Hyperliquid, a decentralized derivative trading platform, continues to gain traction. The platform’s total value locked (TVL) figure has reached a new record high of $674 million on Wednesday, according to data from DefiLlama. The perpetual exchange platform’s liquidity has been increasing at a relatively stable pace since the end of November 2023. The recent TVL collapse in the broader decentralized finance (DeFi) sector caused only a small correction in Hyperliquid’s liquidity.

Hyperliquid is a perpetual exchange that uses a decentralized on-chain order book that matches buyers and sellers. It enables traders to open long and short positions on over 130 crypto assets. High-risk traders can also augment their potential gains with up to 50x leverage.

The platform stands out with its native layer 1 chain built specifically for trading operations. The blockchain uses a Tendermint consensus algorithm called HyperBFT. It also provides a bridge to move assets from other chains.

The TVL in the perpetual exchange platform alone is at a record $480 million, up $100 million over the past month.

The remaining liquidity represents the on-chain order book for its spot trading operations. Spot TVL has declined from a record $217 million in mid-July to about $188 million.

Hyperliquid claims to have been used by 188,000 wallets. Its daily trading volume on August 6 was $1.4 billion, with Bitcoin and Ethereum accounting for two-thirds of this volume.

On-chain data shows that the platform saw record trading volume on August 5 at over $4.3 billion.

The surge in volume came amid a massive decline in the price of most crypto assets, while the DeFi TVL tumbled over 25% in a matter of days. The increase in activity helped Hyperliquid surpass dYdX in terms of weekly trading volume.

At the end of July, the number of daily unique traders on the platform set a record high of over 60,000, driven by users trading altcoins other than Ethereum.

Stay on top of things:

Subscribe to our newsletter using this link – we won’t spam!

Follow us on X and Telegram.

The post Hyperliquid Reaches Record TVL and Daily Trading Volume appeared first on NFTgators .