Perpetual crypto derivatives landscape experiences a shakeup as Synthetix and UMA are surpassed by the rapid rise of Hyperliquid as market leader.
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In the rapidly evolving world of decentralized finance (DeFi), one platform stands out for its innovative approach to perpetual crypto derivatives trading - Hyperliquid.
Hyperliquid, powered by its proprietary Layer 1 infrastructure called HyperEVM, eliminates intermediaries, resulting in lower costs and greater security for its users. This platform offers a unique blend of centralized and decentralized finance features, providing a seamless trading experience without gas fees or intermediaries.
The native token HYPE plays a central role in Hyperliquid's ecosystem, boasting a current market capitalization of nearly $9 billion. Hyperliquid's technical characteristics are crucial for supporting the volume and speed required by the crypto derivatives market, with its blockchain capable of processing up to 100,000 transactions per second.
One of Hyperliquid's key advantages is its unique combination of a fully on-chain order book for transparency, CEX-level speed from its custom Layer 1 blockchain, zero gas fees, advanced margin trading features, robust price oracles, and global permissionless access. This combination makes it a leader in decentralized perpetual futures trading.
Hyperliquid's on-chain order book ensures transparency and reduces slippage, providing traders with precise order control. It also employs a hybrid on-chain/off-chain architecture to ensure speed and reliability, while maintaining on-chain transparency.
The platform's decentralized clearinghouse supports capital efficiency and risk management options familiar to professional traders, allowing margin to be allocated per trade or shared across positions. Hyperliquid also features a decentralized oracle system, ensuring fair pricing, accurate funding rates, margin calls, and liquidations with minimum manipulation risk.
Hyperliquid is user-friendly, with no KYC and global accessibility, combining CEX-like speed and UX without surveillance or KYC, supporting traders worldwide while maintaining decentralization principles.
Since its launch, Hyperliquid has experienced exponential growth in volume and users, successfully carving out a niche previously dominated by centralized platforms. It commands a 76.7% share of the decentralized perpetual futures market, with over $15 trillion cumulative trading volume and a large active user base.
Hyperliquid dominates approximately 64% of the perpetual contracts market, with daily volume exceeding $7 billion and weekly volume around $52 billion. It has attracted major investors and professional traders and by 2025, the platform surpassed the milestone of $1.4 trillion in cumulative perpetual contract volume.
In conclusion, Hyperliquid's unique combination of a fully on-chain order book, CEX-level speed, zero gas fees, advanced margin trading features, robust price oracles, and global permissionless access make it a leader in the decentralized perpetual futures trading market.
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