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Hyperliquid, a decentralized exchange, has drawn heavyweight investors and billions in trading volume in just two years, with monthly industry volumes above $6 trillion What hyperliquid’s ascent—and its latest breakdown—reveal about the growing pains of defi’s most ambitious derivatives platform. Inside hyperliquid, a booming dex for perpetual crypto futures still controlled by a small insider group, raising questions about how decentralized it really is

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Inside hyperliquid, ground zero for the latest crypto controversy harvard grad jeff yan’s trading platform is thriving on crypto fans’ love for anonymity and leverage. In comparison, robinhood did $237 billion, suggesting that hyperliquid topped the retail app by over $90 billion. A new thesis from defi analyst patrick scott argues that despite losing market share to rivals, hyperliquid remains the most investable decentralized exchange for perpetual futures.

One week after opening a contest to decide the issuer of its first native stablecoin, usdh, hyperliquid is preparing for a validator vote on sunday to select the winner in what has quickly become.

In fact, most of the current activity was being driven by the hyperliquid dex that runs on the hyperliquid l1 The dex’s combined spot and perps trading volume hit $330 billion in july