Hyperliquid’s native token, HYPE, has seen remarkable performance since its Token Generation Event (TGE) on November 29 at 15:30 UTC+8.
According to ASXN Data, the token’s daily trading volume exceeded $600 million, with its price nearing $7. At one point, the Fully Diluted Valuation (FDV) approached $7 billion, signaling strong market demand.
According to ASXN Data, since yesterday's 15:30 UTC+8 TGE, the daily trading volume of the on-chain derivatives project Hyperliquid's native token HYPE has exceeded US$600 million. At the same time, HYPE once approached US$7, and FDV was nearly US$7 billion.…
— Wu Blockchain (@WuBlockchain) November 30, 2024
SynFutures: A Leader in Perpetual DEX Growth
SynFutures, a perpetual decentralized exchange (DEX) on the Base network, stands out as a significant competitor to platforms like dYdX, GMX, and Hyperliquid. Since its launch in 2021, SynFutures has raised $37.4 million in funding from prominent investors, including Pantera Capital, Dragonfly, Polychain, Wintermute, and Bybit.
Pantera Capital, known for its robust financial history, notably acquired 2% of the total Bitcoin supply (approximately 280,000 BTC) between 2013 and 2015. To compare, MicroStrategy holds 386,000 BTC today, showcasing Pantera’s strong investment capabilities.
Impressive Metrics and Market Leadership
Data from DefiLlama shows SynFutures ranked third in trading volume during Q2-Q3, capturing a 14.11% market share—just behind dYdX (14.37%) and Hyperliquid (16.94%). With only nine months since its V3 launch, SynFutures’ total value locked (TVL) has surged to $42.09 million, nearly half of Base’s decentralized derivatives sector.
The platform continues to innovate, launching a Perp Launchpad on November 9 to enable token issuance in the perpetual market. This unique approach aligns with the bull market’s momentum, allowing broader participation beyond traditional DeFi players. Future plans include building a spot aggregator, further expanding its market presence.
Competitive Valuations
In the derivatives DEX category:
– Hyperliquid (Arbitrum) leads with an FDV of $4.4 billion.
– Drift (Solana) follows at $1.43 billion.
– dYdX (Ethereum) stands at $603 million.
In spot aggregation:
– Jupiter (Solana) dominates with $11.6 billion FDV.
– Aerodrome (Base) trails at $1.97 billion.
. $HYPE 开盘暴涨至 7 美金，FDV 近 70 亿美金🔥好久没看到 DeFi 项目新币开盘有这么亮眼的表现了，这轮牛市的叙事终于要轮动到 DeFi 了？激动地搓了搓手🤩
如果你错过了 Hyperliquid，不如将眼光放到同赛道的其他平台上 —— Base 网络的衍生品龙头 SynFutures(@SynFuturesDefi)… pic.twitter.com/uWb4rpL5xd
— Ai 姨 (@ai_9684xtpa) November 30, 2024
SynFutures’ upcoming token, $F, has its TGE planned, and the platform’s innovative strategies are positioning it as a key player in the evolving DeFi landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Hyperliquid’s HYPE Token Surges Past $600M In Daily Trading Volume, SynFutures Gains Traction On Base Network appeared first on The Merkle News.
