Hyperliquid has emerged as a key player in the current bull market, becoming the largest decentralized derivatives platform with daily trading volumes hitting $4 billion, which is nearly 60% of the DEX market. Launched in 2023, its rise accelerated in April 2024 with the introduction of spot trading and the HYPE token in November 2024, leading to more than 400,000 users and over 50 billion trades processed. Hyperliquid has shifted from a high-performance DEX to becoming a general-purpose layer-1 chain, supporting third-party DeFi applications. Currently, it ranks 14th among derivatives exchanges by open interest at $3.1 billion. The DEX is notably competing closely with established centralized exchanges, especially with its ability to handle Bitcoin natively. Since 2024, perpetual swaps have regained popularity, and Hyperliquid is capturing significant market share, accounting for a large portion of perpetual volume in early 2025, despite facing challenges like a recent trading halt. If its ecosystem continues to develop, Hyperliquid could further establish itself as a sustainable alternative to CEXs.

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