Hyperliquid decentralized exchange (DEX) and layer-1 blockchain platform set new all-time highs (ATHs) for three major measures for an uptick in market activity fueled by the Donald Trump-associated meme coin.
Hyperliquid has recorded a new record with $21 billion in new daily trading volume. Open interest and daily protocol revenue also set record ATHs on the platform, a major achievement for the Crypto Space newer entrant.
Hyperliquid Reaches $4.7B Open Interest, $9.5M Revenue
On January 20, the open interest on Hyperliquid reached an all-time high of $4.7 billion, while DEX generated $9.5 million in on-chain revenue over a 24-hour period. It was during this activity surge that Hyperliquid propelled itself into one of the Top 5 highest revenue-generating protocols, surpassing market giants such as Ethereum and Tether.
Though launched only in November 2024, Hyperliquid has already caught the attention of many with its DEX built on its own layer 1 blockchain. During the latest meme coin mania, it pioneered products like leveraged positions on perpetual contracts, which set it apart.
The rise of meme coins of the sort associated with Donald Trump, the incoming U.S. president, mainly drove the surge in volume and revenue. In the past 72 hours, the Trump family unveiled two new meme coin tokens: Official Trump and Official Melania Meme. The shockwaves of these tokens went through the crypto market and drove up trading activity on Hyperliquid’s platform.
Coming at a point where there is increasing sentiment in the coin market about another crypto monster waiting to be discovered, Official Trump (TRUMP) entered the picture to take the market cap crown with a value of over $70 billion. Investors naturally bought the first meme coin to be linked to a world leader when TRUMP was launched, and it sparked a flurry of on-chain transactions.
Traders cashed in on this market frenzy with Hyperliquid’s perpetual DEX, being able to leverage positions on Trump meme coins. The platform’s meteoric rise to popularity underlines its capacity to exploit the instability of the market and accumulate significant trading amounts.
Hyperliquid’s meteoric rise is also fuelled by its generous airdrop campaign; from its launch in late 2024, more than $1 billion was distributed to early users. The platform has also staked 300 million of its own native tokens with 16 network validators to secure its blockchain network.
Hyperliquid’s successes show the growing impact of decentralized platforms and where meme-driven trading can play a role in the future of crypto markets with $9 million in daily fees.
