As a seasoned investor with over two decades of experience in the financial markets, I find myself intrigued by the emergence of Hyperliquid DEX and its potential to disrupt the DeFi ecosystem. Having navigated through various market cycles and witnessed the evolution of technology in finance, I can confidently say that this platform is a game-changer.
After being distributed to early supporters, the new token called HYPE, which originates from the high-performance blockchain network known as Hyperliquid that utilizes the HyperBFY consensus algorithm, has been introduced. The current price of HYPE is $4.76.
Based on current Hyperliquid DEX statistics, the HYPE token is now paired with USDC and has a fully diluted valuation surpassing $4.4 billion. At present, the HYPE token is trading approximately at $4.6, marking an 18% increase since its listing, according to data available. The daily volume for this pair is $9 billion, with a 24-hour volatility of only 0.2%, and the total market capitalization stands at around $39.51 billion.
This mid-sized digital asset, valued at approximately $1.5 billion, initially circulates around 333.9 million units and can reach a maximum of 1 billion tokens. Last Friday, the token named $HYPE saw an average daily trading volume of roughly $289 million, all coming from trades on the HyperLiquid Decentralized Exchange.
Why Hyperliquid Network Matters
In the last three months of 2022, the Hyperliquid network was introduced, now handling around 100,000 transactions simultaneously. More notably, its design allows for expansion to manage millions of transactions each second as market requirements increase.
Additionally, the Hyperliquid L1 was specifically designed for a high-performing derivatives trading platform, boasting practical real-world uses. The Hyperliquid system incorporates an all-purpose Ethereum Virtual Machine, which goes by the name of HyperEVM.
Once the development is finished, ERC20 tokens will become interchangeable (fungible) and connected to the Hyperliquid L1 network. The validators of the Hyperliquid L1 network have been assigned the responsibility of ensuring the security of the EVM bridge.
The self-financed Hyperliquid L1 network, created by a group of skilled tech professionals, aims to limit outside financial impact. As such, this network prioritizes and caters exclusively to the requirements of the Decentralized Finance (DeFi) community, being developed by its team.
Bigger Market Picture
The Hyperliquid Decentralized Exchange (DEX) now supports over 146 different cryptocurrencies, including Bitcoin ($97,551 with a 2.0% 24-hour volatility and a market cap of $1.93 trillion), Ethereum ($3,617, 1.5% 24-hour volatility, $435.90 billion market cap), Cosmos (ATOM at $8.54, 6.1% 24-hour volatility, $3.33 billion market cap), dYdX ($1.64, 4.2% 24-hour volatility, $1.15 billion market cap), Solana ($243.8, 3.5% 24-hour volatility, $115.83 billion market cap), Avalanche (AVAX at $44.09, 4.4% 24-hour volatility, $18.05 billion market cap), and Binance Coin (BNB at $658.6, 1.2% 24-hour volatility, $96.12 billion market cap). This extensive list of assets has helped the Hyperliquid DEX amass more than 224k users and a daily average trading volume of approximately $1.77 billion.
By providing affordable trades with potential multiplication of up to 50 times, the Decentralized Exchange (DEX) Hyperliquid aims to revolutionize the DeFi landscape. To ensure a smooth transition, the Hyperliquid network has teamed up with various web3 protocols such as Notifi, enabling users to stay updated and secure.
The world of Decentralized Finance (DeFi) has blossomed into a more dynamic environment due to the establishment of clear regulations across various regions, such as Europe, which employs the MiCA framework. Meanwhile, it is anticipated that the forthcoming U.S. administration under President Trump will focus on creating transparent crypto regulations to encourage growth and effortless integration within the nation.
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2024-11-29 17:51