HYPE surges 24% in a single day, Hyperliquid HIP-3 open interest hits a record high

January 27 News, despite the overall downturn in the crypto market, the HYPE token price surged over 24% in the past 24 hours, becoming a market focus. The key driver of this increase is the Hyperliquid platform HIP-3 open interest reaching a record high of $793 million, indicating strong trading activity and institutional interest.

Since its launch in October last year, the HIP-3 platform has been focused on building a decentralized perpetual futures market without centralized approval. Flow Scan data shows that the total trading volume on the network has exceeded $25 billion, with approximately $22 billion coming from TraderXYZ’s futures market. As precious metals like silver and gold prices continue to rise, platform trading activity has further increased, also boosting the upward momentum of the HYPE token.

The Hyperliquid team stated that the HIP-3 open interest continues to set weekly records, reflecting market trust in its liquidity and trading depth. Founder Jeff Yan even claimed that Hyperliquid has surpassed Binance in the price discovery space and has become one of the most liquid platforms. Although some experts suggest this judgment may be overly broad, it is undeniable that the HYPE token is undoubtedly one of the biggest beneficiaries of these developments.

Additionally, the token burn proposal submitted by the Hyperliquid team last month is also considered one of the factors driving HYPE’s rise. The proposal is still in the community voting stage, and future progress may further influence token supply and market sentiment. Analysts believe that if the platform can continue to maintain high trading volume and innovative mechanisms, the HYPE token is expected to continue its strong performance.

Overall, the surge in HYPE’s price and the record high open interest on the HIP-3 platform highlight the potential of permissionless financial networks in digital asset trading. As precious metal trading remains active and community governance mechanisms advance, Hyperliquid may lead a new wave of decentralized trading, offering more opportunities for investors.