DeFi
Hyperliquid TVL hits record high, surpassing dYdX
The Arbitrum-based DEX also announced a new points program that began on May 28.
Decentralized exchange based on Hyperliquid arbitrage continues to climb the DeFi ranking and has now surpassed dYdX in terms of total value locked (TVL).
According to ChallengeLlama, Hyperliquid has $530 million in TVL compared to $484 million for dYdX. This figure represents a new all-time high and places Hyperliquid in second place among derivatives platforms, just behind GMX, which has $542 million.
Hyperliquid TVL
To complete the top 5 in terms of TVL, Jupiter based on Solana with $415 million and Drift with $365 million.
Hyperliquide had an exceptional year in 2024. six weeks ago, the platform ranked 8th for TVL. But the driving force behind its most recent rise appears to be the new Hyperliquide points program. revealed on May 29which attracts users to the platform.
The new program began May 29, and the first look at eligible recipients ends today. The team is distributing 700,000 points per week over four months, plus an additional 2 million points per week for activities between May 1 and May 28.
Community reaction was mixed. Many have decried Hyperliquid’s decision to extend the incentive program and thus postpone its token launch and airdrop. However, this did not stop traders from flocking.
Defend hyperliquid
According to Stevena founding member of Yunt Capital, which has backed some of the largest crypto companies including Zerion, Hyperliquid has distributed approximately 51 million points over four periods to date.
He says the project has tried to reward its early adopters and clearly intends to move beyond its perpetual dex tag to a layer 1.
“The wording of the ad shows that the team is working to raise awareness that HL is an L1 and not just a criminal,” Steven job on May 29, the same day as Hyperliquide’s announcement. “To me, this suggests that the plan is to allocate the majority of points to non-criminal related features.”
Steven also pointed out that PURR holders are favored by Hyperliquid. “In April, the team heavily rewarded PURR holders with points, so a continuation of this behavior seems likely,” he said. PURR, which was the first spot token launched on Hyperliquide, flew 23% today.
Milestones before the token
Although some users may be disappointed that the Token Generation Event (TGE) for Hyperliquid tokens is not imminent, the team seems to want to achieve a certain set of goals before launching their token.
The pseudonym Chameleon Jeff, who runs Hyperliquid, wrote on X on May 29 on three main objectives before distributing its token. These include the deployment of native EVM, seamless integration of EVM with existing native components, and complete decentralization of the network (although he did not share any details on how this would take place) .
For Steven, the decision to block the token launch and proceed with another round of points could turn out to be the best one. “By first proving to the market that HL should be valued as an L1, the price of the token will be higher on TGE. Isn’t that what everyone ultimately wants? he concluded.