Hyperliquid, the decentralized perpetual futures trading platform, has overtaken Solana in weekly fees just a few months after its launch.
As of the 28th of February, DefiLlama’s data indicates that Hyperliquid made $12.61 million in fees over the course of the previous week, which is higher than Solana’s $11.8 million.
This was the case, although the total value locked by Solana, which is $7.1 billion, was ten times higher than the TVL of Hyperliquid, which is $669 million. A 294% increase in Hyperliquid’s TVL has occurred since December, while a 55% increase has occurred since January.
One of the reasons for Hyperliquid’s success is because it possesses decentralized finance-native trading characteristics. A fully on-chain order book, 0% gas fees, and up to 50x leverage on assets such as Bitcoin, Ethereum, and Sol are some of the features that traders may use on this platform.
To differentiate itself from Solana, which is not developed primarily for decentralized finance but does enable a wide range of decentralized applications, Hyperliquid places a strong emphasis on the efficiency of trading. The price of HYPE is currently $20.194.
While the prices are either lingering around or below the line, the Exponential Moving Average (EMA 9) shows that there is a little bearish trend. According to the Relative Strength Index (RSI 14), the current value of 51.21 indicates that momentum is neutral, but it is leaning toward weakness.
If the Relative Strength Index (RSI) falls below 50, additional bearish momentum may cause the price to move to $19.50-$19.00. Support is still located around $20.00, while resistance is located at $21.00. The whales continue to have a positive outlook despite the recent price fluctuations.
Lookonchain announced on February 26 that a whale made a transaction in which they deposited $5 million in USDC to the platform and then purchased 73,959 HYPE at market pricing, which was worth $1.51 million.
Furthermore, the whale placed limit orders to acquire 183,768 HYPE at prices of $19.04 and $19.05, respectively. The data provided by Coinglass indicates that the current open interest for Hyperliquid is $329 million, which is higher than the amount of $294 million that Solana has collected.
A high level of open interest is typically viewed as a sign that market participation and liquidity are both expanding. Despite the fact that there is an increasing interest in the platform, Hyperliquid continues to be subject to criticism for having an excessive amount of centralization.
