HYPE, the native token of the decentralized exchange Hyperliquid, has seen substantial growth, surging by 80% over the past month to around $37.72. This surge is credited to Hyperliquid's continued success in the perpetual futures market, where its HyperCore product accounted for 80% of on-chain trading volume in May, translating to $17 billion in trades. The platform, launched late last year, has collectively supported $1.6 trillion in perpetual futures trading. Unlike traditional futures contracts, perpetual futures allow indefinite holding as long as margin requirements are met, offering high leverage opportunities. Despite the dominance of centralized exchanges in this space, Hyperliquid's focus on transparency and technological innovation is helping it carve out market share. The platform’s recent popularity was partly fueled by a significant airdrop of HYPE tokens last November. This airdrop, initially valued at $1.6 billion, has now grown to approximately $11.7 billion, helping build a tight-knit community of users focused on speculative trading. The exchange continues to attract attention, highlighting both opportunities and risks in the evolving decentralized finance landscape.

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