On January 28, news reports indicate that the HYPE token surged over 30% this week, with its price reaching as high as $33, clearly outperforming mainstream cryptocurrencies like Bitcoin and Ethereum. This trend is seen by industry insiders as a microcosm of the deep integration between the crypto market and traditional financial assets, driven by recent structural changes in the decentralized platform Hyperliquid.
Hyunsu Jung, CEO of Nasdaq-listed Hyperion DeFi, pointed out that the rise of HYPE is not merely driven by sentiment but results from the acceleration of asset tokenization across multiple asset classes on the same blockchain. As the first US-listed company to include HYPE in its long-term financial portfolio, Hyperion DeFi held over 1.4 million HYPE tokens by the end of last year.
Compared to the overall market, HYPE’s performance is particularly notable. During the same period, Bitcoin saw only a slight increase, while Ethereum remained relatively stable. In contrast, HYPE’s independent market activity indicates that capital is reassessing its underlying economic model and application expansion capabilities.
Hyperliquid initially focused on crypto-related derivatives trading, but after launching the HIP-3 proposal in October 2025, its ecosystem experienced a significant shift. This mechanism allows users staking a certain amount of HYPE to create trading markets for non-crypto assets, enabling on-chain trading of stock indices, commodities, and major fiat pairs. This change coincided with a rally in traditional assets like gold and silver, directly boosting trading activity in related markets.
Data shows that within just a few months of the HIP-3 launch, the platform’s open interest in related markets exceeded $1 billion, with total trading volume around $25 billion and cumulative fees surpassing $3 million. A large portion of these fees are funneled back into the token economy through automation mechanisms, with most used to buy back and burn HYPE, continuously reducing circulating supply.
Hyunsu stated that such a highly deflationary design is rare among other blockchain ecosystems. Additionally, the 24/7 trading of traditional assets on-chain allows global users to quickly price macro events even during traditional market closures, enhancing market efficiency and price continuity.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Ethereum on-chain activity explodes: daily active addresses approach 2 million, smart contract calls exceed 40 million for a new high, but ETH drops 30% and transaction fees lose to Tron
CryptoQuant March Report indicates that Ethereum on-chain activity has reached a record high, but ETH prices have fallen 30% over the past six months, and transaction fee revenue has lagged behind other public chains. The report analyzes that the factors driving ETH prices have shifted from on-chain usage to capital flows, prompting the market to reconsider Ethereum's value proposition.
動區BlockTempo52m ago
Bitcoin Supply in Loss Surges to 45% As Bearish Pressure Mounts
Bitcoin's supply held at a loss has surged to the 40-45% range, indicating rising market stress and potential early signs of a bear market. This trend raises concerns about diminished interest and selling pressure among traders. However, it also presents opportunities for accumulation, suggesting a possible price rebound.
BlockChainReporter1h ago
Mainstream CEX and DEX funding rates indicate the market maintains a bearish sentiment
On March 11, Gate News reported that, according to Coinglass data, Bitcoin experienced a slight pullback, and the funding rates on major CEX and DEX platforms indicated a generally bearish market. Funding rates are used to adjust the trading costs of perpetual contracts to keep the contract prices aligned with the underlying assets.
GateNews1h ago
23.88% Plunge for GHST: What's Next for Traders?
GHST's price dropped 23.88% in five minutes, prompting market analysis amid increased trading volume of $228,192.53. The asset currently trades at $0.082207, facing volatility as institutional interest fluctuates and broader market trends evolve. Traders are monitoring support and resistance levels closely for future price movements.
Coinfomania1h ago
Solana Price Lags Major Cryptos Despite Record On-Chain Activity
There is a strange phenomenon that was recently noticed by CoinMarketCap in the crypto market. This week, Solana provided a high output of blockchain activity. Nonetheless, its market price could not compete with other major digital assets. Although some of the most popular cryptocurrencies, such as
Coinfomania1h ago
Market Shock — VOXEL Plummets 40.92% in 30 Minutes
VOXEL has experienced a drastic 40.92% price drop, now trading at $0.008271, amid heightened trading volume. This decline reflects broader market pressures, including macroeconomic factors, influencing trader sentiment and potential market direction.
Coinfomania1h ago
