Popular hybrid cryptocurrency exchange Hyperliquid has seen its weekly trading volume top the $50 billion mark in December as its dominance over the perpetuals trading market in the decentralized finance (DeFi) ecosystem kept on growing.
According to a post from cryptocurrency terminal Artemis, Hyperliquid’s growth over 2024 was “one of the major stories of the year” as it moved from a relatively small share of the perpetual futures market in the DeFi ecosystem to now commanding two-thirds of it.
Those two-thirds mean that its weekly trading volume managed to surpass the $50 billion mark near the end of the year, even as other decentralized trading platforms like Jupiter grew within the DeFi ecosystem.
The cryptocurrency exchange, which combined elements of centralized trading platforms like Binance and elements associated with decentralized exchanges like Uniswap, saw its total value locked explode from around $190 million in November to now stand at $2.16 billion, according to DeFiLlama data.
It’s worth noting that Hyperliquid operates its own blockchain but is maintained by a group of developers in a trade-off to achieve high trading speeds similar to those seen on centralized cryptocurrency exchanges.
Hyperliquid’s Revenue Surges
As the exchange’s trading volume exploded in December, its 24-hour revenue briefly overtook that of the smart contract network Solana (SOL), with Hyperliquid registering $1.27 million in revenue, above Solana’s $1.24 million.
At the time of writing the exchange’s 24-hour revenue has dropped to around $10.01 million, compared to Solana’s $2.18 million. According to available data, leading stablecoin issuers Tether and Circle still lead the charge in the metric, bringing in $17.5 million and $4.7 million respectively.
Hyperliquid is, nevertheless, the largest exchange in the DeFi space by daily revenue, with Base’s Aerodrome coming in second place with $710,000 in 24-hour revenue.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
