Hyperliquid’s HYPE emerges as crypto market haven

By Omkar Godbole (All times ET unless indicated otherwise)

While the crypto market licks its wounds from the weekend’s slide, decentralized exchange Hyperliquid’s permissionless markets have exploded to record highs.

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The markets, introduced in October with Hyperliquid Improvement Proposal 3 (HIP-3), hit a record high of $1 billion in open interest and $4.8 billion in 24-hour volume. Under HIP-3, anyone can spin up markets for crypto, stocks, gold and beyond by staking 500,000 HYPE tokens. The initiative represents democratization of market making, not just trading.

This surge in activity has propelled Hyperliquid’s native token, HYPE, to a standout 41% gain over seven days, in contrast to bitcoin’s 11% slide and steeper plunges in ether Continue reading