The Arbitrum-based DEX additionally introduced a brand new factors program that kicked off on Could 28.
Arbitrum-based decentralized change Hyperliquid continues to climb the DeFi rankings and has now surpassed dYdX when it comes to whole worth locked (TVL).
In line with DefiLlama, Hyperliquid has $530 million in TVL versus dYdX’s $484 million. This determine represents a brand new all-time excessive and locations Hyperliquid in second place amongst derivatives platforms, proper behind GMX, which showcases $542 million.
Rounding out the highest 5 when it comes to TVL are Solana-based Jupiter with $415 million and Drift with $365 million.
Hyperliquid has loved a stellar 2024. Simply six weeks in the past, the platform ranked eighth for TVL. However the driver for its most up-to-date surge seems to be the brand new factors program Hyperliquid unveiled on Could 29, which has customers flocking to the platform.
The brand new program started on Could 29, and the primary snapshot for eligible recipients ends at this time. The staff is distributing 700,000 factors weekly over 4 months, together with a further 2 million factors per week for exercise between Could 1 and Could 28.
The neighborhood’s response was combined. Many decried Hyperliquid’s determination to lengthen the incentives program and thereby postpone its token launch and airdrop. That hasn’t stopped merchants from piling in, nevertheless.
Defending Hyperliquid
In line with Steven, a founding member of Yunt Capital, which has backed among the largest companies in crypto, together with Zerion, Hyperliquid has distributed roughly 51 million factors thus far over 4 intervals.
He says the mission has been making an attempt to reward its earliest customers and is clearly intent on transferring previous its perpetual dex tag right into a Layer 1.
“The wording from the announcement shows that the team is making an effort to spread awareness that HL is an L1 and not just a perps dex,” Steven posted on Could 29, the identical day as Hyperliquid’s announcement. “To me, this is a hint that the plan is to allocate a majority of the points to non-perps related features.”
Steven additionally pointed to PURR holders as favored by Hyperliquid. “In April, the team heavily rewarded PURR holders with points, so a continuation of this behavior seems likely,” he stated. PURR, which was the primary spot token launched on Hyperliquid, soared 23% at this time.
Milestones earlier than Token
Whereas some customers is perhaps disillusioned that the token technology occasion (TGE) for Hyperliquid tokens isn’t imminent, the staff seems to need to full a sure set of objectives earlier than launching its token.
The pseudonymous Chameleon Jeff, who leads Hyperliquid, wrote on X on Could 29 about three predominant objectives earlier than distributing its token. These embrace deploying the native EVM, seamlessly integrating the EVM with current native elements, and absolutely decentralizing the community (though he shared no particulars on how this is able to happen).
For Steven, the transfer to stall the token launch and as a substitute do one other spherical of factors would possibly prove for one of the best. “By first proving to the market that HL should be valued like an L1, the token will be priced higher on TGE. Isn’t that what everyone wants at the end of the day?” he concluded.
