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Hyperliquid, a decentralized exchange and layer 1 network, has reached new all-time highs across three key metrics: protocol revenue, open interest, and trading volume. These milestones coincide with a surge in volatility in the crypto market after US President Donald trump and his wife launched their meme coins.
The layer 1 Network recorded a 24-hour trading volume of $21 billion, an open interest of $4.7 billion, and $9.5 million in daily network revenue. Even though it was launched in November 2024, Hyperliquid has quickly become one of the top-ranked DeFi protocols.
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DeFiLlama data shows that Hyperliquid generated $4.79 million in revenue as of Jan. 20, 2025. Hence, it ranks among the top revenue-generating protocols, like Solana, Ethereum, and Tether.
Hyperliquid Revenue, Jan. 20. | Source: DeFiLlama
Meme Coins Propel This Layer 1's Growth
There has been a surge in crypto market trading activity after the launch of the Official Trump ($TRUMP) and“Official Melania” (MELANIA) meme tokens. The Trump family launched these meme coins, which reached billion-dollar valuations within 48 hours.
According to CoinGecko data, TRUMP reached $70 billion in fully diluted valuation (FDV) before dropping to its current valuation of $41 billion following a market correction. The same data shows that MELANIA has an FDV of $5.62 billion.
Hyperliquid's perpetual DEX allowed traders to speculate on these meme coins using leveraged positions. Despite the surge in trading volume, the platform hasn't been reported to have any issues.
Despite being a newcomer compared to other established DeFi networks, the protocol became popular for building its DEX on its own layer 1 platform. It also airdropped over $1 billion of its native token (HYPE) to early adopters and staked 300 million of these tokens across 16 validators.
Read more: Trump Euphoria: Bitcoin Hits $109K, Over $2B In ETP Inflows
Current CoinGecko data shows that HYPE trades at $21.2, down 9.4% in the last 24 hours,. However, its 24-hour trading volume is up 18.31%. Based on market cap, HYPE ranks among the top 30 cryptocurrencies.
TradingView data shows that the token's RSI is 46.969, indicating a neutral market condition.
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