Hyperliquid stablecoin liquidity tops $1B for the first time

Hyperliquid is growing its liquidity, recently attracting over $1B in stablecoins. In the past month, the perpetual futures DEX also added $1B in open interest. 

Hyperliquid is returning to its key role as a decentralized, permissionless trading hub. The exchange crossed the threshold of $1B in available stablecoin liquidity. 

The HyperEVM chain recently broke above the milestone, as stablecoin supply rapidly increased since February. Based on Artemis data, in the past few weeks, the supply of stablecoins on Hyperliquid expanded by 96%. 

One of the chief reasons for the expansion is the rise of commodity trading on HIP-3, the platform for third-party liquidity pairs. HIP-3 also added equities and the S&P500 index, as crypto traders switched to traditional assets for their strong directional moves. 

Hyperliquid’s HYPE still awaits a breakout

Hyperliquid’s native token HYPE is one of the best performers among altcoins for the past 90 days. Outside of trending tokens and memes, HYPE is one of the tokens linked to a real revenue-generating project. 

HYPE traded at $39.69, at one point briefly flipping Cardano’s ADA. The token is already in the top 15 and is expected to rise to a higher range as Hyperliquid gains popularity. HYPE briefly rallied at $43 before retreating, sparking hopes of entering the top 10 coins and tokens and establishing itself as a growth asset, reflecting the inflow of users to Hyperliquid.

Hyperliquid was one of the top altcoin performers in the past three months, breaking out from the slide for most crypto assets. | Source: CoinGecko.

Currently, HYPE is stagnant just below $40, with no bids above the price range. The token stopped its historical ‘up only’ hike, as some whales still sold. For the past months, HYPE saw short-term volatility, allowing some whales to make gains on long or short positions. 

The most bullish predictions see HYPE rising as high as $150 if Hyperliquid continues to grow its activity. The DEX draws in $881M in annualized fees, which are used for HYPE buybacks, supporting the price. The buybacks are still not able to spark a big rally, as HYPE is also pressured by selling. 

Oil reaches new daily trading records

WTI brand oil on HIP-3 broke above $1B in daily volumes. Other sources point to $1.5B in activity as interest accelerated. Crypto influencer Arthur Hayes remained bullish on HYPE based on the oil contract performance. 

Brent oil also climbed to the top 3 traded futures, with $462 in daily volumes. Oil futures are now standing above gold and silver activity, and getting close to the legacy contracts for ETH and BTC. Commodities followed trajectories previously reserved for hot tokens, but with a much wider basis for valuation based on geopolitical events.

Hyperliquid open interest is still affected by last year’s October crash. In the past month, open interest has increased gradually, as commodities expanded their adoption. Hyperliquid remains one of the emerging winners of the Web3 race, currently growing without special incentives or farming seasons.

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