The Arbitrum-based DEX additionally introduced a brand new factors program that kicked off on Might 28.
Arbitrum-based decentralized trade Hyperliquid continues to climb the DeFi rankings and has now surpassed dYdX by way of whole worth locked (TVL).
Based on DefiLlama, Hyperliquid has $530 million in TVL versus dYdX’s $484 million. This determine represents a brand new all-time excessive and locations Hyperliquid in second place amongst derivatives platforms, proper behind GMX, which showcases $542 million.
Rounding out the highest 5 by way of TVL are Solana-based Jupiter with $415 million and Drift with $365 million.
Hyperliquid has loved a stellar 2024. Simply six weeks in the past, the platform ranked eighth for TVL. However the driver for its most up-to-date surge seems to be the brand new factors program Hyperliquid unveiled on Might 29, which has customers flocking to the platform.
The brand new program started on Might 29, and the primary snapshot for eligible recipients ends as we speak. The crew is distributing 700,000 factors weekly over 4 months, together with an extra 2 million factors per week for exercise between Might 1 and Might 28.
The group’s response was blended. Many decried Hyperliquid’s determination to delay the incentives program and thereby postpone its token launch and airdrop. That hasn’t stopped merchants from piling in, nonetheless.
Defending Hyperliquid
Based on Steven, a founding member of Yunt Capital, which has backed among the largest corporations in crypto, together with Zerion, Hyperliquid has distributed roughly 51 million factors thus far over 4 durations.
He says the venture has been attempting to reward its earliest customers and is clearly intent on shifting previous its perpetual dex tag right into a Layer 1.
“The wording from the announcement reveals that the crew is making an effort to unfold consciousness that HL is an L1 and never only a perps dex,” Steven posted on Might 29, the identical day as Hyperliquid’s announcement. “To me, it is a trace that the plan is to allocate a majority of the factors to non-perps associated options.”
Steven additionally pointed to PURR holders as favored by Hyperliquid. “In April, the crew closely rewarded PURR holders with factors, so a continuation of this conduct appears seemingly,” he stated. PURR, which was the primary spot token launched on Hyperliquid, soared 23% as we speak.
Milestones earlier than Token
Whereas some customers is likely to be disenchanted that the token era occasion (TGE) for Hyperliquid tokens isn’t imminent, the crew seems to need to full a sure set of targets earlier than launching its token.
The pseudonymous Chameleon Jeff, who leads Hyperliquid, wrote on X on Might 29 about three fundamental targets earlier than distributing its token. These embody deploying the native EVM, seamlessly integrating the EVM with current native parts, and totally decentralizing the community (though he shared no particulars on how this might happen).
For Steven, the transfer to stall the token launch and as an alternative do one other spherical of factors would possibly end up for one of the best. “By first proving to the market that HL ought to be valued like an L1, the token can be priced increased on TGE. Is not that what everybody desires on the finish of the day?” he concluded.
