Hyperliquid just opened a major new chapter in decentralized trading, activating multi-quote spot trading on its mainnet today. The USDT0 team completed the deployment, automatically launching the HYPE/USDT trading pair, according to HyperLiquid on X.
Traders can now engage with multiple quote options, expanding the platform’s usability and appeal. This update also allows HIP-1 base asset deployments to choose any quote asset for their initial spot pair.
In keeping with the current HIP-1 deployment cadence, Hyperliquid deploys permissionless pairs between existing base and quote assets through an independent Dutch auction. In addition, the team intends to improve the network in the future and include more quote asset techniques.
As of writing, the HYPE price trades at $44.21 with a 24-hour trading volume of $228 million, despite a 5.28% decrease over the past day according to coinmarketcap data.
Furthermore, after 48 hours, a whale wallet with the ID 0xa523 sent more than $40 million USDC into the platform. Between $46 and $47, this wallet alone bought over 466,000 HYPE coins, worth $21.5 million.
Rising Metrics Highlight Protocol Growth
According to DeFiLlama, total value locked (TVL) increased to $2.81 billion this week. On August 15, the protocol generated $7.7 million in daily fees after processing $29 billion in permanent trading volume during a 24-hour period.
The platform also allocates 97% of trading fees to buybacks of HYPE tokens. Increased trading activity therefore directly contributes to the rising pressure on HYPE prices. Compared to centralized exchanges, hyperliquid currently accounts for 6.1% of all trading activity, processing $320 billion in July alone.
Co-founder Jeff Yan of Hyperliquid said on the WuBlockchain Podcast that self-funding and an emphasis on user value are the keys to the project’s unusual success.
Yan, a Harvard graduate in math and computer science, emphasized: “Raising millions from venture capitalists doesn’t equal progress; real progress comes when users derive value from what you’ve built.” His vision prioritized proper decentralization and user-friendliness over rapid growth.
Today, Hyperliquid’s Layer-1 protocol has secured approximately $2.21 billion in TVL, indicating market confidence and widespread acceptance.
Hyperliquid’s mainnet upgrade makes trading more flexible, boosts the HYPE token, and shows steady growth by focusing on users. This update puts the platform in strong competition with centralized exchanges while giving real benefits to traders and investors.
