Chainfeeds Summary:
HYPE is no longer simply regarded as a high-performance perpetual DEX token, but rather as an on-chain trading system.
Article source:
https://foresightnews.pro/article/detail/97220
Article Author:
Foresight News
Opinion:
Foresight News: Following the TGE and large-scale airdrop at the end of 2024, Hyperliquid's initial price for HYPE was approximately $3.81. On September 18, 2025, HYPE briefly touched an all-time high of $59.46 before falling to around $20 as the overall market corrected. However, what truly laid the foundation for HYPE's independent price movement was the HIP-3 upgrade launched in October 2025. This proposal allowed any user who staked 500,000 HYPE to deploy a permissionless perpetual contract market, expanding the platform from purely crypto perpetual contracts to commodities, stock indices, RWA, and even pre-IPO assets. Within just a few months, the HIP-3 market absorbed over $1 billion in open interest (OI), $25 billion in trading volume, and $3 million in transaction fees. Notably, daily trading volumes for commodities such as silver and crude oil exceeded $1 billion. By May 2026, RWA perpetual OI continued to reach new historical highs, with non-standard assets such as the S&P 500 and SpaceX futures becoming new growth engines. At one point, RWA-type assets occupied 23 of the platform's top 30 trading pairs. Hyperliquid's underlying advantage stems from its HyperBFT consensus mechanism: supporting 200,000 orders per second, with a block confirmation time of only 0.07 seconds, and a fully on-chain order book. This structure allows the platform to seamlessly handle trading demands arising from global macroeconomic events. Even on weekends or when US stock markets are closed, traders can still hedge in real time against events such as soaring gold and silver prices and rising oil prices due to Middle East tensions. From the end of 2025 to the present, the commodity trading boom represented by gold and silver has directly driven the rise of HYPE. In particular, the daily trading volume of silver perpetual futures once exceeded $1 billion, driving the platform's overall volume to continue expanding. More importantly, RWA trading is helping the platform break free from its reliance solely on crypto market cycles. Currently, RWA's open interest has reached a record high of $2.6 billion, more than doubling compared to two months ago. This change signifies that HYPE's valuation logic is gradually shifting from a "pure crypto cyclical asset" to one tied to global real-world asset trading demand. One of the core drivers of HYPE's rise is its unique buyback flywheel. The agreement stipulates that 97% (and even as high as 99% in some periods) of transaction fees flow into the Assistance Fund, which continuously buys HYPE in the open market and either burns or holds it long-term. As of mid-May 2026, the fund's cumulative buyback volume has exceeded $1 billion. In 2025 alone, the buyback volume reached $645 million, accounting for 46% of the total industry buyback volume. The current holdings correspond to a market value of over $2 billion, while the fund's early average purchase price was approximately $14, resulting in substantial unrealized profits. Furthermore, the USDC Treasury deployment launched on May 16th further adds a new growth engine. With Coinbase handling capital deployment and Circle providing CCTP infrastructure, after both parties stake HYPE to activate AQAv2, it is estimated that approximately 90% of the USDC reserve returns will belong to the protocol. Based on a scale of $4.7 billion and an annualized yield of 3.8%, the corresponding annual revenue is approximately $160 million, with a daily buyback potential of approximately $440,000.
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