The Hyperliquid platform has emerged as one of the most notable growth stories in DeFi, according to Grayscale Research.

In their report titled "Hyperliquid Breaks the Mold," the platform is described as a system that transcends standard protocols, approaching the scale of centralized exchange infrastructure.

Grayscale identified three key growth drivers:

  • perpetual futures exchange;
  • its own Layer 1 network;
  • the HYPE token, which is tied to user activity.

If it maintains its momentum and operates in a favorable regulatory environment, analysts believe Hyperliquid could evolve into a "major financial service."

Hyperliquid is an L1 blockchain utilizing HyperBFT consensus. The core, HyperCore, supports on-chain order books for spot and perpetual futures, processing orders, trades, and liquidations on the network.

The claimed throughput is around 200,000 transactions per second.

According to DefiLlama, the total trading volume for perpetual futures on Hyperliquid has reached $4.51 trillion, with $186.54 billion in the last 30 days.

Source: DeFiLlama.

The open interest remains between $9.48 billion and $9.53 billion, with a total value locked (TVL) of $5.53 billion.

As of this writing, the HYPE token is trading at approximately $56.41, with a market capitalization of $12.72 billion and a fully diluted valuation of $54.65 billion. The asset ranks tenth on CoinMarketCap.

Hourly chart of HYPE/USDT on Bybit. Source: TradingView.

Grayscale also analyzed the token model, noting that HYPE is not a company stock, but its economics are directly linked to the platform's performance.

Trading fees are directed to the community through the Assistance Fund, which automatically converts a portion of the fees into HYPE tokens, which are then burned and removed from circulation.

In the last 30 days, Hyperliquid generated $54.23 million in revenue, with an annual figure reaching $661.65 million.

The report describes the project as a rare example of a DeFi platform that has scaled to the level of centralized exchanges. Future growth will depend on audience retention, execution of strategy, and expansion of on-chain financial services.

It is worth noting that Hyperliquid launched prediction markets in May.