On May 23, the decentralized derivatives exchange Hyperliquid reached an all-time high in open interest (OI) — $9.2 billion. The previous record of $8 billion was set just two days ago.
🔍 What does this mean?
The increase in open interest indicates active participation by traders in futures and options, especially in light of Bitcoin's jump above $111,800 and the total cryptocurrency market capitalization exceeding $3.6 trillion.
🚀 HYPE is rising
The native HYPE token soared by 14% in a day, reaching an all-time high of $36.88. Arthur Hayes, former CEO of BitMEX, commented: "HYPE may surpass $SOL in market capitalization."
This record highlights the growing popularity of Hyperliquid among traders and investors, as well as its potential in the competitive landscape of decentralized finance. Given the positive market trends, Hyperliquid may become a key player in the DeFi space. Stay tuned for news and updates in the cryptocurrency world at #MiningUpdates
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