Finally, the statistics on Hyperliquid's capital levels have been fully compiled. With the introduction of Unit this year, Hyperliquid's capital scale has now exceeded $5.6 billion, comparable to Bitget and BitMEX.
Of this $5.6 billion in capital, $4.87 billion is in USDC, along with BTC, ETH, SOL, FARTCOIN, and PUMP supported by Unit for deposit/withdrawal. It is worth mentioning that Hyperliquid holds 3.8% of the total PUMP supply, making it the second-largest exchange after Bybit.
Unit is a crucial part of Hyperliquid becoming a true exchange. Before Unit, Hyperliquid could only onboard through USDC, which made it difficult for Hyperliquid to access new assets from external chains. As an on-chain exchange, Unit has solved the problem of Hyperliquid's CLOB lacking spot asset currency. Users can now deposit through Unit to increase the depth of the CLOB market, and this experience is closer to CEX's deposit/withdrawal rather than an on-chain bridge.
As the saying goes, making money through contracts and determining status through spot trading, Hyperliquid is indeed the next level of on-chain exchanges. It reminds me of @sankin_eth's famous saying from years ago: every public chain should see itself as an exchange, and public chains should operate like CEX.
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