#加密市场回调

Why has the native token HYPE of the decentralized exchange (DEX) Hyperliquid recently surged?

What is Hyperliquid?

Hyperliquid is a decentralized exchange built on its own Layer 1 blockchain, featuring:

Independent Layer 1 blockchain: Hyperliquid uses independent blockchain technology to enable fast transaction settlement and low fees.

Diversity of perpetual contracts: The platform supports perpetual contract trading for various digital assets, including Bitcoin, Ethereum, Solana, XRP, and meme coins.

High leverage trading: Hyperliquid allows high leverage operations, attracting a large number of professional traders and speculators.

Decentralization and transparency: As a DEX, Hyperliquid emphasizes self-management of user assets and trading transparency, without relying on centralized intermediaries.

The price of Hyperliquid's token and the scale of open contracts have both surged, speculated to be primarily driven by the recent overall rise in the cryptocurrency market.

Firstly, Bitcoin (BTC) has set a new historical high this week, officially breaking the $110,000 mark. Hyperliquid has attracted a large influx of funds, especially in Bitcoin derivatives trading, which accounts for over 40% of the platform's open contracts, reaching $4.2 billion.

Additionally, the activity of high leverage trading on the platform has also boosted the scale of its open contracts. For instance, well-known trader James Wynn established a $1 billion long position with 40x leverage during Bitcoin's rally and realized profits before the price retraced. This high-risk, high-reward trading strategy has attracted more speculators while further driving Hyperliquid's trading volume and daily revenue.

However, it is worth noting that Hyperliquid has previously faced significant challenges. For example, in March of this year, a whale engaged in high leverage trading on Hyperliquid initiated their own liquidation, causing Hyperliquid's treasury (HLP) to suffer significant losses of approximately $4 million, and the price of HYPE also plummeted at one point.