HYPE has surged over 300% since April, driven by increased usage of the Hyperliquid exchange and investor interest. Hyperliquid now dominates the decentralized perpetuals market, processing over 70% of DEX perpetual volume. The DEX recorded an all-time high daily volume of over $420 million and has $1.75 billion locked in total value. The momentum is reflected in a recent announcement by the Nasdaq-listed Lion Group, which will hold $600 million in HYPE as its primary treasury asset. The platform aims to balance decentralization and speed, utilizing a custom layer-1 blockchain and innovative trading features, although it currently relies on only 21 delegated validators. The HYPE token was launched via airdrop and serves as both gas and governance for the Hyperliquid ecosystem. Despite a market cap of $12.4 billion, concerns about its valuation persist, but some view this as reasonable given the project's growth trajectory. The tokenomics plan includes buybacks and managing supply carefully, supporting potential long-term value for holders.

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