$HYPE: Ecosystem Expansion Defies Market Slowdown
- Trading near ATHs with FDV $46.7B, +73% in 90D; 30d fees ~$94.5M → ~$1.15B annualized; FDV/fee multiple ~40.6×. Perps dominate 63-77% of DeFi volumes over the period. Hits ATHs: $29B in 24H volume, $7.7M 24H fees.
- TVL up +80% in 3M from $2.9B → $5.3B; @kinetiq_xyz #1 on HyperEVM at $1.37B TVL, @pendle_fi #3 >$500M, @MorphoLabs #5 $425M.
- kinetiq leads liquid staking, connecting native HYPE staking on HyperCore with DeFi composability. HIP3 exotic perps infrastructure requires $48.5M staked per market; Kinetiq to enable builders to rent stake, lowering capital barriers.
- @Anchorage adds institutional custody for HYPE; @circle to launch native USDC + CCTP V2 on Hyperliquid, enabling regulated stablecoin on/offramps and crosschain liquidity.
- Forward: HIP3 pricing model, Pendle pool expansions, Circle on/offramps, and EaaS rollout underpin next leg of growth.
@HyperliquidX x @chameleon_jeff
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