Morning Minute: Hyperliquid Soars in Pivot to "Trade Everything" Exchange

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s apical news:

• Crypto majors greenish arsenic dollar dips; BTC astatine $90k

• HYPE pops 50% successful 2 days, present astatine $33+ connected backmost of HIP3 growth

• Tether introduces USAT astatine archetypal Genius-compliant unchangeable aimed astatine US

• Ethereum announced ERC8004 aimed astatine AI agents and agentic commerce

• Moonbirds motorboat BIRB token, debuts astatine $220M FDV

Tokenized stocks and metals are driving large maturation for 1 crypto app.

And the marketplace is starting to admit it.

Hyperliquid’s HYPE token surged 35% to commencement the week arsenic adoption of HIP-3, its permissionless marketplace instauration framework, accelerated sharply.

HIP-3 allows third-party builders to motorboat perpetual markets connected Hyperliquid by staking HYPE, opening the doorway to crypto assets, tokenized stocks, commodities, and different non-crypto perps.

Hyperliquid started retired with conscionable perps markets connected crypto tokens, but via HIP3 they’ve been capable to grow into tokenized gold, silver, Google and Tesla stock, amd more.

The effect has been a accelerated enlargement successful some measurement and unfastened interest.

According to Flowscan data, HIP-3 markets person present generated implicit $24 cardinal successful cumulative trading volume, with much than 25 cardinal full trades and astir 75,000 unsocial traders to date.

Momentum has intensified recently.

Daily HIP-3 trading measurement has pushed arsenic precocious arsenic $1.4–$1.5B, portion unfastened involvement has surged to astir $790M, up from astir $260 cardinal conscionable a period ago.

Silver unsocial did $1.3B+ successful trading measurement connected Monday.

As HIP-3 usage climbed, request for HYPE followed. Builders indispensable involvement the token to deploy markets, and accrued trading enactment feeds backmost into the protocol’s interest and inducement mechanisms.

“Hyperliquid has softly achieved an important milestone of becoming the astir liquid venue for crypto terms find successful the world…

With HIP-3 teams starring the way, Hyperliquid has besides grown to go the astir liquid venue for perps connected tradfi assets.” - Jeff, laminitis of Hyperliquid, connected X

Hyperliquid started arsenic a high-performance crypto perps protocol.

It is evolving into a “trade everything with perps” exchange, wherever traders tin explicit views connected crypto, equities, metals, and macro themes each from a azygous platform.

That matters successful the existent macro environment.

Gold and metallic has gone parabolic arsenic of late, and everyone wants a wound of the pome (even crypto traders).