Hyperliquid (HYPE), a rising star in the decentralized finance (DeFi) space, has gained significant attention with a remarkable 38% price surge over the past week. This growth coincides with the protocol achieving new all-time highs in both Total Value Locked (TVL) and market share, positioning it as a major contender in the perpetual decentralized exchange (DEX) ecosystem.

TVL Breaks Past $500 Million

The most notable milestone for Hyperliquid has been its TVL climbing to $536 million—a record-breaking achievement for the protocol. This represents a staggering increase from near-zero levels in late 2024. In just six months, Hyperliquid has transformed from a niche platform into one of the leading perpetual DEXs in the market.

According to data from DeFiLlama, this growth accelerated sharply in early April following a temporary cooldown in March. The influx of capital reflects renewed investor interest and growing trust in the protocol’s infrastructure. Unlike many legacy DEXs like dYdX and GMX, which have shown stagnant or declining TVL in recent months, Hyperliquid’s upward trajectory marks a significant shift in user preference.

Market Share on the Rise

Hyperliquid’s rapid ascent is not limited to capital inflows. The protocol now commands 3.8% of the overall perpetuals market share—a notable figure for a DEX that was virtually unknown just half a year ago. This achievement places it in direct competition with long-established players, including centralized exchanges like Bybit, OKX, and Binance.

Key surges in user activity were observed during two critical periods: the December–January rally and a fresh wave in March–April 2025. These moments coincided with significant increases in trading volume and user onboarding, helping to solidify Hyperliquid’s market positioning.

What sets Hyperliquid apart from many of its competitors is the consistency of its growth. While other platforms may experience short-lived spikes in activity, Hyperliquid has shown steady month-over-month expansion. This reflects strong user retention, an increasingly rare quality in the competitive DeFi sector.

Fastest-Growing EVM and Loyal User Base

A major catalyst behind Hyperliquid’s rise is the explosive growth of its Ethereum Virtual Machine (EVM) layer. Currently recognized as the fastest-growing EVM in the DeFi space, Hyperliquid’s architecture supports high transaction throughput, low latency, and a user-friendly experience that mirrors the reliability of centralized exchanges.

The protocol’s intuitive design and performance have resonated with users seeking efficient and decentralized trading alternatives. These technical advantages, combined with the project’s growing community, have fueled its recent success.

Crucially, Hyperliquid’s user base, though relatively small at around 100,000 holders, has demonstrated exceptional loyalty. This concentrated, undiluted support base plays a vital role in the project’s organic growth. It creates a solid foundation that minimizes speculative volatility and encourages long-term engagement.

Shifting From CEX to DEX: A Market Trend

Hyperliquid’s emergence signals a broader shift in the crypto landscape. As regulatory pressures increase and concerns around centralized exchange transparency persist, more traders are moving toward decentralized solutions.

The platform’s ability to deliver near-centralized performance while maintaining decentralized control is helping drive this migration. With its current growth rate, Hyperliquid is not only challenging the dominance of traditional exchanges but also redefining what users expect from a trading platform.

What’s Next for HYPE?

While the recent 38% rally is impressive, questions remain about whether Hyperliquid can sustain its momentum. The fundamentals—growing TVL, expanding market share, and consistent user activity—suggest that HYPE has a strong foundation to support further growth.

If current adoption trends continue, and the EVM ecosystem expands as expected, Hyperliquid may further solidify its place among top-tier trading platforms in both the decentralized and centralized arenas.

As DeFi evolves, Hyperliquid appears well-positioned to play a central role in the future of crypto trading—offering the best of both speed and decentralization in one package.