Hyperliquid's HYPE emerges as crypto haven after market's weekend plunge: Crypto Daybook Americas
Decentralized exchange Hyperliquid saw record activity while the broader crypto market plunged, boosting its native token HYPE.Summary
Amid a significant weekend slide in the broader crypto market, where Bitcoin fell below $75,000 and major altcoins dropped sharply, the decentralized exchange Hyperliquid experienced a surge in activity. Its permissionless markets, enabled by HIP-3 which allows anyone to create markets by staking 500,000 HYPE tokens, hit a record $1 billion in open interest and $4.8 billion in 24-hour volume. This increased utility propelled Hyperliquid's native token, HYPE, up 41% over seven days, contrasting sharply with Bitcoin's 11% decline. Some observers are now viewing HYPE as a "defensive play" offering stability in a volatile environment. However, the article notes that sustaining this haven status depends on the broader market crash not deepening, which could erode confidence and slow trading across all platforms.
(Source：CoinDesk)