Since the launch of its native token Hype, decentralized trading platform and Layer 1 blockchain Hyperliquid has received over $1 billion in net USDC inflows, according to analytics firm Spot On Chain.
Currently, the platform's deposit bridge holds over $2,1 billion in USDC stablecoins.
Hyperliquid is a decentralized platform that allows users to trade perpetual derivatives by aggregating liquidity from various sources, with leverage. It operates as a layer 1 application network with its own memcoins, such as Purr, Points, etc.
Token plays a major role in the platform's perpetual and spot decentralized exchange, where it is traded against USDC. It also acts as its own gas token for HyperEVM, the platform's runtime environment. Since its launch on November 29, according to CoinGecko token Hype has risen more than 590% from $3,90 to the current $26,61.
On Monday, the Hyperliquid team announced that it had reached a new all-time high in open interest of over $4,3 billion, indicating user activity.
According to DefiLlama, the total value locked in Hyperliquid has grown from $196 million on November 29 to $3,203 billion today.
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