Hyperliquid (HYPE) has started a meteoric rise after the token launched last Friday. The decentralized platform where you can trade perpetual swaps distributed 310 million tokens to its users, who earned them over the past six months by trading on the exchange.
The project now has a market cap of $3.1 billion and is above big names such as Aave and Monero.
Hyperliquid dominates its market
Since Hyperliquid rose to the top in terms of daily trading volumes on decentralized perpetual swap platforms, it now owns 47% of that market.
In that respect, Hyperliquid seems to have a nice product. You can use the HYPE token within the ecosystem to stake, so that you help secure the blockchain, but also to pay transaction fees on the exchange.
The way Hyperliquid distributed its tokens is compared by co-founder Jeff Yan to the launch of Bitcoin. “Ownership goes to people who believe in it and run with it, not to insiders who want to make money off the backs of others,” Yan said.
Criticism of Hyperliquid
Of course, a crypto project cannot launch without criticism. For Hyperliquid, the criticism is mainly that it is a closed-source project.
“How do you know if the statistics, volumes and total value within the network are correct? Because their own API puts out those numbers?” said a critical Peter Kris, the founder and CEO of cross-chain swap protocol Gasp.
Kris of course has a good point there, and that is also the problem with the many “decentralized” projects that exist. Many coins are not as decentralized and public as most people think.
Hyperliquid is most likely also an example of a project that is kept alive by a number of servers. It works, and that’s cool, but of course we shouldn’t compare this kind of thing to Bitcoin yet.
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Source: https://newsbit.nl/hyperliquid-hype-gaat-aave-voorbij-in-market-cap/
