Core of the Event: 132% Increase in 24-Hour Volume and On-Chain Activity

According to publicly available data, Hyperliquid reached a trading volume of approximately $1.31 billion in the past 24 hours, achieving a remarkable increase of about 132% compared to the previous day. This surge in trading volume is particularly prominent in the current crypto derivatives market. In comparison to overall market data during the same period, the 24-hour trading activity for all crypto derivatives across the network was about $165.7 billion, with a week-on-week increase of only 15%. Additionally, the overall open interest (OI) stood at approximately $128 billion, increasing by only about 1% week-on-week. In an environment where the total market liquidation scale increased by 72%, Hyperliquid's trading growth rate far exceeds the industry average, reflecting that existing capital is accelerating towards this protocol. Its on-chain activity has clearly deviated from the overall market trends, forming an independent growth curve.

This concentration of trading volume is closely linked to the support of its underlying architecture and asset density. According to the official announcement, Hyperliquid, relying on its self-developed L1 chain, currently supports over 100 perpetual contracts and spot assets, while consistently adopting a fully on-chain order book model. This mechanism not only ensures trading transparency but also provides the necessary depth for high-frequency on-chain trading. It is noteworthy that there are currently no identified single large participants or specific institutional funding actions, indicating that the 132% increase in trading volume stems more from the overall increase in platform usage and the surrounding asset volume synchronized under HYPE as a leading asset. By leveraging the capacity of its native L1, Hyperliquid is further enhancing its liquidity siphoning effect in the decentralized derivatives space through dense asset coverage and a fully on-chain order book logic.

Core of the Event: HYPE Rises 53% FDV Surpasses Solana

From the market performance perspective, HYPE has become a highly representative leading asset in this round of crypto market rebound. According to AiCoin data, HYPE rose by approximately 6.5% in the past 24 hours, while the cumulative increase over the past 7 days reached an astonishing 53%. This strong price momentum not only attracted attention in the spot market but also triggered significant leverage behavior in the derivatives field. Currently, the open interest (OI) of HYPE-related contracts has surged to its highest level since February of this year. In contrast, the overall open interest in the derivatives market only saw a slight increase of about 1% during the same period. This indicates a clear characteristic where existing market funds are noticeably concentrating on strong leading assets, with the speculative sentiment and bullish trading regarding HYPE being highly active.

Another significant signal that has garnered market attention is the reconstruction of valuation logic. According to mainstream data platforms, Hyperliquid’s fully diluted valuation (FDV) has officially surpassed Solana. As a decentralized trading protocol based on its self-developed L1, its FDV transcending top-tier public chains reflects the market’s high recognition of its “high-performance order book” narrative and marks a reassessment of HYPE’s core functional values in terms of platform fee payments, staking, and governance. Although the total market liquidation scale increased by 72% during the same period, indicating a sharp rise in volatility, HYPE, supported by the liquidity of over 100 assets within its ecosystem, is evolving from a singular trading token to a key metric for measuring the popularity of on-chain derivatives. This symbolic transcendence on the valuation level suggests that the market’s valuation ceiling for high-performance application chains has been opened.

Future Outlook: What Hyperliquid Should Focus on Next

Currently, the strong performance of Hyperliquid and HYPE embodies the dual explosion of on-chain derivatives narratives and application chain valuations in this round. Although HYPE's FDV has achieved a symbolic surpassing of Solana from a data perspective, considering that its valuation and market sentiment are both at a stage high, investors need to interpret price signals with caution. The core variables to track going forward include the sustainability of the 24-hour trading volume and whether HYPE's price and open interest can maintain high levels since February following volatility corrections. As we approach the peak burst window from May 21 to 22, 2026, market focus will shift towards the actual activity of over 100 contracts and spot assets on the platform, along with HYPE’s substantive deflationary effects in fee payments and governance. If there are any announcements regarding performance optimizations for the self-developed L1 or new asset launches, they will become a key reference for assessing the rationality of its FDV. In summary, it is essential to distinguish between the long-term logic of building a fully on-chain order book and short-term speculative enthusiasm, closely monitoring on-chain data updates to determine whether its growth momentum is sustainable in the long run.

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