Hyperliquid, the decentralized derivatives platform, has reached a milestone as futures trading open interest reached an all-time high of $14.7 billion. This is proof of increasing investor action and rising confidence in Hyperliquid’s HYPE token.
This momentum aside, HYPE’s price has gone down slightly at $43.38, down roughly 2.13% over the last 24 hours. On a monthly basis, though, it’s still up a good 17.12%, demonstrating strong long-term performance.
If the trend keeps going, HYPE may become one of the top 10 cryptos by market cap and dethrone Cardano (ADA) or TRON (TRX). HYPE is currently in 11 position with a market cap of $14.49 billion. Cardano (ADA) is tenth with a market cap of $28.88 billion, and TRON (TRX) is ninth with a market cap of $29.35 billion.
Hyperliquid is a fresh type of exchange that combines the convenience of centralized sites with the trustless strength of decentralized platforms. The UI and trading are intuitive, similar to what you’d encounter on Kraken or OKX. But Hyperliquid doesn’t have KYC, a huge change made possible because it’s built on its own Layer-1 blockchain.
Also Read: Hyperliquid Sets Record with $5.48M Revenue in 24 Hours
