Hyperliquid (HYPE), a layer-1 blockchain, has emerged as a leader in the decentralized perpetual futures trading market, according to a prominent crypto analytics firm.
In a recent update shared on X, Blockworks highlights that Hyperliquid now commands nearly 80% of the perpetual futures trading volume in the decentralized exchange (DEX) sector.
The crypto insights platform attributes Hyperliquid’s success to its effective token-listing strategy and exceptional user experience (UX).
“Hyperliquid’s rapid token listings and superior UX have been key factors in its success. It is currently the only DEX rivaling centralized exchange volumes, averaging $6.4 billion in daily trading volume over the past three months, surpassing Bybit and OKX,” notes the report.
Blockworks also mentions that Hyperliquid’s trading engine, HyperCore, has enabled the project to conduct significant token buybacks.
“Fees generated on HyperCore are utilized for HYPE token buybacks. The assistance fund has bought a total of $96 million in HYPE since February, equating to about $1.4 million daily,” the report states.
Looking ahead, Blockworks predicts that Hyperliquid is poised to challenge centralized exchange competitors as it continues to dominate the decentralized perpetuals market.
“We anticipate HyperCore to compete with CEXs and gain market share while maintaining its stronghold in the decentralized perpetuals arena,” the report forecasts.
Currently, the trading price of HYPE stands at $18.01.
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