HYPE, the native token of Hyperliquid, has surged by 80% over the past month, reaching approximately $37.72. This growth is linked to the increasing popularity of Hyperliquid's perpetual futures products, which dominated on-chain trading volume, accounting for 80% in May with $17 billion traded. Analyst insights from Grayscale highlight that Hyperliquid's continued high usage and robust liquidity position it to compete with centralized exchanges like Binance and Bybit. A notable element behind HYPE's rise is Hyperliquid’s substantial airdrop last year, valued at $1.6 billion but now worth approximately $11.7 billion. Hyperliquid's unique offering includes perpetual futures that can be held indefinitely with high leverage, attracting speculative traders, although concerns have been raised regarding certain operational decisions and its low validator counts. The decentralized exchange's innovative approach has cultivated a strong community centered around advanced trading technologies, which has helped sustain engagement despite the typical ebb and flow of token farming.

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