Hyperliquid, a Layer 1 blockchain, is gaining traction through its new spot tokens and points program.
The total value locked (TVL) on Hyperliquid has surged by 90% to $653 million since native spot trading launched on March 28.
Hyperliquid Improvement Proposals (HIPs) 1 and 2 have driven this growth.
HIP-1 allows for the deployment of native tokens and onchain spot order books.
HIP-2 introduces "Hyperliquidity," a novel spot liquidity mechanism.
Hyperliquid aims to provide general-purpose infrastructure with high throughput at low cost.
It originated as a perpetual decentralized exchange (DEX) on Ethereum Layer 2 Arbitrum in February 2023.
Hyperliquid is now the fourth largest derivatives platform by TVL.
It recorded the third highest trading volume among DEXs in the last seven days, with $6.7 billion.
Hyperliquid Daily Volume (7d) - Hyperliquid
A key driver of Hyperliquid’s success is its points season, running from May 29 to Q4.
The program allocates points weekly to users who trade and participate in the ecosystem.
The first spot token, $PURR, launched on April 16, has risen by 187%, reaching a market capitalization of $120 million.
Holders of $PURR receive airdrops of other spot tokens and earn more points by holding their tokens.
Spot tokens like $HFUN and $JEFF have increased by over 10x their launch price.
Early users holding $PURR have benefited significantly from these price surges.
Hyperliquid does not do any publicity, has never accepted any financing from venture capital (no performance pressure), and does not rely on subsidies to attract trading volume. With just strong products, they can surpass many competitors.
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