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- Hyperliquid deposits just hit an all-time high.
- Hyperliquid is becoming a DeFi hotspot.
Crypto deposited in Hyperliquid‘s three-month-old blockchain is skyrocketing, largely driven by an influx of decentralised finance protocols and participants.
Hyperliquid‘s token hit an all-time high of $37 on Friday, driving the total value of crypto deposited in the blockchain to new highs.
The Hyperliquid blockchain launched in February, amassing total deposits of over $1.3 billion since. The blockchain is Ethereum-compatible, which allows for easy integration with Ethereum-based protocols and smart contracts.
While mainly known for featuring the eponymous top onchain perpetual futures exchange, Hyperliquid is starting to make waves within DeFi, with speculators and builders flowing in, attempting to catch the trend.
Within the past week, the value of crypto deposited in the Hyperliquid blockchain grew by over 25%, largely driven by an influx of DeFi participants looking for exposure to a new and rapidly growing blockchain.
This growth spilled into the blockchain’s various DeFi protocols, sending metrics to new highs across the board.
Morpho, a lending protocol deployed on 18 different blockchains, saw the largest weekly growth on Hyperliquid, up 400% in TVL to a total of over $90 million. Morpho launched on the blockchain in April.
Upshift, an institutional yield platform deployed on five different chains, also launched on Hyperliquid in April, and the value of crypto deposited there has grown by over 200% to $43 million within the month of May.
This highlights the importance of Ethereum-compatibility, making it simple for already established projects to deploy on Hyperliquid. Morpho and Upshift’s success could help attract other protocols looking to expand their on-chain offerings.
Along with these, protocols found exclusively on Hyperliquid are also receiving huge inflows.
Valantis, a decentralised exchange and liquid staking protocol, nearly doubled the value of its crypto deposits in a day, going from a total of $23 million on Thursday to over $43 million on Friday. In the past month, the value of crypto deposited on Valantis grew over 1,100%.
Lending protocols have been of particular interest to Hyperliquid users. Aside from Hyperliquid‘s decentralised exchange, HyperLend is the largest protocol, bringing in a total of over $280 million, a monthly increase of almost 300%.
As Hyperliquid continues to attract developers and DeFi enthusiasts, it signals a shift from being simply an onchain perpetual futures exchange to a fully built out blockchain with a thriving DeFi community and infrastructure.
“Hyperliquid will eventually be the credibly neutral infrastructure that houses all of finance.” said Jeff Yan, a co-founder of Hyperliquid, in February shortly after the launch of the Hyperliquid blockchain.
Source: www.dlnews.com