DeFi platforms face difficulties with sustainability, Hyperliquid stands out by unceasingly leading in fee revenue generation. For a second consecutive time, the platform sits atop a global leaderboard; it is again number one in terms of how much it is generating from users who are trading on the platform. This high level of fee activity is an indicator of how much users are actually engaging with the platform and with its on-chain technology, making it for now a model of sorts for fee sustainability in DeFi.
One economic feature that makes Hyperliquid stand out is its deflationary token model, which contrasts sharply with the inflationary pressures seen on other blockchains, like Solana. While Solana’s dog-paddling in its issuance of tokens—approximately 2 million SOL annually, diluting the token supply—Hyperliquid’s system is selective in reducing HYPE token circulation. And the bad news keeps coming.
In the last 24 hours alone, 107,680 HYPE tokens were bought back by the Hyperliquid Assistance Fund, a decentralized autonomous organization (DAO) that exists to support the Hyperliquid ecosystem. At the same time, the fund only distributed 26,436 HYPE as staking rewards to validators, leading to a net reduction of 81,243 tokens in just a single day. If this rate of buybacks and net reductions in circulating supply holds, then over the course of a year, the Hyperliquid Assistance Fund will have caused a deflation of nearly 29.7 million HYPE tokens.
User Growth Accelerates as Hyperliquid Expands Its Reach
HyperliquidX is constructing a set of foundations—technical and economic—that are far stronger than those underpinning many other DeFi platforms. Where most other DeFi platforms thank less than 1,000 folks, HyperliquidX has expanded its user base at a rate that, if sustained, could bring it to over 1 million users in just under six months. Onboard sign-ups have far more than tripled HyperliquidX’s growth within just the past few months, yielding a signing-up rate that probably exceeds any other DeFi platform at present.
More than 1,200 new users are joining the platform daily, pushing its monthly growth beyond 30,000. And with this rise in adoption, HyperliquidX’s value proposition seems brighter and clearer than ever to folks participating in the DeFi movement. No wonder DeFi enthusiasts are flocking to what is probably the best-performing DeFi platform going.
Other blockchains, such as Solana, may have fast block times—averaging around 400 milliseconds—but there are still concerns about transaction finality and token inflation. HyperliquidX, on the other hand, offers a much more DeFi-cure experience with no trade-offs, combining solid performance, sustainable economics, and transparent, community-driven development. Also, the Hyperliquid Assistance Fund really is a stellar strategic tool. It acts here as the stabilizing force it is designed to be, with ongoing strategic buybacks that provide a decent support level and, well, here’s an important word: stability.
The sustained increase in users and daily volume, along with an active deflation, paints a picture of a DEX that is not just keeping pace with industry trends but is also shaping them. With a super sturdy economic model and a community that is growing like a weed, HyperliquidX looks all set to keep climbing in 2025.
Looking Forward
HyperliquidX’s recent achievements are not merely impressive figures—they signify a substantial transformation in the DeFi ecosystem. While conventional finance struggles with trust and ineptitude, entities such as HyperliquidX are hewing a path toward a new kind of forward iteration, one defined by the efficiency, transparency, and strong economic underpinnings that the DeFi world can now afford to showcase.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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