HYPE outperforms its peers

HYPE outperforms its peers

On-chain data was also doing great for HYPE.

In the past 24 hours, Hyperliquid’s perpetual contracts saw a staggering $27 billion in trading volume, at press time, 35 times higher than its spot volume, which stood at $770 million.

The platform has been receiving widespread praise from market participants, especially when compared to many of its more established peers. 

Much of the acclaim centers on Hyperliquid’s dominance in spot trading, powered by its HyperCore engine and the HyperEVM infrastructure supporting its DeFi ecosystem.

Hyperliquid’s Total Value Locked (TVL) has experienced explosive growth, more than quadrupling in just eight months. 

Starting the year at $500 million, TVL now sits at approximately $2.23 billion.

All these activities meant more fees collected. But why are fees important for Hyperliquid crypto price?

Only Tether and Circle had generated more fees than HYPE. HYPE’s weekly revenue hit an ATH.

Hyperliquid’s Assistant Fund used 97% of these fees (about $6.63 million in a day) for buybacks. This created scarcity of these tokens in the market thus supported higher prices.