Hyperliquid, the decentralized perpetual trading platform and Layer 1 blockchain, has seen over $1 billion worth of USDC net inflows into the chain since the launch of its native token, Hype, according to blockchain analytics firm Spot On Chain.
The platform’s deposit bridge currently holds over $2.1 billion worth of USDC stablecoin, Spot On Chain’s data shows.
Hyperliquid is a decentralized platform that allows users to trade perpetual derivatives by aggregating liquidity from various sources, where users can also trade crypto with leverage. It operates as a Layer 1 app chain with native meme tokens like Purr, Points, etc.
The trading platform, which had been operating without a native token, launched Hype on Nov. 29 to much anticipation, as it accompanied a community airdrop from one of the most prominent decentralized trading platforms.
The token plays a crucial role in the platform’s native perpetual and spot decentralized exchange, where it will be traded against USDC on the native spot order book. It also acts as the native gas token for HyperEVM, the platform’s execution environment. Hype token has surged more than 590% from $3.90 at launch to its current price of $26.61, according to CoinGecko data.
The token launch also gained traction as the project emphasized that there are zero token supply allocations for private investors, exchanges or market makers to preserve its focus on building a fully community-owned network.
“The Hyperliquid genesis pays homage to the original ethos of Bitcoin: ownership goes to the believers and doers, not rent-seeking insiders,” Jeff Yan, co-founder of Hyperliquid, wrote on X earlier this month.
Meanwhile, Hyperliquid also announced Monday that it has reached a new all-time high in open interest of above $4.3 billion, indicating heightened user interest and activity along with the $1 billion USDC inflow milestone.
According to data from DefiLlama, Hyperliquid’s total value locked (TVL) soared from $196 million on Nov. 29 to $3.203 billion today.
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