Ethereum (ETH-USD) has taken the lead over Bitcoin on HyperLiquid, a prominent on-chain perpetuals trading platform, as the protocol crosses $500 billion in total trading volume. According to DefiLlama, this marks a 15-fold increase in activity this year, with Ethereum perpetuals seeing $7 billion in trading volume this week—18% more than Bitcoin’s $5.94 billion, as reported by stats.hyperliquid.xyz.
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HyperLiquid Sees Unprecedented Growth
HyperLiquid has averaged over $5 billion in daily trading volume in the past week, accounting for nearly half of the total on-chain perpetuals market activity in a single day. Ethereum perpetuals now represent 25% of the platform’s $3.49 billion open interest, reflecting heightened trader interest. The protocol’s appeal lies in its tailored design, which integrates institutional-grade performance with DeFi features like no KYC requirements. In a note shared with CoinDesk, Wintermute observed, “HyperLiquid prioritizes product-market fit, potentially setting a new standard for crypto projects.”
HYPE Token’s Market Value Surpasses Aave
Meanwhile, HyperLiquid’s HYPE token has surged over 300% since its launch two weeks ago. Despite a $1.9 billion airdrop on Nov. 29, the token’s market value now stands at $5.69 billion, surpassing established DeFi protocols like Aave (AAVE-USD). According to Wintermute, the sustained demand for HYPE amid potential sell pressure underscores strong market confidence.
With Ethereum’s dominance on HyperLiquid and a 72% year-to-date price gain, the second-largest cryptocurrency by market value is currently sitting at a price of $3,872.80.
