Hyperliquid, a decentralized exchange, has rapidly gained traction in the crypto market, amassing billions in trading volume within just two years. Specializing in perpetual futures, it has attracted significant investment and outperformed Coinbase in several metrics, positioning itself as a formidable player in the industry, albeit smaller than Binance.

Hyperliquid is making significant strides in the decentralized derivatives market, achieving a volume ratio of 13.6% compared to Binance. The platform's growth is attributed to enhanced crosschain functionalities, enabling users to deposit assets across multiple chains, including Bitcoin. However, the sustainability of this momentum hinges on Hyperliquid's ability to scale and maintain its technical advantages.

Hyperliquid has launched its native stablecoin USDH, with an initial trading volume of approximately $2.2 million in a USDH/USDC pair. The stablecoin, fully backed by cash and U.S. Treasuries, was issued after Native Markets won a validator vote, marking a strategic move as competition in the stablecoin space intensifies.