Hyperliquid is impossible to ignore right now. Up 80% in the past month, the Hyperliquid ecosystem now accounts for 70% of all DeFi perps volume (having done $1.5T total) and $1.4B in TVL. With the HyperEVM now live, media coverage exploding, and a token on the rise, here’s why all eyes are back on Hyperliquid.👇 ~~ Analysis by @davewardonline ~~ To understand @HyperliquidX's success, it helps to know how it’s structured. HyperCore is the exchange layer, the original perps DEX handling trading, liquidity, and the order book. HyperEVM is the smart contract layer launched in February, letting developers build DeFi apps that tap into HyperCore’s liquidity. Think of HyperCore as the engine, and HyperEVM as the apps that harness its power, together forming the Hyperliquid blockchain. — An App Explosion Much of the growth comes from how devs can build: → Standard Deployment: Like any other EVM chain. → Hyperliquid-Native Deployment: Lets smart contracts read (and soon write) directly to HyperCore — offering access to balances, positions, and real-time prices (h/t @const_hom and @hypurr_co). One standout project here is @felixprotocol, a lending suite offering: → CDP Market: Mint feUSD stablecoin using HYPE as collateral. → Vanilla Markets: Peer-to-peer lending pools, including upcoming fiat-backed stablecoin HUSD, launched in partnership with @m0foundation, and using interest from idle bridged USDC (~ $107.5M annually) to purchase HYPE and distribute it as yield. Beyond Felix, notable projects include: @hyperunit — Tokenizes assets cross-chain for use on both HyperCore and HyperEVM. uBTC is a key asset here. @pvp_dot_trade — Telegram trading bot with clan-based multiplayer trading using HyperCore liquidity and stylized in an homage to Runescape. @liminalmoney — A DeFi yield protocol running delta-neutral strategies. Users deposit USDC, returns come from funding fees (~16% APY), and it’s invite-only for now. — HyperCore’s Continued Dominance HyperCore hasn’t slowed. It’s consistently setting ATHs: $10M in open interest, $5.6M in daily fees, and $3.5B in USDC bridged. Despite no outside funding, Hyperliquid has gone toe-to-toe with centralized exchanges — often leading in listings and speed. And it’s all driving value to HYPE: $240M in cumulative fees, $40M/month on average, and 23M+ HYPE repurchased via daily buybacks. At current pace, the Assistance Fund could theoretically buy the entire circulating supply in under 7 years. — Building Hype The community’s growing fast, with “Hyperliquid” signed tweets, @HypioHL NFTs, and grassroots groups like HypurrCollective and HyperActive Capital popping up globally. Next up is HIP-3, which will let anyone stake HYPE and launch permissionless perp markets (think tokenized equities) — pushing Hyperliquid further toward full decentralization and its vision of “housing all finance.” Overall, Hyperliquid's success should warm the hearts of all those jaded by endless token incentives and frothy VC backing. While, yes, many started using the platform to farm HYPE, the continuous use post-airdrop, coupled with non-stop new all-time highs signals that, at the end of the day, what won out was simply the draw of a superior product. The result is growth driven by utility rather than subsidies — high usage, actual revenue generation (so hot right now), and genuine community cohesion. With HIP-3 on the horizon and an engaged community ready to shape the platform's next chapter, the numbers suggest this is just the beginning.